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Advance Metals (ASX:AVM) has today heralded the “exceptional” depth potential at the explorer’s Happy Valley gold system in Victoria after hauling in high-grade assays from the deepest drill holes completed on-site to date.
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Mineralisation at the VIC project now extends more than 500 metres vertically, Advance reported this morning, and remains open in all directions.
“We now have assay confirmation that the exceptional gold intersections that have defined our exploration programs at Happy Valley… continue to a substantial depth,” managing director Adam McKinnon said.
“The latest drilling shows that contiguous, high-grade gold mineralisation extends from the surface to more than 500 metres down-plunge, indicating that the system has scale potential to go with incredible grades.”
These results came from what Dr McKinnon described as “the single most significant hole completed at Myrtleford to date.” That “significant” hole, AMD014A, returned 3.7 metres at 16.6 grams per tonne gold, including a higher-grade interval of 0.8 metres at 62.3 grams per tonne from 465.6 metres.
“And,” Dr McKinnon added today, “who knows what else we may uncover as the team executes the follow-up diamond drilling programs.”
That follow-up is expected to begin shortly; Advance has already mobilised a second diamond drill rig at the nearby Queen of the Hills prospect, around 4.5 kilometres east-southeast from Happy Valley’s drillholes.
That drilling, The Market Link understands, will be the first time any modern search has been run at Queen of the Hills. It should soon wrap up, in late November.
AMD014A will also remain a priority for “excited” Advance through to next year, with new holes planned that will test grade continuity around this week’s high-grade hit. The explorer will lock down related approvals soon.
Advance is excited, the market less so: AVM shares are down -8.7%. The Aussie explorer’s still on a hot streak, though, and has been up +147% YTD.
(Considering the ASX is down -1.4% today, it’s not a hugely worrying dip.)
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