29m at 370g/t AgEq Extends Achilles Deposit Down Plunge
Australian Gold and Copper Ltd has reported exceptional new drilling results at its Achilles deposit, extending high-grade silver and gold mineralisation down plunge by 50 metres. These findings bolster the upcoming maiden Mineral Resource Estimate and highlight the deposit’s significant growth potential.
- 29m at 370g/t silver equivalent including 5m at 1,204g/t AgEq
- High-grade zone extended 50m down plunge at Achilles
- Diamond drilling underway to test depth extensions
- Copper grades notably high but excluded from silver equivalent calculations
- Additional assays and drilling results pending
Strong Extension of High-Grade Mineralisation
Australian Gold and Copper Ltd (ASX – AGC) has unveiled compelling new drilling results from its Achilles deposit within the South Cobar Project in New South Wales. The latest reverse circulation drilling returned a standout intersection of 29 metres at 370 grams per tonne silver equivalent (AgEq), including a high-grade 5-metre segment grading 1,204g/t AgEq. This intercept extends the northern part of the deposit down plunge by approximately 50 metres, confirming the continuity of a significant high-grade zone.
Implications for Resource Growth and Exploration
These results come as part of an ongoing exploration campaign supporting the maiden Mineral Resource Estimate for Achilles. The high-grade zone, which starts near surface, has now demonstrated a down-plunge length of at least 150 metres with consistently strong grades of silver, gold, and base metals. Notably, copper grades in this zone are very high but currently excluded from the silver equivalent calculations, suggesting potential upside in future resource valuation and metallurgical studies.
Ongoing Drilling and Future Prospects
Diamond drilling has commenced to test the depth extensions beneath the newly extended high-grade zone. Nine diamond holes have been completed, with the deepest hole stepping back 150 metres from previous drilling and targeting the northern high-grade area. Reverse circulation drilling continues along the Achilles Shear Zone, with further assay results expected soon. Additionally, a 30-hole aircore program is planned on a parallel structure 2 kilometres east, aiming to assess broader exploration potential within the South Cobar belt.
Management Commentary and Strategic Outlook
Managing Director Glen Diemar highlighted the significance of the new results, stating that the high-grade zone “has plenty more to give” and emphasizing excitement about extending mineralisation at depth. He also noted the importance of copper, which is not yet factored into silver equivalent grades, as a potential value driver in future metallurgical test work. The company anticipates more assay results from pending drill holes, which could further enhance the deposit’s profile.
Context Within South Cobar and Industry
The Achilles deposit is part of AGC’s broader South Cobar Project, a region with a rich history of precious and base metal discoveries. The ongoing exploration success at Achilles reinforces the project’s status as a significant high-grade target open at depth and along strike. The combination of gold, silver, lead, zinc, and copper mineralisation positions AGC well within the competitive landscape of precious metals exploration in Australia.
Bottom Line?
As drilling advances and assays flow in, Achilles is shaping up as a high-grade prize with copper’s value yet to be fully unlocked.
Questions in the middle?
- How will inclusion of copper in silver equivalent calculations affect resource valuation?
- What are the expected timelines for the maiden Mineral Resource Estimate release?
- Could the parallel Eastern Shear Zone reveal additional high-grade mineralisation?
