Australian Gold and Copper Ltd (ASX:AGC) has discovered significant gold and silver mineralisation at Hilltop and Achilles targets within the South Cobar Project in the Cobar Basin of NSW, including grades of up to 8.1 g/t gold and 735 g/t silver.
This is the first significant mineralisation drilled within the Ural Volcanics in the southern Cobar Basin, validating AGC’s wider South Cobar exploration strategy, and the results at Achilles and Hilltop represent greenfield discoveries.
High-grade gold and silver
Assays have been returned for 10 holes totalling 1,596 metres at Achilles. They highlight shallow, high-grade gold-silver-base metal mineralisation extending across at least 250 metres of strike in three holes, with the high-grade mineralisation open in every direction and at depth. Results included:
- 8 metres at 1.6 g/t gold and 19 g/t silver from 91 metres including 2 metres at 4.3 g/t gold, 33 g/t silver and 4.6% lead+zinc from 97 metres. This was within a broader interval of 22 metres at 0.7 g/t gold and 11 g/t silver from 90 metres including peak grades of 8.1 g/t gold and 40 g/t silver;
- 5 metres at 2.3 g/t gold, 102 g/t silver, 0.4% copper and 3.8% lead and zinc from 92 metres within a broader interval of 46 metres at 0.6 g/t gold and 38 g/t silver from 52 metres including peak grades of 4.6 g/t gold and 223 g/t silver; and
- 7 metres at 1.2 g/t gold and 208 g/t silver from 77 metres including 2 metres at 2.4 g/t gold and 498 g/t silver from 79 metres, including peak grades of 3.3 g/t gold and 735 g/t silver.
Follow-up drilling
Given the results, AGC has moved immediately to a follow-up program of up to 10 holes stepping along strike and down dip.
Three additional targets have also been identified within the Achilles area including a large induced polarisation (IP) chargeability feature at depth to the west of the current drilling, with staged exploration planned for the coming quarters.
Work "paying off"
AGC managing director Glen Diemar said, “It is extremely pleasing to have such spectacular gold and silver results at Achilles over such a distance and at consistent widths. The gold grades alone are positive but to have those silver grades adds another value driver.
“Our persistence and technical field work at Achilles are paying off. We are poised for an exciting exploration story and potential future growth at a time when precious metal prices are breaking out of long-term trends.”
“It was an easy decision to bring the rig back in and get drilling again. We are stepping the rig north, south and down dip as the mineralisation is open in every direction.”
“The other three targets at Achilles are equally as attractive with similar geological characteristics. It is an amazing opportunity for AGC’s shareholders and stakeholders.”
Achilles plan map showing results of previous program (yellow collars) and planned drill holes (light blue collars).
Maiden drilling at Hilltop
Assays were also returned for the maiden Hilltop program comprising eight RC holes for 1,580 metres of drilling. This intersected variable-grade gold-silver-base metal mineralisation in all holes
The best results were:
- 7 metres at 0.5 g/t gold, 9 g/t silver and 0.3% copper from 95 metres including 2 metres at 1.1 g/t gold, 15 g/t silver and 0.5% copper from 99 metres; and
- 2 metres at 0.8 g/t gold, 42 g/t silver, 1.0% copper and 4.2% lead+zinc from 108 metres.
The drilling confirmed that IP chargeability and surface geochemical anomalism are associated with numerous breccia zones hosting semi-massive pyrite within a broad alteration zone. The mineralised zones at Hilltop are also open in all directions, with future exploration to target higher-grade potential.
Basin delivers high-grade discoveries
AGC non-executive director Adam McKinnon added, “The Cobar Basin has a 150-year history of discovery and mining, with significant gold, silver, copper, zinc and lead production continuing to this day.
“Having been involved in multiple recent polymetallic orebody discoveries in the Cobar region, I am quite excited to see the initial drilling results returned by AGC’s technical team at the South Cobar Project.
“In particular, the overlapping surface gold-lead anomalies, distinctive IP chargeability features, broad alteration zones and presence of strong gold-silver grades in association with variable zinc, lead and copper sulphide mineralisation shares a striking resemblance to the discovery of the high-grade Federation Deposit by Aurelia Metals in 2019.
“The pathfinder signatures associated with the latest drilling, including the very high silver grades, are also suggestive of mineralisation at the Hera Mine and the Pearse and Parkers Hill deposits at the Mineral Hill Mine.”