Recently listed Australian Gold and Copper (ASX: AGC) has had success with the maiden drilling program at its Moorefield project, one of its three recently acquired gold-copper projects in the Lachlan Fold Belt of New South Wales.
Seven holes were drilled for a total 1,068m and, while assays are pending, the company says the drilling at the Patton prospect confirmed in six of the holes the existence of a northeast dipping magnetic horizon, which was intercepted across 550m of strike, and remains open along strike and down dip.
The deepest hole was 216m.
Managing director Glen Diemar said it is exciting to have a successful drill program so soon after listing in January.
“To have hit the target so consistently in six of seven holes … across a significant strike length of 550m is a real credit to our team on the ground,” he added.
AGC believes the magnetic and altered horizon has the potential to be mineralised with gold, given the previous surface sampling results.
Drilling at second prospect next week
Once demobilisation is complete at Pattons, the rig will move to the Achilles 3 gold and base-metal target for its maiden drill testing.
Achilles 3 contains two electromagnetic conductors with overlying surface geochemistry.
Drilling there, totalling 1,000m, will begin next week with seven holes to test two shallow gold and copper targets.
Drill rig to work at several prospects
The company’s plan is to move the reverse circulation rig from target to target and drill seven near surface gold and copper targets, while waiting assay results of initial programs.
AGC’s ground covers 1,000 square kilometres and comprises three projects, which are all described as drill-ready and, in the case of two of them, noted as having multiple targets.
The Moorefield project is just north of Condobolin, covering 477sq km.
Moorefield was described in the company’s IPO prospectus as having a geological links to the Bendigo zone of the central Victoria gold fields including the Fosterville mine operated by Kirkland Lake Gold (ASX: KLA).
It also has Cobar-style polymetallic target.
Records of alluvial mining go back to 1894 while the historic Boxdale mine began production in 1955.