Australian Gold and Copper Ltd (ASX:AGC) has hit a new record of $0.23 after delivering maximum grades of 45 g/t gold, +3,000 g/t silver and 38.8% lead+zinc in follow-up reverse circulation (RC) drilling at the Achilles discovery in the Cobar Basin of central New South Wales.
The completed program of nine holes for 1,461 metres covered more than half a kilometre of strike and has extended mineralisation beyond the recently reported discovery holes.
Overgrade silver
It produced a best result in hole A3RC030 of 5 metres at 16.9 g/t gold, 1,473 g/t silver and 15.0% lead+zinc from 112 metres and 3 metres at 19 g/t silver and 19.5% lead+zinc from 139 metres within a mineralised 43-metre zone of 2.2 g/t gold, 196 g/t silver and 3.6% lead+zinc from 99 metres.
This zone reached maximum grades of 45 g/t gold, at least 3,000 g/t silver and 38.8% lead+zinc.
The silver result triggered overgrade levels higher than 3,000 g/t, which is greater than the laboratory can analyse in Australia and, as a result, the sample is being sent to Canada for gravimetric analysis.
Shares hit new record
Responding positively to the results, investors have sent AGC shares as much as 91.7% higher to $0.23, a new record, with more than 17 million changing hands by 1.00pm AEST.
AGC managing director Glen Diemar said: “Achilles is producing some exceptional grades in the drill bit. The first six holes have produced grades including combined lead and zinc to 38%, gold to 45 g/t and silver above 3,000 g/t.
"This silver result is so high grade the laboratory is sending the sample to Canada for further analysis, which is a rare occurrence.”
Schematic long section of the mineralised zone at Achilles showing recent results.
Mineralisation extended
Laboratory analyses from the first holes drilled were expedited, with results extending and significantly upgrading high-grade gold-silver-base metal mineralisation down dip and along strike.
Hole A3RC032 also intersected exceptional grades with drilling difficulties resulting in the hole ending in mineralisation.
It returned 8 metres at 1.0 g/t gold, 520 g/t silver, 0.6% copper and 6.2% lead+zinc from 131 metres, including 3 metres at 1.2 g/t gold, 1,237 g/t silver, 1.3% copper and 13.9% lead+zinc from 133 metres, with maximum grades of 2.7 g/t gold and 2,590 g/t silver.
Another hole, A3RC031, returned 4 metres at 0.17 g/t gold, 545 g/t silver, 0.2% copper and 2.9% lead+zinc from 123 metres, which occurs within a broad lower grade interval.
“A prominent future”
“We are extremely happy with how Achilles is taking shape. With drilling now spread across more than half a kilometre of strike we are excited to see how big this can get,” Diemar said.
“I look forward to the results of the next six holes and can already see that Achilles has a prominent future within the Cobar Basin."
What is next?
Given these very strong results, assays for the six holes pending have also been expedited and are expected in the coming weeks.
AGC’s exploration team is designing and permitting the next phase of exploration for Achilles that is likely to include continued RC drilling along strike and deeper diamond drilling to test the currently defined high-grade mineralisation, along with further drilling at three additional targets.