Australian Gold and Copper Ltd is an emerging discovery story with gold, silver, copper, lead and zinc prospects in the Central Lachlan Fold Belt of New South Wales in proximity to a number of major world-class precious and base metal mining operations.
The company is undertaking an aggressive exploration campaign with an aim of discovering the region’s next large gold or copper-gold deposit similar to the Cadia Project of Newmont, the Northparkes and Cowal mines of Evolution Mining or the Tomingley operations of Alkane Resources.
It is very active in the Cobar Basin section of the belt which has a strong history of gold-copper and base metal mining and the current primary area of focus is the South Cobar Gold-Silver Project, which boasts a strike length of 120 kilometres and results indicative of recent nearby discoveries, including Aurelia Metals’ Federation.
In-demand metals
With gold at or near record levels and copper facing a global supply shortage owing to strengthening demand in the green energy transition, AGC is well placed to play a role in the future production of these high-value metals while any other successes in the critical metals space may be the icing on the top.
As well as three quality projects – South Cobar, Moorefield-Ootha and Gundagai – AGC also has a strategic alliance with fellow Lachlan Fold Belt explorer Magmatic Resources, bringing together two experienced exploration teams with a similar focus. Holding a joint corporate office and a joint exploration office allows the alliance to put more shareholder funds in the ground.
South Cobar Project
Through the South Cobar Project, AGC is helping to define a new district in the Cobar Basin. This basin has districts 1, 2 and 3 with the first in the north and hosting mature mines dating back as far as 1870 and the second hosting recent discoveries including Federation, Mallee Bull, Wirlong, Wagga Tank and Southern Nights.
District 3 is in the south of the basin and is where geophysics-geochemistry programs have resulted in new discoveries being made, including the South Cobar Project.
Achilles discovery
AGC’s recent work has resulted in the near-surface, high-grade Achilles gold-silver discovery and along with follow-up drilling which is underway, the company now intends to look in a similar way at additional drill targets at Achilles South, Achilles North, Hilltop, Planet West and Planet East.
The first drill hole at Achilles hit mineralisation up to 8.1 g/t gold and AGC has returned maximum grades of 45.0 g/t gold and 3,970 g/t silver. Drill results include:
- 5 metres at 16.9 g/t gold, 1,667 g/t silver and 15.0% lead+zinc from 112 metres;
- 8 metres at 1.0 g/t gold, 520 g/t silver, 0.6% copper, 6.2% lead+zinc from 131 metres to the end of hole; and
- 24 metres at 0.6 g/t gold, 64 g/t silver, 0.7% copper, 13.0% lead+zinc from 87 metres.
Mineralisation has been returned over 500 metres of strike and Achiiles is open to the north, south and down dip.
Achilles Long Section Looking West (2.5 kilometres long).
The Federation gold and base metals deposit was discovered by lead in soil geochemistry, IP and then drilling and AGC is following a similar path at South Cobar.
Work plan
AGC has planned an aggressive work plan with the aim of expanding on the high-grade Achilles discovery, including drilling targeting strike and depth extensions as well as the continuity of the high-grade zones.
There are three additional drill targets within 2 kilometres with all being drill ready and to be tested.
Extensive geophysics is also underway to test for further targets along the Achilles shear zone.
A large diamond drilling program is scheduled to begin in early August with holes targeting high-grade depth extensions.
Other projects
AGC also holds other Central Lachlan Fold Belt projects.
The Moorefield-Ootha Project holds orogenic gold and VMS copper prospectivity as well as Cobar-style polymetallic targets. AGC has a program to explore a 15-kilometre-long gold-pathfinder anomalous trend with more than 100 historic mine workings.
Significant drill intersections and +1,000 g/t in rock chips have been returned enabling AGC to confirm the presence of an extensive gold system.
The 265 square kilometre Gundagai Project in an historic mining district has structural gold and base metal targets and strong surface geochemistry extending over 5 kilometres.
Rock chips have returned up to 35 g/t gold and AGC has confirmed an extensive gold system with a signature similar to the + 2 million ounces McPhillamys deposit of Regis Resources to the northeast.
Alliance team
The AGC-Magmatic alliance boasts a team of resources specialists, including:
Zhang Yong, co-chairman - Founder of Delin Mining Group Corporation Ltd and AGC’s largest shareholder.
David Richardson, co-chairman - Extensive international corporate experience including 15 years in Japan in Asia Pacific regional director positions with Pacific Dunlop Ltd and Amcor Ltd, expertise includes venture capital and finance. Founded Magmatic Resources in 2014, listing on the ASX in 2017 and is executive chairman.
Adam McKinnon, non-executive director - an experienced mining and geoscience professional with a proven track record in the Cobar Basin of NSW as ex-general manager – Exploration and Business Development at Aurelia Metals, where he was involved in several significant discoveries inc. the high-grade Federation deposit. With KBL Mining, Adam led the exploration of the discovery of the Pearse gold-silver deposit near the Mineral Hill Mine. McKinnon is currently MD of Magmatic Resources.
Glen Diemar, managing director - Early-stage discoveries focused geologist in NSW mineral systems. Previous roles including BHP Billiton (LON:BHPB), Indonesia, Kyrgyzstan and most recently was CEO of successful private explorer, New South Resources PL, negotiating and operating JVs with Freeport and Newmont and was responsible for identifying and developing the projects vended into AGC Ltd.