Australian Gold and Copper (ASX: AGC), which only listed on the ASX on 20 January, will begin drilling this week at one of its three recently acquired gold-copper projects in the Lachlan Fold Belt of New South Wales.
The reverse circulation (RC) rig is due to be mobilised on site today.
A ground magnetics survey has now been completed at the Pattons prospect, part of the Moorefield project, which has highlighted “multiple” large, shallow gold-copper anomalies at the company’s maiden drill target.
The survey covered ground 1.5km wide by 1km long and was aimed at better defining the depths and dips of the magnetic bodies ahead of the RC drilling.
Three mineralised zones
The modelled magnetic body is 750m long and is made up of three distinct zones. The area to be drilled is the northernmost of the zones, named Pattons 1.
AGC managing director Glen Diemar said the company has hit the ground running by completing a magnetic survey of the first drill target.
“The survey gives clear confirmation that Pattons has all the hallmarks of a large mineralised hydrothermal system,” he added.
Pattons 1 has also been tested with rock chip sampling, with assays up to 6.14 grams per tonne gold.
AGC’s ground covers 1,000sq km and comprises three projects, all described as drill-ready and, in the case of two of them, as having multiple targets.
Gold history dates back to 1894
The Moorefield project is just north of Condobolin, covering 477sq km.
Moorefield was described in the company’s initial public offering prospectus as having geological links to the Bendigo zone of the central Victoria goldfields including the Fosterville mine operated by Kirkland Lake Gold (ASX: KLA).
Historic drill results include 36m at 1.21g/t gold from 81m, 30m at 1.6g/t, 19m at 1.28g/t and 15m at 1.0g/t.
Records of alluvial mining date back to 1894, while the historic Boxdale mine began production in 1955.
The Boxdale mine, originally referred to as the Coronation mine, started in 1955 and the Carlisle Reef prospect has reports of alluvial mining being carried out as early as 1894, with reef mining beginning in 1897.
Modern exploration activity has included augur and rock chip surface geochemistry, high-resolution aeromagnetic and ground magnetic surveys and limited shallow drilling.
AGC’s other projects are Cargelligo, 15km from the town of Lake Cargelligo and covering 227sq km, while the Gundagai project lies south of Cootamundra and covers 265sq km.