Australian Gold and Copper Ltd confirms Achilles as a major silver-dominant discovery with exceptional assay results, backed by a strong $17 million cash position. The company is gearing up for an aggressive exploration campaign in 2025 targeting multiple new high-priority zones.
- Achilles diamond drilling confirms high-grade silver, gold, and base metals
- Exceptional assays include up to 2.9 kilograms per tonne silver in core samples
- High-resolution drone geophysics reveals 10 new exploration targets
- $17 million cash on hand supports extensive 2025 drilling programs
- Upcoming helicopter EM survey and aircore drilling planned along Achilles Shear Zone
Strong Quarter Validates Achilles as a Silver-Gold Powerhouse
Australian Gold and Copper Ltd (ASX: AGC) has delivered a compelling update on its Achilles discovery within the South Cobar Project, reinforcing the site’s status as a significant silver-dominant mineral deposit. The December 2024 quarterly activities report highlights a series of outstanding assay results from a recent diamond drilling program, including an extraordinary 1-meter intercept grading 2,910 grams per tonne silver alongside gold and base metals.
The central portion of the deposit continues to impress with consistent high-grade zones. Notably, hole A3DD008 returned 27 meters at 1.4 g/t gold, 241 g/t silver, and 1.9% combined lead and zinc, including a 9-meter interval with 3.7 g/t gold and 566 g/t silver. These results underscore the complex mineralization and potential scale of the deposit.
Expanding the Footprint with Geophysics and Drilling
Beyond drilling, AGC completed a high-resolution drone magnetics survey over Achilles and eight kilometers of the Achilles Shear Zone, revealing multiple new structural targets. These findings have generated ten high-priority exploration targets slated for aircore drilling in early 2025, running concurrently with reverse circulation (RC) drilling at Achilles.
Further enhancing exploration efforts, a helicopter-borne VTEM electromagnetic survey is scheduled to commence shortly, aiming to detect discrete conductive anomalies indicative of copper-rich systems. This multi-method geophysical approach is designed to unlock additional mineralized zones along the underexplored 7-kilometer shear zone.
Robust Financial Position Fuels Aggressive Exploration
AGC’s strong cash position of $17 million at quarter-end provides a solid foundation for its ambitious exploration plans. The company is poised to execute a 5,500-meter aircore drilling campaign targeting near-surface oxide mineralization, alongside extensive RC drilling to test depth extensions and new discoveries along the shear zone.
Looking ahead, AGC plans to advance metallurgy studies and aims to deliver its maiden JORC mineral resource estimate in the second half of 2025. These milestones will be critical in transitioning Achilles from a promising discovery to a defined resource with clear development potential.
Strategic Regional Footprint and Future Growth
AGC’s portfolio extends beyond Achilles, encompassing multiple 100%-owned tenements across the Central Lachlan Fold Belt, including the Moorefield-Ootha copper-gold projects and the Gundagai gold project. While exploration activity at these sites was limited to desktop studies during the quarter, the company’s focus remains firmly on unlocking value at Achilles and the broader South Cobar region.
With a systematic and data-driven exploration strategy, AGC is leveraging modern geophysical techniques and drilling to delineate high-grade mineralization and expand its footprint. The integration of historic data with new survey results positions the company well to capitalize on the region’s underexplored potential.
Bottom Line?
AGC’s Achilles discovery is rapidly evolving into a major silver-gold-base metal project, with 2025 set to be a pivotal year for resource definition and expansion.
Questions in the middle?
- How will upcoming drilling results refine the scale and grade of the Achilles deposit?
- What impact will the maiden JORC resource have on AGC’s valuation and project financing options?
- Can the new geophysical targets along the Achilles Shear Zone deliver additional high-grade discoveries?