Achilles Deposit Expansion Raises Questions on Resource and Market Impact

Exceptional Grades Confirmed at Achilles

Australian Gold and Copper Ltd (ASX – AGC) has announced remarkable assay results from its ongoing diamond drilling program at the Achilles deposit, part of the South Cobar Project in central New South Wales. The highlight is a 6-metre intersection grading an extraordinary 2,474 grams per tonne silver equivalent (AgEq), including a narrower 0.9-metre zone with an even higher grade of 5,332g/t AgEq. This intersection features significant concentrations of gold, silver, copper, lead, and zinc, underscoring the deposit’s rich polymetallic nature.

Expanding the Northern High-Grade Zone

The new results come from three diamond drill holes targeting the northern high-grade zone of Achilles. These assays confirm the continuity of mineralisation at depth and reveal that this zone now extends approximately 150 metres in width at surface and plunges beyond 250 metres vertically. The zone remains open, with assays pending for an additional 11 holes, suggesting further potential to expand the resource.

Strategic Drilling and Geological Insights

Managing Director Glen Diemar highlighted the strategic focus on targeting very high-grade zones and improving geological understanding. The drilling program has successfully delineated a coherent mineralised zone with complex structural controls, which is critical for future resource estimation and mine planning. The timing of these results is particularly fortuitous given the recent surge in silver prices, potentially enhancing the economic outlook for the project.

Broader Context and Next Steps

The Achilles deposit has been the subject of extensive exploration over the past year, with a series of announcements progressively revealing its scale and grade. The current drilling campaign is nearing completion for 2025, with fourteen holes drilled in the northern sector. The company’s metallurgical test work indicates robust recoveries for the key metals, supporting the feasibility of future development. Investors and analysts will be watching closely for the pending assay results, which could further define the deposit’s size and grade distribution.

Implications for Australian Gold and Copper

These exceptional drilling results reinforce Australian Gold and Copper’s position as a promising explorer in the South Cobar region. The combination of high-grade polymetallic mineralisation and ongoing exploration success positions the company well for potential resource upgrades and increased market interest. However, the complex geology and pending assay data mean that a cautious approach remains prudent as the company advances its understanding of the deposit.