Australian Gold and Copper Ltd (ASX:AGC) is saying ‘Eureka’ after uncovering a 5-kilometre gold, silver and base metal trend at its Gundagai Project in New South Wales.
The polymetallic explorer is closing in on a precious and base metal hotbed known as the Bongongalong target, where rock chip sampling returned up to 245 g/t silver and 2.9 g/t gold (and 10 samples delivered upwards of 0.5 g/t).
AGC managing director Glen Diemar said finding a soil anomaly of Bongongalong’s tenure was rare and that drilling 40 years ago had just scratched the surface at this promising anomaly.
“Bongongalong is yet another example of our team progressing under-explored and highly prospective targets through the exploration pipeline,” he said.
“Modern geochemistry and geophysics will help advance this to drill ready stage.”
Rock chip samples from Bongongalong’s gossanous outcrop.
First modern exploration in 43 years
Bongongalong was first explored from the 1960s through to the 1980s, where numerous zones of interest were pinpointed along the 5-kilometre trend.
Although the project saw sporadic drilling and exploration during that 20-year period, it wasn’t until AGC relogged some of the Bongongalong drill holes that its potential was realised in the 21st century.
Considering the sporadic copper, zinc and lead highlighted in quartz-carbonate veins, as well as the incredibly fertile underlying rock, AGC believes there are some geological similarities to the iconic Cobar Basin — home to numerous high-profile copper prospects.
Bongongalong is also just 11 kilometres from the Grandview gold target, where AGC previously intersected 111 metres at 0.21 g/t gold from 55 metres and 7 metres at 2.1 g/t from 148 metres.
A new chapter for Bongongalong
Eager to hit the ground running, AGC kicked off its Bongongalong work program with first-pass mapping, rock chip sampling and a soil survey.
The hard work paid off; the explorer found abundant gossanous outcrops (weathered sulphides) over 1.5 kilometres, while pathfinder elements like bismuth, indium, arsenic and antimony also returned strong readings.
AGC also launched a systematic soil survey using a handheld pXRF analyser, conducted over a 100-metre by 20-metre grid. The survey identified a high-tenor lead-in-soil anomaly, with many recording more than 1,000 parts per million lead.
Breaking down the key measurements, the Bongongalong anomaly stretches over 2.1 kilometres in length, is up to 600 metres wide and remains open in every direction.
Mapping the Bongongalong anomaly.
These encouraging results, coupled with the historical exploration, have given AGC the confidence to continue testing the trend northward along the entire 5-kilometre zone.
Ultimately, given the multi-kilometre strike extent of this system, further sampling is planned to locate the highest priority areas for follow-up geophysics and potential drill testing.
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