Australian Gold and Copper Ltd has reported compelling high-grade gold and silver mineralisation near surface at its Achilles deposit in NSW, highlighting a 150m long oxide zone with promising exploration upside.
- Three new shallow oxide RC holes confirm broad high-grade silver-gold mineralisation
- Shallow oxide zone now defined over 150m in length with potential for resource growth
- Twelve diamond holes drilled beneath the zone with assays pending
- Deeper diamond drilling in southeast returns lower grades but confirms geological structures
- Silver equivalent calculations exclude copper, pending metallurgical and resource updates
Exploration Breakthrough at Achilles
Australian Gold and Copper Ltd (ASX, AGC) has released a significant update from its ongoing exploration at the Achilles deposit within the South Cobar Project, New South Wales. The company reported high-grade gold and silver results from three recently completed shallow oxide reverse circulation (RC) drill holes, which have extended the known mineralised zone to 150 metres in length. These results reinforce the potential for near-surface mineral resources that could underpin future development.
The new shallow oxide holes, drilled in a fan pattern around a previously reported high-grade intercept, returned broad zones of silver-gold and base metal mineralisation. Highlights include intervals such as 8 metres at 623 grams per tonne silver equivalent (AgEq) from 33 metres depth and 3 metres at 611g/t AgEq from 43 metres. These grades and widths are notable for oxide mineralisation close to surface, which typically offers more straightforward extraction opportunities.
Pending Depth Extensions and Diamond Drilling
Beyond the shallow oxide zone, AGC has completed twelve diamond drill holes beneath the high-grade intercepts, with assay results expected shortly. These deeper holes aim to test the continuity and extent of mineralisation at depth, a critical factor for defining a robust mineral resource. While some diamond holes in the southeastern corner returned lower grades, they confirmed important geological features such as shearing and alteration, which are key controls on mineralisation.
Managing Director Glen Diemar expressed optimism about the results, emphasizing the value of broad, high-grade near-surface mineralisation and the anticipation of upcoming assay results from the deeper drilling. The company’s strategic focus remains on expanding the Achilles footprint both laterally and at depth, supported by ongoing geological modelling and metallurgical test work.
Technical and Market Implications
The silver equivalent values reported exclude copper, which is present but not yet factored into the metal equivalency calculations. This conservative approach suggests that the total metal value could be higher once copper is incorporated following further metallurgical evaluation. The robust recoveries reported in recent metallurgical tests add confidence to the potential economic viability of the mineralisation.
These exploration results build on a series of positive announcements from AGC over the past year, progressively defining a compelling gold-silver-base metal system at Achilles. The coherent shallow oxide zone, combined with promising depth extensions, positions AGC well to advance towards resource delineation and eventual development decisions.
Bottom Line?
As assay results from deeper drilling loom, Achilles could soon reveal its full potential to reshape AGC’s resource profile.
Questions in the middle?
- Will the pending diamond drill assays confirm continuity of high-grade mineralisation at depth?
- How will the inclusion of copper in silver equivalent calculations affect the overall resource valuation?
- What are the next steps in advancing Achilles towards a formal Mineral Resource estimate?