Australian Gold and Copper (ASX:AGC) reports that it has started a maiden reverse circulation (RC) drilling program at its Grandview gold target, as part of its Gundagai Project in New South Wales.
The maiden drilling campaign, consisting of 10 RC drill holes, has commenced with a goal of targeting the most prospective 600m northern zone of the target area, which is host to a ‘large’ bulk-tonnage “McPhillamys-style” gold system about 1500m long and up to 230m wide.
Addressing the drilling program, AGC Managing Director, Glen Diemar, stated: “Grandview has large, bulk-tonnage potential with consistent gold and pathfinders in our soil and rock chip sampling and historic drilling.
“Gundagai is one of the oldest gold mining towns in Australia and continues to be highly prospective”
Gundagai is one of the oldest gold mining towns in Australia and continues to be highly prospective.
We are excited to start drilling again at another target with great potential.”
The company also notes that peak gold in soil values reach up to 360ppb within the highlighted drilling area with the trend remaining open to the north.
In addition, historic drill results and rock chip samples from beneath the historic mine workings demonstrate ‘encouraging’ grades of gold anomalism and provide additional confidence for AGC’s drilling program.
The Gundagai Gold Project is located in the Central Lachlan Fold Belt of New South Wales and covers a total land tenure of 265km2, comprising multiple drill ready prospects that are host to McPhillamys-style gold, epithermal gold-copper and large-tonnage zinc-lead-silver mineralisation.
The gold prospects hosted in the project area show similarities to the Late Silurian hosted McPhillamys 2.3Moz Gold Deposit (ASX: RRL), with the Grandview Prospect being characterised by a zone of sheared quartz-sericite-carbonate-pyrite that has returned grades up to 35g/t Au.
AGC remains focused on targeting the McPhillamys-style gold system and currently awaits the first batch of drilling results.
Images: Australian Gold and Copper Ltd
