Advance Metals reports multiple visible gold zones in maiden drilling at Myrtleford project

Advance Metals (ASX: AVM) has reported multiple zones of visible gold in three holes from a maiden diamond drilling campaign at the Happy Valley target, which sits at the south-eastern end of its Myrtleford project in Victoria.

Advance believes these are the most significant gold it has observed in its exploration program, extending the known strike of the Happy Valley system.

The company is now planning a fourth diamond hole to assess the continuity of the gold system.

Previous intersection

The company’s first hole in February delivered encouraging results when it intersected at least three discrete zones of sulphide-bearing quartz veining with visible mineralisation.

The lowermost of these veins extended over 3.35 metres and contained multiple occurrences of fine-grained gold throughout the interval.

All zones appeared to correlate with previous gold intersections from above and below this hole.

Similar mineralisation

Advance has now completed the final two holes (AMD002 and AMD003) and confirmed that both intersected similar mineralisation in multiple down-hole zones.

AMD002 tested approximately 15m below a historic drill hole that returned an interval of 11.5m at 160.4 grams per tonne gold and visible gold at 211.5m, 216m, 216.2m, 217.6m and 219.2m.

The company drilled AMD003 in a new area and it intersected strong visible mineralisation at 159.5m, 180m and 180.9m.

‘Productive’ campaign

Managing director Dr Adam McKinnon said the maiden drilling campaign at Myrtleford was proving to be “incredibly productive”.

“We now have three holes completed, with each producing highly encouraging visible gold mineralisation in multiple zones,” he said.

“As usual, we have to be cautious and wait for analytical results to fully confirm the results, but I am very happy with what we have seen to date.”

New area along strike

“The visual results from AMD003 are particularly significant, given the hole was sited in a new area along strike to the west of previous drilling,” Dr McKinnon added.

“It has produced the strongest visual gold mineralisation of our program to date and expands the length of the system.”

The company expects the return of “multiple rounds” of assays in the coming months, and will follow further drilling at Happy Valley with shallow work at the Twist Creek prospect in Myrtleford’s northern section.