Australian Gold and Copper Ltd has announced a significant milestone with an initial Mineral Resource Estimate of 38.5 million ounces silver equivalent at its Achilles project, alongside a strategic expansion of its South Cobar footprint through the Browns Reef acquisition.
- Initial Mineral Resource Estimate of 10.3Mt at 116g/t silver equivalent for 38.5Moz AgEq at Achilles
- High-grade silver and gold drill results including 6m at 2,474g/t AgEq from 212.65m
- Acquisition of Browns Reef Project expands South Cobar tenure to 2,600km²
- $8.3 million cash on hand supports ongoing exploration and development
- New CFO and Company Secretary appointed amid operational growth
Achilles Delivers a Major Resource Milestone
Australian Gold and Copper Ltd (ASX, AGC) has reported a stellar December quarter, marked by the release of an initial Mineral Resource Estimate (MRE) for its Achilles deposit in the South Cobar region of New South Wales. The MRE outlines 10.3 million tonnes grading 116 grams per tonne silver equivalent, translating to a substantial 38.5 million ounces silver equivalent. This achievement underscores AGC’s rapid advancement in establishing a significant silver, gold, and base metals district.
The resource is split between indicated and inferred categories, with 5 million tonnes at 141g/t AgEq indicated and 5.3 million tonnes at 93g/t AgEq inferred. Notably, the resource includes both open pit and underground components, reflecting a versatile deposit with potential for multiple mining methods.
Exceptional Drill Results Highlight Potential
Supporting the MRE, AGC completed extensive drilling programs during the quarter, including diamond, reverse circulation, and aircore drilling. Highlights include some of the highest-grade silver and gold intercepts recorded to date, such as a remarkable 6 metres at 2,474g/t silver equivalent from 212.65 metres depth. These results not only validate the resource but also suggest significant upside potential, with several recent drill holes pending assay results and expected to contribute to resource growth in 2026.
The drilling has delineated a coherent high-grade zone extending over 150 metres in length and more than 350 metres down dip, which remains open at depth. This continuity bodes well for future resource expansions and underpins AGC’s strategy to build a robust precious and base metals endowment in the South Cobar basin.
Strategic Expansion with Browns Reef Acquisition
In a complementary move, AGC completed the acquisition of the Browns Reef Project, adding 1,269 square kilometres of highly prospective tenure adjacent to its existing South Cobar holdings. This acquisition nearly doubles AGC’s footprint in the region to 2,600 square kilometres, positioning the company as the dominant landholder in this prolific mining district.
Browns Reef is an advanced exploration project with a 6.5-kilometre strike length and a history of significant silver, gold, and base metal intercepts. AGC plans to commence a 10,000-metre drilling campaign targeting an initial MRE at the Evergreen deposit within Browns Reef starting March 2026, aiming to replicate the success seen at Achilles.
Financial Position and Corporate Developments
AGC remains well funded with $8.3 million in cash at quarter-end, supporting its aggressive exploration and development programs. The company reported exploration expenditure of $3 million during the quarter, reflecting its commitment to advancing its projects. Additionally, AGC appointed Rowan Caren as Chief Financial Officer and Company Secretary, signaling a strengthening of its internal management team to support growth.
While no mining production activities were reported this quarter, the groundwork laid through resource definition and strategic acquisitions sets a solid foundation for future development phases. The company continues to monitor and evaluate further acquisition opportunities that align with its commodity focus and regional strategy.
Bottom Line?
With a robust resource base and expanded landholding, Australian Gold and Copper is poised for a transformative 2026, but upcoming assay results and Browns Reef’s tenement transfer will be key to watch.
Questions in the middle?
- How will pending assay results from recent drill holes impact the current Mineral Resource Estimate at Achilles?
- What are the timelines and regulatory hurdles for Browns Reef tenement transfer and drilling commencement?
- How might AGC’s expanded footprint influence its strategic positioning and potential partnerships in the South Cobar region?