Advance Metals has confirmed significant gold mineralisation at the Queen of the Hills Prospect near Happy Valley, with ongoing drilling and metallurgical testing pointing to a promising expansion of the Myrtleford Project’s gold footprint.
- Maiden drilling at Queen of the Hills confirms gold mineralisation with notable grades
- Two new diamond holes completed at Sheards Reef, assay results pending
- Ongoing deep drilling at Happy Valley targets extensions with assays awaited
- Historical review reveals unmined high-grade zones at depth and southeast
- Metallurgical test work underway to assess low-cost gravity gold recovery
Expanding the Gold Footprint
Advance Metals Limited (ASX:AVM) has delivered encouraging results from its maiden drilling program at the Queen of the Hills Prospect, situated 4.5 kilometres east-southeast of the established Happy Valley Mine in Victoria’s prolific goldfields. The company’s recent diamond drilling intersected multiple zones of gold mineralisation, including standout intervals such as 4 metres at 2.4 grams per tonne (g/t) gold, with higher-grade sections reaching up to 7.7 g/t.
This discovery marks a significant step in advancing the Myrtleford Project’s potential, highlighting the prospectivity of regional targets beyond the main Happy Valley deposit. The Queen of the Hills results suggest multiple mineralised centres along the approximately 13-kilometre Happy Valley Trend, reinforcing the district-scale opportunity.
Ongoing Drilling and Pending Assays
In addition to the Queen of the Hills success, Advance Metals has completed two diamond drill holes at the Sheards Reef prospect, located 1.5 kilometres west-northwest of Happy Valley, with assay results still awaited. Meanwhile, drilling continues at the Happy Valley deposit itself, focusing on down-plunge extensions of known mineralisation. Three deep diamond holes have been completed here, with assays pending, alongside recent results from hole AMD016 that included a high-grade intersection of 0.6 metres at 66.7 g/t gold.
The company’s technical team is actively modelling these new data points to refine the understanding of the mineralised system and identify further high-grade zones. This iterative approach underscores the potential for resource growth within the Myrtleford Project.
Historical Insights and Untapped Potential
A comprehensive review of historical mining records from the 19th century reveals that while near-surface and northwestern areas of the Happy Valley underground mine were partially mined, significant portions at depth and towards the southeast remain largely untouched by modern exploration. These unmined zones represent compelling targets for high-grade mineralisation, with drilling already underway to test these areas.
Such historical context provides a valuable framework for prioritising exploration efforts and suggests that the project’s full potential is yet to be realised.
Metallurgical Testing and Processing Prospects
Recognising the coarse, nuggetty nature of the gold mineralisation, Advance Metals has initiated metallurgical test work focused on gravity separation techniques. This approach aims to establish a low-cost, efficient processing pathway for gold recovery, which could enhance the economic viability of future mining operations. Initial results from this program are expected in the coming quarter and will be closely watched by investors and industry observers alike.
Overall, the combination of promising drilling results, strategic targeting of untested zones, and metallurgical advances positions Advance Metals well as it seeks to unlock the Myrtleford Project’s value.
Bottom Line?
With multiple assays pending and metallurgical tests underway, Advance Metals is poised for a defining phase in expanding Happy Valley’s gold potential.
Questions in the middle?
- Will pending assay results confirm further high-grade extensions at Sheards Reef and Happy Valley?
- How will metallurgical test outcomes influence the project's processing strategy and cost profile?
- What scale of resource upgrade might be expected from targeting historically unmined deep zones?