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Highlights
- Australian Gold and Copper reports high-grade results from Achilles discovery.
- Multiple mineralizations discovered at shallow depths in the Cobar Basin.
- New copper zone identified in the northern zone during exploration.
Australian Gold and Copper (ASX:AGC) has announced significant results from its exploration program at the Achilles discovery, located in the southern region of the Cobar Basin in central New South Wales. The company shared assay results from an additional 15 reverse circulation (RC) holes, revealing promising mineralization across gold, silver, copper, lead, and zinc.
The most notable outcomes include high-grade intersections at shallow depths, with some of the best results coming from holes A3RC045 and A3RC048. In hole A3RC045, the company recorded 12 meters at 2.2 grams per ton (g/t) gold and 113 g/t silver from a depth of 86 meters. Similarly, hole A3RC048 produced 6 meters at 3.2 g/t gold, 48 g/t silver, and 11.1 percent lead from a depth of 58 meters within the oxide zone.
Further significant findings came from the northern zone in hole A3RC050. This hole returned 12 meters at 0.9 g/t gold, 211 g/t silver, 0.9 percent copper, and 13.8 percent lead-zinc from 77 meters. Within this interval, a standout result included 2 meters at 2.0 g/t gold, 566 g/t silver, 1.7 percent copper, and 23.2 percent lead-zinc from 78 meters.
The results from this round of assays highlight the high grades in the oxide zone, revealing a previously unexplored shallow region with further exploration potential. Australian Gold and Copper’s Managing Director, Glen Diemar, expressed enthusiasm over the discovery, particularly noting the new copper zone identified, which lies away from any previously known mineralization.
These findings are part of a broader exploration program targeting extensions around known mineralized areas. The company has now received assays for all 15 holes, totaling 2,966 meters, as part of its efforts to expand the understanding of the mineral-rich region.
Australian Gold and Copper focuses on the exploration and development of its gold assets within the Lachlan Fold Belt in New South Wales. Among its key projects are the Moorefield Project, the Gundagai Project, and the Cargelligo Project, which are all situated in highly prospective mineral regions.
Despite these encouraging results, shares of Australian Gold and Copper have recently seen a decline of 6.38 percent, with the current price at AU$0.22.
