Australian Gold and Copper Ltd (ASX:AGC) has identified its fourth and fifth drill targets within the South Cobar Project, which have been defined following geophysics and geochemistry programs.
The company is exploring for Hera and Federation style deposits in the southern Cobar Super-Basin and has now completed an eight square kilometre gradient array Induced Polarisation (IP) survey at the Planet prospect.
Planet represents the third IP survey at the South Cobar Project, creating five priority drill targets with the potential to host base metal and gold mineralisation.
The IP survey, in addition to a dipole-dipole survey line, has solidified the presence of two prominent chargeability anomalies.
The company’s five drill targets and secondary targets within the South Cobar Project.
AGC is hoping that its current IP geophysics will be instrumental as it was in recent high-profile discoveries such as Aurelia Metals’ Federation deposit and Carnaby Resources’ Greater Duchess copper-gold project.
The new targets
The primary drilling target is a 700-metre-long zone of potent chargeability, up to 35mV/V, coinciding with outcropping stockwork-veined rocks and robust soil and rock chip geochemical anomalism.
This anomaly aligns with a 30mV/V chargeability response identified in a previous IP survey conducted 400 metres along strike to the south.
Planet IP section 21600N showing resistivity (top) and chargeability (bottom) results. The central anomaly is highly chargeable and sits within a zone coincident with strong surface geochemistry.
A secondary chargeability anomaly, reaching up to 30mV/V, has also been outlined to the northeast.
The muted soil expression connected with this anomaly is speculated to be due to extensive soil cover in this area.
Sampling of outcrop 1.5 kilometres northwest along the strike of this anomaly yielded gold up to 1.27g/t, with four samples exceeding 0.5 g/t gold.
Historic dipole-dipole IP line at Planet showing strong chargeability in red on the western side. This line was surveyed 400 metres south of AGC’s most recent dipole-dipole IP line.
These recent findings at Planet complement the two compelling drill targets recently pinpointed at Achilles and the shallow, high-tenor IP anomaly at Hilltop, known for its gold-rich gossan at surface.
Collectively, these surveys underscore the prospectivity of AGC’s South Cobar Project, indicating a strong potential for a significant gold/base-metal discovery.