Myrtleford Drilling Yields 7.5m at 47.9g/t Au; $2.55M Raised to Expand Program
Advance Metals reports robust assay results from its maiden drilling at Myrtleford, confirming high-grade gold mineralisation and revealing multiple new regional targets. The company is poised to expand exploration following a successful capital raise.
- Fourth diamond drill hole at Happy Valley confirms strong gold grades
- Exceptional rock chip samples reveal new high-grade targets across Myrtleford
- Drilling ongoing at Twist Creek with assays pending for recent holes
- Advance Metals secured $2.55M funding to accelerate exploration
- Plans underway for expanded drilling to extend mineralisation and test new prospects
Strong Start at Happy Valley
Advance Metals Limited has delivered compelling assay results from its maiden diamond drilling program at the Myrtleford Gold Project in Victoria’s historic goldfields. The latest results from the fourth hole at the Happy Valley Prospect confirm the presence of high-grade gold mineralisation, complementing earlier spectacular intercepts including 8.2 metres at 22.4g/t Au and 7.5 metres at 47.9g/t Au. Hole AMD004 intersected 6.1 metres at 3.5g/t Au, including a high-grade 1.1-metre section at 18.2g/t Au, reinforcing the prospect’s robust gold tenor.
Expanding the Regional Footprint
Beyond Happy Valley, Advance Metals’ regional rock chip sampling program has uncovered multiple new high-grade gold targets across three key areas: the Happy Valley Trend, Barwidgee, and Twist Creek. Notably, Sheards Reef along the Happy Valley Trend returned peak values up to 42.5g/t Au, while the Twist Creek area yielded exceptional samples including 66.7g/t Au at the Victoria Prospect and 39.1g/t Au at the Danish Prospect. These targets remain untested by drilling, presenting significant upside potential for the broader Myrtleford Project.
Ongoing Drilling and Future Plans
Drilling continues at Twist Creek with holes AMD005 and AMD006 completed and assays awaited, while the final two holes of the initial program (AMD007 and AMD008) are underway. Encouraged by the early success, Advance Metals is designing a follow-up diamond drilling campaign at Happy Valley to extend high-grade mineralisation along strike and down dip. The company is also preparing to test new regional targets such as Sheards Reef, subject to necessary approvals.
Strategic Partnership and Funding
The Myrtleford Project is held under an 80% joint venture agreement with Serra Energy Metals Corp., positioning Advance Metals as operator. The company recently completed a $2.55 million placement to institutional and sophisticated investors, providing a strong financial foundation to accelerate exploration activities. Managing Director Dr Adam McKinnon highlighted the program’s success and the exciting pipeline of emerging targets, underscoring the project’s immense discovery potential.
Geological Context and Exploration Approach
The Myrtleford Gold Project lies within a geologically complex and prospective setting characterized by Devonian-aged granites and structural deformation related to the Lachlan Orogeny. Gold mineralisation is hosted primarily in structurally controlled quartz veins with associated sulphides. The company’s systematic approach combining diamond drilling with extensive regional mapping and rock chip sampling is proving effective in delineating high-grade zones and generating new targets.
Bottom Line?
Advance Metals’ strong assay results and fresh targets at Myrtleford set the stage for a pivotal exploration phase that could reshape the project’s value.
Questions in the middle?
- What will the pending assay results from Twist Creek holes AMD005 and AMD006 reveal about regional continuity?
- How extensive and continuous is the high-grade mineralisation along the Happy Valley Trend beyond current drill lines?
- What timeline and approvals are required to commence drilling at newly identified targets like Sheards Reef?
