Deep Drilling Success at Happy Valley Raises Questions on Resource Scale and Next Steps

Deepening the Happy Valley Story

Advance Metals Limited (ASX, AVM) has delivered a compelling update from its Myrtleford Project in the Victorian Goldfields, confirming that high-grade gold mineralisation continues to impressive depths at the Happy Valley deposit. The latest diamond drill hole, AMD014A, intersected gold grades as high as 62.3 grams per tonne (g/t) at 465.6 metres, extending the known mineralised zone by approximately 140 metres below previous deepest intercepts.

This discovery not only reinforces the continuity of exceptional grades but also highlights the vertical scale of the system, which now exceeds 500 metres and remains open in all directions. Such depth extensions are significant as they suggest the deposit’s potential to grow beyond current boundaries, a key factor for resource expansion and future development.

Accelerated Exploration Backed by Strong Funding

To capitalise on these promising results, Advance Metals has mobilised a second diamond drill rig to the site, intensifying the pace of exploration along the Happy Valley Trend. This operational acceleration is underpinned by a recent $13 million capital raising, providing robust financial support for the high-impact drilling programs planned through the remainder of 2025 and into 2026.

Managing Director Dr Adam McKinnon emphasised the significance of the AMD014A hole, describing it as potentially the most important drilled at the Myrtleford Project to date. He noted that the high-grade mineralisation remains open, underscoring the opportunity for further discoveries as drilling continues.

Expanding Horizons, Queen of the Hills Prospect

Beyond Happy Valley, Advance Metals has initiated maiden drilling at the Queen of the Hills prospect, located approximately 4.5 kilometres to the east-southeast. This marks the first modern drilling campaign at this historic gold mining area, which was last exploited in the 19th century. The exploration there could unlock additional value within the broader Happy Valley Trend, potentially adding new dimensions to the company’s Victorian Goldfields portfolio.

The company’s systematic approach, combining deep drilling with strategic expansion into adjacent prospects, reflects a confident stance on the project’s long-term potential. The geological setting, characterized by structurally controlled quartz veins hosting high-grade gold, continues to deliver encouraging results that warrant sustained investment and attention.

Looking Ahead

Advance Metals is now focused on extending the mineralised system further down plunge and testing lateral continuity around the new deep intercepts. Approvals for additional drill sites are underway, aiming to facilitate deeper and more comprehensive drilling campaigns. As assay results from ongoing holes are awaited, the market will be watching closely for signs that these early successes translate into a substantial resource upgrade.