Achilles Drill Hole Hits 1,453g/t Silver Equivalent Over 3m at 305m Depth
Australian Gold and Copper Ltd has reported outstanding deep drilling results at its Achilles deposit, revealing high-grade silver and gold mineralisation well below previous resource estimates. These findings come as silver prices surge above US$110 an ounce, potentially boosting the deposit's value.
- Deepest drill hole A3RCD089 returns 11m at 424g/t silver equivalent
- High-grade mineralisation extended 140m below previous resource base
- Silver prices surpass US$110/oz, enhancing silver-dominant deposit value
- Updated Mineral Resource Estimate (MRE) expected soon
- Drilling to resume targeting resource upgrades and Browns-Evergreen deposit
Exceptional Deep Drilling Results at Achilles
Australian Gold and Copper Ltd (AGC) has unveiled impressive assay results from its latest diamond drilling campaign at the Achilles deposit in South Cobar, New South Wales. The standout intercept, from hole A3RCD089, returned 11 metres grading 424 grams per tonne (g/t) silver equivalent (AgEq), including a remarkable 3 metres at 1,453 g/t AgEq starting at 305 metres depth. This hole represents the deepest drilling into Achilles to date, extending high-grade mineralisation approximately 140 metres below the deepest hole previously included in the initial Mineral Resource Estimate (MRE).
Significance of the Mineralisation Extension
The new results push the known mineralised zone to over 360 metres down dip, confirming the deposit’s continuity and scale. Notably, the grades reported are substantially higher than the average underground resource grade of 125 g/t AgEq, underscoring the exceptional nature of this discovery. The mineralisation remains open at depth, suggesting further potential for resource growth as drilling continues.
Market Timing and Strategic Outlook
These assay results arrive at a fortuitous time, with silver prices recently breaking above US$110 per ounce. This price environment significantly enhances the economic prospects of silver-dominant deposits like Achilles. AGC’s Managing Director, Glen Diemar, emphasised the combination of grade, scale, and market momentum as a powerful driver for the company’s growth strategy.
Upcoming Resource Updates and Exploration Plans
AGC plans to incorporate these new drill results into an updated MRE expected in the coming months, which could materially increase the resource base. Additionally, drilling is set to recommence later this quarter, focusing on further resource upgrades at Achilles and advancing an initial MRE for the Browns-Evergreen silver, gold, and base metal deposit. The company aims to more than double its resource endowment at South Cobar by year-end, positioning itself strongly in the precious metals exploration sector.
Technical Rigor and Compliance
The drilling and assay programs adhere to industry best practices and the Australasian JORC Code standards, ensuring the reliability of the reported results. AGC has also disclosed detailed metallurgical recoveries and metal price assumptions underpinning the silver equivalent calculations, providing transparency to investors and analysts.
Bottom Line?
With high-grade mineralisation extending deeper and silver prices on the rise, AGC’s Achilles deposit is poised for a significant resource upgrade that could reshape its market valuation.
Questions in the middle?
- How will the updated Mineral Resource Estimate impact AGC’s valuation and development timeline?
- What are the expected metallurgical recovery rates for the newly discovered deep mineralisation zones?
- How might the Browns-Evergreen deposit contribute to AGC’s overall resource portfolio in 2026?
