Australian Gold and Copper Unveils 38.5Moz Silver-Equivalent Resource at Achilles

A New Chapter in South Cobar Exploration

Australian Gold and Copper Ltd (ASX – AGC) has announced a significant advancement in its exploration efforts with the release of the initial Mineral Resource Estimate (MRE) for the Achilles deposit, located in the southern part of the Cobar mining district in New South Wales. The maiden estimate quantifies a resource of 10.3 million tonnes grading 116 grams per tonne silver-equivalent (AgEq), translating to 38.5 million ounces AgEq. This resource is split between 5.0 million tonnes Indicated at 141g/t AgEq and 5.3 million tonnes Inferred at 93g/t AgEq, marking a robust foundation for the company’s strategic ambitions in the region.

The Achilles deposit, discovered in early 2024 through targeted drilling of coincident soil geochemical and geophysical anomalies, exhibits mineralisation commencing near surface and extending over 800 metres along strike. The deposit’s geometry is relatively planar, with mineralisation remaining open at depth, suggesting further upside potential.

Resource Breakdown and Mining Potential

The resource delineation distinguishes between shallow open pit resources, calculated at a cutoff grade of 40g/t AgEq, and deeper underground resources, using an 80g/t AgEq cutoff. Open pit resources account for 7.9 million tonnes at 114g/t AgEq (28.7Moz AgEq), while underground resources comprise 2.4 million tonnes at 125g/t AgEq (9.8Moz AgEq). This dual classification supports a flexible mining approach combining surface and underground methods.

The MRE is underpinned by an extensive drilling campaign totaling over 10,800 metres of reverse circulation and diamond core drilling since April 2024, achieved at a discovery cost of less than A$0.14 per ounce of silver-equivalent. This efficient exploration spend highlights the quality of the geological targeting and the potential for cost-effective resource growth.

Looking Ahead – Expansion and Exploration

Australian Gold and Copper is poised to expand the resource base further, with 23 recent drill holes yet to be incorporated into the MRE due to pending assay results. Notably, one hole returned an exceptional intercept of 6 metres at 2,474g/t AgEq, underscoring the deposit’s high-grade potential. The company also plans to initiate a 10,000-metre resource definition drilling program at its Browns Reef – Evergreen deposit in early 2026, signaling a broader commitment to building a significant precious and base metals portfolio in the South Cobar region.

Managing Director Glen Diemar expressed pride in the achievement, emphasizing the transformation of a greenfields discovery into a substantial mineral resource and the establishment of a new mineral district. He highlighted the rarity of a silver-dominant resource at such shallow depths and the ongoing exploration upside in this under-explored geological belt.

Technical Rigor and Environmental Considerations

The MRE adheres to the JORC Code 2012 standards, with comprehensive geological modelling, quality assurance protocols, and metallurgical test work supporting the resource assumptions. Recoveries for silver, gold, lead, and zinc have been factored into the silver-equivalent calculations, reflecting realistic processing scenarios. Environmental and tenure assessments indicate no known impediments to ongoing exploration and development activities, with responsible waste management and land access secured.

Overall, the Achilles resource announcement marks a pivotal step for Australian Gold and Copper, positioning the company as a notable player in the South Cobar mining landscape with a clear pathway to resource expansion and eventual development.