Australian Gold and Copper (ASX:AGC) has mobilised a reverse circulation drill rig to test Evergreen’s shallow oxide zone in New South Wales, following further gold-silver-lead-zinc results from diamond drilling.
The company has completed 17 diamond holes totalling 5,632m since mid-April.
The northernmost hole with assays received, 26DDBR007, intersected 21m @ 0.4 grams per tonne gold (Au), 5g/t silver (Ag), and 6.4% combined lead and zinc (Pb+Zn) from 229m.
This included 12m @ 0.5g/t Au, 6g/t Ag, and 8.2% Pb+Zn from 233m, containing 1.4m @ 0.7g/t Au, 16g/t Ag, and 22.6% Pb+Zn from 241m.
Deeper drilling returned 2m @ 1.1g/t Au, 17g/t Ag, and 10.3% Pb+Zn from 479m in hole 26DDBR008.
The southernmost hole assayed to date, 26DDBR002, intersected 5m @ 0.2g/t Au, 12g/t Ag, 7.9% Pb+Zn, and 0.3% copper from 310m.
Managing Director Glen Diemar says all holes with assays returned have intersected mineralisation, although exploration remains at an early stage.
“The mineralisation is variable, as expected in structurally hosted systems, and our broad-spaced drilling is mapping the geometry, continuity and grade distribution of the system,” Diemar says.
The company reports mineralisation remains open to the north, south, at depth, and towards the surface. The shallow drilling forms part of its work towards an initial mineral resource estimate for Evergreen.
“We are also awaiting assays for a further eight completed holes, which will be important in defining the scale and continuity of the Evergreen system,” Diemar says.
These include northern stepout holes 26DDBR011 and 26DDBR016.
The update follows the completion of depth-extension drilling at the Achilles deposit during the June quarter, as reported by Mining.com.au last month. That work targeted the northern pod to extend mineralisation beyond the existing resource.
The company reported $7 million in cash at the end of July and no debt.
Australian Gold and Copper explores for precious and base metals across a 2,600km² landholding in the South Cobar Basin, New South Wales. Its portfolio includes the Achilles discovery and the recently acquired Junee Gold Project, approximately 230km south of its South Cobar projects.
Write to France Pinzon at Mining.com.au
Images: Australian Gold and Copper
