Advance Metals has discovered a new shallow, high-grade gold vein structure near the historic Happy Valley Deposit in Victoria, with drill results confirming visible gold and assays up to 66.7g/t Au.
- New gold vein structure found 100m east of Happy Valley workings
- Drill hole AMD016 intersected 0.6m at 66.7g/t gold from 51.3m depth
- Shallowest mineralisation recorded at Happy Valley to date
- New structure parallels historic Porpunkah Reef orientation
- Ongoing drilling at Happy Valley and regional targets with assays pending
Discovery of a New High-Grade Gold Zone
Advance Metals Limited (ASX – AVM) has announced a significant breakthrough at its Myrtleford Project in Victoria’s prolific goldfields. A newly identified quartz vein structure, located just 100 metres east of the historic Happy Valley workings, has yielded visible coarse gold and exceptional assay results. Drill hole AMD016 intersected 0.6 metres grading 66.7 grams per tonne gold from a shallow depth of 51.3 metres, marking the shallowest high-grade mineralisation discovered at the site to date.
Geological Significance and Historical Context
The new vein’s orientation closely matches that of the Porpunkah Reef, a narrow but historically high-grade gold reef mined in the 19th century. This structural similarity suggests the newly discovered zone could represent a parallel mineralised system, potentially expanding the known footprint of gold mineralisation around Happy Valley. The Myrtleford Project’s geological setting, characterised by folded and faulted Devonian sandstones, continues to reveal complex and rewarding targets for exploration.
Ongoing Exploration and Regional Potential
Advance Metals is actively drilling from a newly established northern pad to test both the new structure and deeper extensions of the existing Happy Valley lodes. A second diamond rig is simultaneously exploring regional prospects along strike, including Queen of the Hills and Sheards, with assay results expected soon. These efforts underscore the company’s commitment to unlocking the broader potential of the Myrtleford Project, which covers a substantial 472 square kilometres of highly prospective ground.
Implications for Resource Growth
The discovery of visible gold at such a shallow depth and the impressive assay grades provide a compelling case for further resource delineation. While assays for the lower portion of AMD016 and other recent holes remain pending, the initial results have already injected fresh optimism into the project’s exploration narrative. The company’s technical team is focused on evaluating continuity and orientation to better understand the scale and economic viability of this new zone.
Looking Ahead
Advance Metals’ recent findings at Happy Valley could mark the beginning of a new chapter in the project’s development. With ongoing drilling and forthcoming assay results, the market will be watching closely to see if this discovery translates into a meaningful resource upgrade and ultimately, a viable mining operation.
Bottom Line?
Advance Metals’ shallow high-grade gold discovery near Happy Valley sets the stage for a potentially transformative exploration phase.
Questions in the middle?
- Will the pending assays confirm the continuity and extent of the new high-grade zone?
- How might this discovery impact the overall resource estimate and project economics at Myrtleford?
- What are the exploration results from the Queen of the Hills and Sheards prospects along strike?