Australian Gold and Copper Ltd (ASX:AGC) has defined two large prospective zones with an induced polarisation (IP) survey at the Achilles copper-gold-zinc-lead target of the South Cobar Project in New South Wales.
The first prospective zone sits about 100 metres west of previous drilling at the target, while the second, about 500 metres wide, sits about 600 metres south of prior drilling efforts.
AGC says the locations, shape and amplitude of the IP targets are “highly encouraging”, and while they are untested by direct drilling, a drill sample unearthed nearby included results of 85 metres at 0.13% copper, 1 metre at 10.6% lead and zinc, and 1.4% copper.
Impatient to begin drill testing
“It is so exciting when many datasets demonstrate such strong supporting evidence for multiple large drill targets like these,” Australian Gold and Copper managing director Glen Diemar said.
“The southern chargeability anomaly is located at the junction where the Achilles shear runs into this volcano-sedimentary basin which we have been diligently working on, piecing together over the last few years.
“This chargeability feature is coincident across five 200-metre spaced IP lines and is down plunge from a 600-metre long, high-tenor soil anomaly with outcropping sheared quartz-sericite-pyrite alteration giving a coincident resistive anomaly at surface.
“These deposit styles are highly valued. I am very happy with the survey’s outcome, and I cannot wait to drill these targets!”
The company is also running IP surveys over the Hilltop target, which is now complete, and the Planet target, currently underway.
When IP results have been received from both targets, AGC will leverage a $200,000 drilling grant received from the NSW Government in 2021 to plan and execute a drilling program for Achilles.