Australian Gold and Copper (ASX:AGC) announces a ‘major’ new discovery at its Evergreen prospect, located within the company’s South Cobar Project in New South Wales.
Drill hole 26DDBR017 yielded ‘high-grade’ gold-silver-base metals results, returning 17m @ 5.3 grams per tonne gold (Au), 163g/t silver (Ag), 0.8% copper (Cu), and 17.3% lead plus zinc (Pb+Zn) from 128m, including 8m @ 10.4g/t Au, 311g/t Ag, 1.2% Cu, and 29% Pb+Zn from 129m.
AGC says the results extend the western zone gold mineralisation approximately 150m to the south, confirming significant mineralisation in both oxide and sulphide domains at South Cobar.
Managing Director Glen Diemar calls hole 26DDBR017 a ‘discovery hole’, with the company describing it as its second significant gold, silver, and base metal discovery in the past two years.
“It is very pleasing to deliver these results to the company’s shareholders and the Lake Cargelligo community,” Diemar says.
“[Hole] 26DDBR017 has returned a very broad, high-grade precious and base metal intercept.
“This is a major step forward in understanding the scale and tenor of the Evergreen system.”
The discovery follows the company’s Achilles discovery in 2024, which hosts an initial 38.5-million-ounce silver equivalent resource, with 58% in the indicated category.
The western mineralised zone at Evergreen is interpreted to trend northwest and remains open along strike and at depth. Recent drilling has identified multiple previously unknown mineralised structural zones, with the western zone intersected over approximately 150m of strike.
Previous drill hole 26DDBR013 intercepted 13.6m @ 4.6g/t Au and 23g/t Ag from 51.4m, 3.9m @ 3.2g/t Au and 153g/t Ag from 109m, and 7m @ 0.6g/t Au, 12g/t Ag, and 7.7% Zn+Pb from 190m.
Australian Gold and Copper has completed 10 reverse circulation (RC) drill holes at Evergreen, with additional holes planned. An RC drill rig is currently testing the zone along strike to the north and south.
The company says further assay results from both completed diamond drill holes and the ongoing RC program will be reported as they become available.
Australian Gold and Copper is a mineral explorer focused on discovering and developing precious and base metal deposits in NSW.
Write to Paula Fabe at Mining.com.au
Images: Australian Gold and Copper
