Australian Gold and Copper's High-Grade Discoveries at Achilles: A New Frontier in NSW
AGC (AGC) Share Update November 2024 Tuesday 12th
Australian Gold and Copper Unveils Promising High-Grade Discoveries at Achilles
Australian Gold and Copper Ltd (ASX: AGC) has announced impressive results from its latest drilling program at the Achilles discovery, located in the Cobar Basin, NSW. These results confirm Achilles as a significant silver-dominant mineralisation site.
Instant Summary:
- 9.1m at 3.0g/t Au, 698g/t Ag, 1.2% Cu & 19.4% Pb+Zn from 126.5m in A3DD004.
- Exceptional high-grade zones including 2.5m at 6.7g/t Au, 1,625g/t Ag from 126.5m.
- Focus on defining and expanding newly discovered shallow mineralisation.
- Upcoming drone magnetic survey and air core drill program planned.
Exploration Success at Achilles
Australian Gold and Copper Ltd (AGC) has reported outstanding results from the first two diamond core holes of a ten-hole drilling program at the Achilles discovery in the Cobar Basin, NSW. The focus of this exploration is to define and expand the newly discovered shallow mineralisation.
The results from hole A3DD004 are particularly noteworthy, with an intersection of 9.1 meters grading at 3.0 grams per tonne (g/t) of gold, 698 g/t of silver, 1.2% copper, and 19.4% lead plus zinc from a depth of 126.5 meters. This includes a high-grade zone of 2.5 meters at 6.7 g/t gold and 1,625 g/t silver.
Significant Discoveries
The drilling program has confirmed Achilles as a significant silver-dominant discovery, with mineralisation controlled by the main north-striking Achilles shear zone. The mineralisation is found in contact with various rock types in the hanging wall.
The first two holes, A3DD003 and A3DD004, were drilled close to previous high-grade reverse circulation (RC) results. These holes aimed to identify structural controls on mineralisation and define grade variability and mineralogy.
Future Exploration Plans
With the processing of all diamond drill core now complete, AGC is set to embark on the next phase of exploration. A drone magnetic survey is planned to locate additional mineralised structures, and a large, systematic air core drill program is in the works to target additional mineralisation in the near-surface zone.
These future programs, alongside the work already completed, will significantly increase the discovery potential of the area.
The confirmation of high-grade mineralisation at Achilles is a positive development for AGC, potentially boosting investor confidence and increasing the company's stock value. The planned exploration activities could further enhance the company's resource base, making it an attractive prospect for investors.
Investor Reaction:
Analysts are likely to view these results favorably, given the high grades and the potential for further discoveries. The strategic focus on expanding the mineralisation could position AGC well in the market.
Conclusion:
Investors should keep an eye on AGC's upcoming exploration activities and results. The company's strategic initiatives at Achilles could lead to significant value creation, making it a compelling opportunity for those interested in the mining sector.