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Highlights
- Advance Metals has launched its preliminary diamond drilling program at the 100%-owned Gavilanes Silver Project in Mexico, aimed at delineating extensions to the known high-grade silver system.
- The first Gavilanes drill hole delivered a high-grade silver intersection of 33.9m at 220g/t Ag, including 6.2m at 718g/t Ag.
- Through an amended agreement, the company is progressing toward full ownership of the Myrtleford and Beaufort Gold Projects in Victoria.
- Happy Valley drilling and metallurgical testwork returned high-grade gold results, including 1m at 22.3g/t Au and gold recoveries of up to 96.1%.
- Advance Metals has continued exploration across its precious metals portfolio, with ongoing drilling, geological modelling and target generation planned across Mexico and Australia.
Advance Metals Limited (ASX:AVM) has reported an active quarter for the period ended 30 June 2026 marked by the commencement of its maiden diamond drilling program at the Gavilanes Silver Project in Mexico, alongside continued progress across its Victorian gold assets. The company also moved toward 100% ownership of the Myrtleford and Beaufort Gold Projects, while advancing drilling, metallurgical studies, and regional exploration aimed at supporting future resource growth.
Gavilanes Drilling Campaign Targets High-Grade Silver Extensions
During the June quarter, the company commenced a maiden diamond drilling program at the Gavilanes Silver Project. The campaign will consist of 1518 diamond drill holes for up to 4,500 metres, designed to test extensions of the existing high-grade silver mineralisation and to evaluate additional exploration targets.
The first drill hole, GV-26-001, intersected 33.9 metres at 220g/t silver from 117.6 metres, including 6.2 metres grading 718g/t silver from 133 metres. The intersection provides further support for Advances approach of testing extensions to the known high-grade mineralised system at Gavilanes.
The hole also intersected a deeper polymetallic interval of 3.3 metres grading 270g/t silver, 0.2g/t gold, 0.7% copper, 0.7% lead and 1.1% zinc from 164.6 metres, indicating the presence of silver, gold and base metal mineralisation at depth.
Subsequent Drilling Expands Mineralised System
Following the end of the reporting period, additional drilling results from GV-26-002 and GV-26-003 continued to define the mineralised system.
GV-26-002 returned-
- 4m at 245g/t Ag from 90m, including 3m at 523g/t Ag
- 6m at 0.6% Cu, 22g/t Ag and 0.3g/t Au from 180m
Meanwhile, GV-26-003 intersected-
- 6m at 309g/t Ag from 24m, including 3.4m at 569g/t Ag
- 6m at 204g/t Ag from 58.8m, including 1.2m at 548g/t Ag
The project's most significant polymetallic interval to date has been reported in hole GV-26-003
- 5m at 83g/t Ag, 0.8g/t Au, 0.6% Cu, 0.6% Zn & 0.3% Pb from 205.8m to EOH, including 5.5m at 160g/t Ag, 2.3g/t Au & 1.5% Cu
Alongside geological modelling and historic core sampling, the ongoing drilling program is expected to support the planned JORC Mineral Resource upgrade targeted for early Q4 CY2026.
Victorian Gold Projects Advance Toward Full Ownership
The company also advanced its Australian portfolio by moving toward 100% ownership of the Myrtleford and Beaufort Gold Projects in Victoria.
Under an amended agreement, the company agreed to acquire the remaining 20% interest in the projects by increasing total ownership consideration to CAD 4.0 million, payable over three years. The arrangement provides full operational control, exclusive working rights, flexibility to settle payments in cash or shares and right to undertake sampling, drilling, surveys and exploration work.
Happy Valley Returns High-Grade Gold Results
Exploration at the Happy Valley prospect continued during the quarter, with drilling confirming additional high-grade gold mineralisation.
One of the standout intersections came from AMD026, which returned
- 6m at 9.4g/t Au from 76.9m
- 1m at 22.3g/t Au from 95.7m, including 0.2m at 108.5 g/t Au
Initial gravity recoverable gold testwork also produced encouraging outcomes, with total gold recoveries of up to 96.1% after regrinding the tails to 250-75 microns. The results support assessment of potential future low cost processing pathways for the deposit.
Regional mapping and rock-chip sampling have also begun across the tenure, including along the 16-kilometre MagpieBarwidgee Trend, which has not been subject to modern drilling.
Focus Turns to Resource Growth
With drilling continuing in Mexico and exploration activities expanding in Victoria, Advance Metals near-term priorities include-
Data source: Company update
Advance Metals ended the June quarter with cash and cash equivalents of AIUD 4.326 million as it continued advancing exploration across its silver and gold portfolio. With active drilling at Gavilanes, progress toward a JORC Mineral Resource upgrade, expanded ownership of the Myrtleford and Beaufort Gold Projects, and ongoing exploration and target generation in Victoria, the company has outlined a pipeline of exploration and development activities for the second half of 2026.
AVM shares were trading 1.56% higher at AUD 0.065 per share at the time of writing on 27 July 2026.
