AGC Advances South Cobar with 38.5Moz Silver-Equivalent Resource at Achilles
Australian Gold and Copper Ltd (AGC) reports a significant milestone with a 38.5 million ounce silver-equivalent resource at its Achilles deposit, underpinning an ambitious 2026 exploration program across the South Cobar Basin.
- Initial JORC Mineral Resource Estimate of 38.5Moz silver-equivalent at Achilles
- Well-funded with $8.3 million cash and $43 million market cap
- Ongoing 2026 drilling targeting resource growth at Achilles and Evergreen
- Strategic acquisitions consolidate dominant landholding in South Cobar Basin
- Experienced leadership team driving exploration and development
A Growing Silver-Gold Discovery
Australian Gold and Copper Ltd (ASX:AGC) has unveiled a compelling update on its South Cobar Project in New South Wales, spotlighting the Achilles deposit’s initial JORC Mineral Resource Estimate (MRE) of 38.5 million ounces silver-equivalent. This milestone confirms AGC’s greenfields discovery as a substantial and high-quality mineralised body, with 58% of the resource classified in the Indicated category, signalling both scale and confidence in the deposit’s potential.
The Achilles deposit, located within the prolific South Cobar Basin, features shallow high-grade mineralisation extending from surface to depths of at least 350 metres and remains open at depth. Recent drilling has returned exceptional intercepts, including 6 metres at 2,474 g/t silver-equivalent, underscoring the deposit’s robust grades and encouraging further resource expansion.
Strategic Position and Funding Strength
AGC’s position in the South Cobar Basin is bolstered by strategic acquisitions that have consolidated a dominant landholding across the belt, including the Browns–Evergreen silver-gold-base metal system. This belt-scale control enhances AGC’s exploration footprint and pipeline, with drilling at Evergreen set to commence imminently to support an initial resource estimate in 2026.
Financially, AGC is well positioned with $8.3 million in cash as of December 2025 and a market capitalisation around $43 million. The company maintains a lean corporate structure focused on directing shareholder funds into exploration and resource development, reflecting a disciplined approach to capital allocation.
Experienced Leadership Driving Growth
The company’s leadership team brings deep expertise in NSW mineral systems and exploration success. Managing Director Glen Diemar, with a strong track record in early-stage discoveries and project development, leads the technical strategy. Complemented by Non-Executive Directors Adam McKinnon and Pan (Joe) Yang, and CFO Rowan Caren, the team combines operational, financial, and strategic skills to execute AGC’s growth pathway.
2026 Exploration Outlook
AGC’s 2026 work program is ambitious, with ongoing diamond drilling at Achilles targeting resource extensions at depth, alongside aircore and reverse circulation drilling at the Toroonga and Evergreen prospects. Geophysical surveys, including gravity and induced polarisation, are underway to refine targets and support resource definition. This systematic approach aims to grow the inventory and underpin a future development decision.
Located near established mining infrastructure and a skilled local workforce in the Cobar district, AGC’s projects benefit from favourable jurisdictional conditions and community support, factors that enhance the prospects for advancing towards production.
Bottom Line?
AGC’s expanding resource base and focused 2026 drilling program position it as a rising contender in NSW’s precious metals landscape, with upcoming results likely to shape its growth trajectory.
Questions in the middle?
- How will upcoming drilling results at Evergreen influence AGC’s resource profile and valuation?
- What are the company’s plans for advancing towards feasibility and potential production timelines?
- Could further acquisitions or partnerships accelerate AGC’s footprint and capital access in the South Cobar Basin?
