Advance Metals Ramps Up Myrtleford Gold Drilling on Deep Happy Valley Hits

Highlights

• Advance Metals accelerates drilling across the Myrtleford gold project

• Deep high-grade intersections extend Happy Valley mineralisation

• Queen of the Hills becomes the next key target on the trend

Advance Metals is accelerating drilling at the Myrtleford gold project after deep high-grade intersections at Happy Valley confirmed strong continuity, prompting a multi-rig program aimed at unlocking additional targets along the Victorian trend.

Gold exploration activity continues to draw attention across the ASX 200 landscape as smaller explorers seek to revitalise historic belts with modern drilling. Advance Metals (ASX:AVM) is firmly in that camp, fast-tracking work at its Myrtleford project in Victoria after confirming deep high-grade gold intersections at the Happy Valley Trend. The latest results have given the company fresh momentum as it moves to extend mineralisation at depth and unlock new targets along a broader structural corridor within the Victorian goldfields and the wider ASX stock market.

What Is Driving Activity at the Myrtleford Project?

Myrtleford sits within a historic goldfield in north-eastern Victoria, an area known for a long history of underground mining and narrow but richly endowed vein systems. Advance Metals has been systematically revisiting this district with modern drilling and geological interpretation, seeking continuity at depth and along strike beneath old workings that were once accessed through comparatively shallow infrastructure.

Recent drilling at Happy Valley has confirmed that mineralisation extends significantly deeper than previously recognised. The company reported a series of intersections from sulphide-bearing quartz veins encountered well below historic workings, reinforcing the idea that the system remains open in multiple directions.

This deep confirmation gives the company a solid technical foundation for accelerating exploration across the wider Happy Valley Trend and adjacent targets within the Myrtleford licence area.

How Significant Are the Deep Happy Valley Intersections?

The latest drilling program has intersected visible gold within sulphide-rich quartz veins at depths beyond earlier campaigns, demonstrating that the mineralised structure remains continuous down-plunge. This is especially important in a Victorian context, where many historic mines focused on near-surface or moderately deep shoots, often leaving deeper extensions largely untested.

By extending the known mineralised envelope to a much greater depth, Advance Metals has effectively transformed Happy Valley from a historically interesting prospect into a system that may support a more substantial exploration narrative. The continuity from near surface to deep levels indicates that the mineralising fluids operated over a large vertical range, a feature commonly associated with robust orogenic gold systems across the region.

The company has highlighted one particular hole from the program as its most significant result at Myrtleford to date, reporting a strong interval of high-grade gold within a well-developed quartz structure. Importantly, this intercept remains open in every direction, providing multiple vectors for follow-up drilling.

How Will Advance Metals Fast-Track Happy Valley?

Encouraged by the new deep intersections, Advance Metals is moving quickly to design and execute an expanded drilling campaign at Happy Valley. The immediate focus is on better understanding the geometry, thickness and grade continuity of the mineralised shoot around the standout deep hole.

Follow-up drilling will aim to:

• Tighten spacing around the key intersection to refine the shape of the high-grade zone

• Step out along strike and down-plunge to test the extension of the structure

• Assess the relationship between historic near-surface workings and deeper mineralised zones

By concentrating early drilling around a known high-grade position, the company aims to build a clearer three-dimensional model that can support future resource work. This targeted approach aligns with the broader trend among ASX mining stocks of using modern data and structural geology to unlock value from underexplored historic fields.

Why Is a Second Rig Being Mobilised at Myrtleford?

To accelerate its work program, Advance Metals has deployed a second drilling rig to the Happy Valley Trend. This expansion allows the company to run parallel programs that address both resource-style drilling and new target testing along the corridor.

While one rig concentrates on deep and infill drilling around the main Happy Valley shoot, the additional rig is tasked with stepping out toward nearby prospects, including Queen of the Hills. This dual-rig strategy reduces the time between discovery, follow-up and broader trend evaluation, which is crucial in a competitive exploration environment where news flow, geological confidence and operational momentum all matter.

What Role Does Queen of the Hills Play in the Strategy?

Queen of the Hills is a nearby prospect positioned along the same regional structural trend as Happy Valley. Historical records and early work suggest that it may host similar style mineralisation, yet it has not been systematically tested using modern exploration methods.

By directing one of the rigs toward this target, Advance Metals is effectively extending its view of the entire Happy Valley Trend rather than focusing exclusively on a single shoot. The program planned at Queen of the Hills represents the first modern drilling campaign across the broader trend outside the immediate Happy Valley mine area.

Success at this satellite prospect could:

• Demonstrate that gold mineralisation is not restricted to one isolated zone

• Highlight the trend as a multi-target corridor rather than a single prospect

• Provide additional opportunities for scale as the project advances

This approach is consistent with district-scale thinking, where explorers seek multiple shoots along a structural spine instead of relying on a single orebody.

How Is Myrtleford Positioned Within the Victorian Gold Story?

Victoria remains one of Australia’s most storied gold provinces, with a history stretching back to the nineteenth century and a modern resurgence driven by deeper discoveries beneath old workings. Projects that combine historic production, structural complexity and modern exploration are receiving increased attention across the broader ASX ordinaries stocks universe.

Myrtleford fits within this narrative as a historic goldfield now being reinterpreted through contemporary exploration. The depth extensions at Happy Valley echo a familiar theme in Victorian gold: that many of the old districts only tested a fraction of the vertical and lateral extent of their systems.

Advance Metals’ work suggests that Myrtleford may still host unrecognised mineralised shoots at depth and along underexplored structures, aligning it with the broader resurgence in Victorian gold exploration.

How Is the Expanded Program Being Funded?

The company’s aggressive drilling strategy at Myrtleford is supported by a substantial equity raising completed recently. This funding has allowed Advance Metals to commit to a multi-stage drilling campaign without pausing between phases to secure additional capital.

The strengthened balance sheet underpins:

• The mobilisation of multiple rigs

• Extended deep drilling at Happy Valley

• New target testing along the broader trend

Well-funded explorers are often better placed to maintain operational continuity, a key factor in efficiently tracking down deeper or more complex mineralised systems. This funding base also supports further work if early results continue to justify expanded programs.

This capital strength is increasingly important in a market where some companies still focus on income themes such as ASX dividend stocks, while exploration-led stories depend on consistent drilling and technical progress to sustain interest.

How Does Myrtleford Compare With Other Gold Projects?

While every gold project is unique, Myrtleford shares several features with other successful Victorian and Australian gold systems:

• Historic production underpinned by high-grade narrow veins

• Limited previous drilling below shallow levels

• Clear structural controls that can be modelled and targeted

• Evidence of continuity between near-surface and deeper mineralisation

These characteristics often underpin robust exploration stories, especially when backed by modern geological understanding and geophysical tools. Myrtleford’s combination of depth extensions, multiple targets and strong historic context has elevated it on the radar of those who follow gold exploration across the ASX 100 and wider small-cap space, even though the company itself sits outside the larger index cohort.

How Might the Program Evolve from Here?

Looking ahead, Advance Metals has outlined plans to continue drilling into the next year, focusing on both consolidation and expansion. Follow-up work will likely involve:

• Additional deep holes to track the Happy Valley shoot

• Step-out drilling along strike and into parallel structures

• Detailed structural modelling to refine resource frameworks

• Broader reconnaissance across the Myrtleford corridor

As results emerge, the company will refine its understanding of the gold system’s true scale and architecture. The early confirmation of deep continuity has already reshaped expectations; further success along the trend could reinforce Myrtleford as a significant exploration story within the Victorian goldfields and the wider ASX mining stocks narrative.

Where Does Advance Metals Sit in the ASX Exploration Landscape?

Advance Metals is part of a cohort of explorers working across Australian gold belts, contributing to the constant renewal of opportunities within the domestic resources sector. While some market participants focus on larger, more established players aligned with the ASX 200 and income-oriented profiles such as ASX dividend stocks, explorers like Advance play a different but important role.

They:

• Test new concepts in historic regions

• Bring modern methods to older districts

• Create pathways for future development stories

The company’s commitment to fast-tracking Myrtleford, supported by a deeper understanding of the Happy Valley Trend and a strong funding base, places it among the active growth-focused names contributing to the long-term vitality of Australian gold exploration.