Newly-listed explorer Australian Gold and Copper (ASX: AGC) has commenced a reverse circulation campaign at the Achilles 3 gold and base metals target within the Cargelligo project situated in New South Wales’ world-class Lachlan Fold Belt.
The company will drill seven holes for approximately 1,200m in the second of seven discovery-focused campaigns at the project.
The high-priority targets at Achilles 3, Achilles 2 and Mount Boorithumble are located in the Southern Cobar Basin and have pre-discovery similarities to the Peak and Hera gold polymetallic mines.
They are along strike from the recent Federation discovery held by Aurelia Metals (ASX: AMI).
Australian Gold and Copper’s near-term plan is to move the drill rig as quickly as possible with reverse circulation drilling of all seven near-surface gold and copper targets.
It is hoping is to define large-tonnage, shear-hosted, high-grade gold and polymetallic orebodies.
The Cargelligo project is located 15km west of the town of Lake Cargelligo and consists of an exploration licence covering 227sq km.
It comprises multiple drill-ready, Cobar-style, gold-polymetallic prospects (namely gold, silver, copper, zinc and lead) along strike from the Cobar mining district.
The prospects are characterised by coincident soil geochemistry and electromagnetic conductors identified in a government airborne electromagnetic (EM) survey and untested ground EM plates, also with coincident induced polarisation (IP) prospects, drill intersections and anomalous shallow drilling geochemistry.
The project’s Achilles trend covers 15km of favourable geology and includes the Achilles 2, Achilles 3 and Mount Boorithumble Grid prospects.
Historic drill results returned weighted averages from the Achilles targets of 18m at 0.44% copper from 30m with gold-copper-lead-bismuth-molybdenum-arsenic geochemistry.
Australian Gold and Copper has identified multiple advanced Cobar-style, gold-copper-zinc-lead areas of interest at all three prospects.