Australian Gold and Copper Ltd (ASX:AGC) has confirmed the presence of a strong chargeability anomaly during its new IP geophysical survey targeting sulphide-hosted base metals and gold mineralisation at Hilltop target within the South Cobar Project in western New South Wales.
The eight-square-kilometre gradient array-induced polarisation (IP) survey is the second of the three high-impact IP surveys being undertaken at the South Cobar Project within the prolific Cobar Basin.
Notably, a 700-metre-long zone of strong chargeability is coincident with outcropping stockwork-veined rocks hosting rock chips up to 3.8 g/t gold.
This new IP anomaly adds to the recently announced Achilles IP targets situated 20 kilometres to the north which defined two compelling drill targets.
Massive discovery potential
AGC managing director Glen Diemar said “This Hilltop chargeability anomaly is as clear a drill target as I have seen.
“It is a 'Federation' lookalike, with the shallow and high amplitude geophysics neatly coinciding with soil and rock chip geochemistry. The new rock chip results also add to this growing story.
"We are bringing massive discovery potential of the Cobar Basin southward.
“With the two exceptional Achilles IP targets, this one at Hilltop and a third IP survey underway at Planet, AGC’s forward path is very clear.”
Hilltop dipole-dipole IP line highlighting a strong, steeply-dipping chargeability anomaly.
Prospective target horizons
Hilltop was identified during target generation and regional reconnaissance and followed up by soil and rock chip sampling through a new licence.
The target sits within prospective target horizons that are dominated by volcanic and sedimentary rocks consistent with the Cobar Basin.
This target zone is under a hill and defined by soil sampling with a strong >100ppm lead in a soil zone 1,000 metres long by 500 metres wide.
The lead-in-soil anomaly separates into two zones greater than 200ppm lead that is coincident with gold in rock chips up to 3.8 g/t gold.
Forward plan
Given the potential of Hilltop and the nearby Achilles target to host significant base metal and gold mineralisation, AGC is examining various options for drill testing the strong chargeability features identified at both prospects.
The company expects drilling program design and planning to be finalised once IP results have also been received from the Planet survey that is underway.
Also, first-pass soil sampling (pXRF) has been completed at Gundagai Project's Bongongalong target with results pending and first-pass soils will commence shortly at South Cobar’s Creamy Hills gold target where rock chips to 24.4 g/t gold were recently reported within the shafts and dumps.
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