Australian Gold and Copper (ASX: AGC) has reported strong gold and silver grades from ongoing drilling at the northern high-grade zone of the Achilles target within the South Cobar project in New South Wales.
Assays returned for a further five diamond holes included multiple broad and high-grade intervals that have extended the mineralisation associated with a recent interval of 20 metres at 809 grams per tonne silver equivalent (AgEq), including 6m at 2,474g/t AgEq.
Highlights were 33m at 264g/t AgEq including 21m at 365g/t and 3m at 1123g/t, 16m at 279g/t AgEq including 9.5m at 435g/t, and 20.4m at 123g/t AgEq including 4.5m at 319g/t.
The new holes were not included in the recent maiden Achilles mineral resource estimate (MRE) of 10.3 million tonnes at 116g/t AgEq for 38.5 million ounces AgEq.
Achilles Quarry Drilling
Five initial reverse circulation holes at the Achilles Quarry target – located approximately five kilometres to the south along the Achilles Shear Zone – tested for shallow mineralisation.
Two extra holes were later added to follow-up the visual mineralisation encountered.
Four of the holes drilled through the shear zone hosted in the thinly-bedded facies, returning a broad 40m zone of chlorite-pyrite trending into sericite alteration with encouraging results for gold and copper.
Assays for the two extra holes returned initial intervals including 9m at 45g/t AgEq from 90m, open at depth and along strike.
The mineralised zone remains open at depth and along strike, and will be considered for future programs.
‘Recipe for Resource Growth’
Managing director Glen Diemar said the latest results showed the potential of the Achilles discovery.
“Achilles is proving to be quite robust and clearly has more mineralisation to uncover as drilling continues,” he said.
“The northern zone is delivering exceptional silver and gold grades over significant thicknesses, which is a recipe for resource growth on top of our initial resource estimate—we aim to more than double the endowment at South Cobar by the end of this year.”
The company plans to conduct 10,000 metres of drilling from March to work towards a resource upgrade at Achilles and a new MRE at the Browns-Evergreen precious and base metals deposit.
