Gold

Australian Gold and Copper identifies further drill targets within South Cobar Project

Australian Gold and Copper (ASX:AGC) confirms it has identified its fourth and fifth drill targets defined by geophysics and geochemistry within the South Cobar Project.

An 8km-square gradient array Induced Polarisation (IP) survey, along with a dipole-dipole survey line, were completed at Planet, confirming the presence of two strong chargeability anomalies.

The primary drill target is a 700m-long zone of strong chargeability (up to 35mV/V), coincident with outcropping stockwork-veined rocks and strong soil and rock chip geochemical anomalism.

This anomaly correlates with a 30mV/V chargeability response defined in a historic IP survey conducted 400m along strike to the south. A second chargeability anomaly of up to 30mV/V was also defined to the northeast.

Australian Gold and Copper reports the subdued soil expression associated with this anomaly is thought to be due to more extensive soil cover in this location. Sampling of outcrop 1.5km northwest along strike of this anomaly returned gold up to 1.27g/t, with 4 samples above 0.5g/t gold.

The latest result from Planet adds to the 2 strong drill targets recently defined at Achilles and the shallow, high tenor IP anomaly at Hilltop that has gold-rich gossan at surface.

Together these ‘high impact’ surveys highlight the exceptional prospectivity of AGC’s South Cobar Project, with strong potential for a major gold/base-metal discovery.

AGC’s portfolio located in the Central Lachlan Fold Belt of NSW includes the Moorefield/Ootha gold-copper project exploring for multi-million ounce orogenic gold deposits. It also includes the copper-gold/base-metal project in the southern Cobar Super Basin exploring for Hera and Federation style deposits, and the Gundagai gold project, exploring for multi-million ounce McPhillamy’s type gold deposits.

Write to Adam Orlando at Mining.com.au

Images: Australian Gold and Copper Ltd
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Written By Adam Orlando
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.