Australian Gold and Copper Ltd (ASX:AGC) has served up strong, shallow gold mineralisation during its maiden reverse circulation (RC) drill program at the Gundagai Gold Project in New South Wales.
The precious and base metals explorer delivered up to 5.9 g/t gold during the inaugural drill program at Grandview target, which covered six holes and 936 metres after weather events downsized the initial campaign.
Some of the best results include:
- 10 metres at 0.87 g/t gold from 119 metres, including 2 metres at 3.3 g/t from 122 metres;
- 111 metres at 0.21 g/t from 55 metres, including 1-metre at 2 g/t from 127 metres;
- 7 metres at 0.88 g/t from 99 metres, including 2 metres at 2.3 g/t from 101 metres;
- 7 metres at 2.1 g/t from 148 metres, including 1-metre at 5.9 g/t from 148 metres; and
- 47 metres at 0.33 g/t from 67 metres, including 2 metres at 3.7 g/t from 71 metres.
Moving ahead, there’s further exploration upside at Gundagai: the Grandview gold system remains open in all directions, while recent drilling tested only just 350 metres of a zone known to extend along strike for at least 1,200 metres.
As a result, future exploration will target obvious northern and southern extensions, testing under the historical mine workings and mineralisation at depth.
Delivering value through the drill bit
AGC managing director Glen Diemar said he was pleased the company’s maiden Grandview drilling had delivered such shallow results.
“We continue to deliver value through the drill bit and increase the discovery potential of all our projects,” Diemar said.
“We see Grandview as having excellent growth potential in an area of little exploration but a long history of 19th- and 20th-century gold mining.
“These ‘orogenic’ style gold targets in NSW remain incredibly valuable exploration targets, such as the 2.2-million-ounce McPhillamys deposit being developed by Regis Resources and the 2-million-ounce Tomingley gold mine owned by Alkane Resources Ltd (ASX:ALK).
“We have confirmed Grandview as a gold system with relatively predictable geology, now our plan is to deliver more high-grade results by employing good science and further drilling.”
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