What Lies Beneath? Australian Gold and Copper Strikes Thick Silver-Gold Zones at Achilles

Robust Drilling Results at Achilles

Australian Gold and Copper Ltd (ASX – AGC) has released encouraging assay results from the first nine reverse circulation (RC) holes drilled at its Achilles deposit within the South Cobar Project in New South Wales. The drilling campaign, comprising 18 RC holes and 12 oxide aircore holes, has revealed thick zones of silver-gold mineralisation at depth, with standout intercepts such as 7 metres grading 291 grams per tonne silver equivalent (AgEq) from 239 metres downhole.

These results reinforce the potential of Achilles as a significant precious metals system. The silver equivalent grades incorporate recoveries and prices for silver, gold, lead, and zinc, reflecting a comprehensive view of the mineralisation's economic value.

Geological Insights Drive Targeting

Crucially, the company’s geological modelling has identified a distinctive thinly bedded facies within the stratigraphy that appears to be a reliable marker for proximity to mineralisation. Drilling that intersects this facies tends to return higher grades, while holes above it show lower mineralisation. This insight is shaping the ongoing exploration strategy, with future drilling planned to target this facies at greater depths.

Five shallow RC holes drilled further south returned only weakly anomalous mineralisation, likely because they did not reach the thinly bedded facies. This has prompted plans for deeper drilling in these areas to better test the mineralised system.

Diamond Drilling Commences Amid Weather Delays

After overcoming a two-week wet weather delay, diamond drilling has now commenced at Achilles. This method will allow the company to obtain core samples from deeper zones, providing more detailed geological and structural information to refine the mineralisation model. The diamond rig’s arrival marks a significant step in advancing the project beyond initial RC drilling.

Managing Director Glen Diemar highlighted the importance of understanding the controls on mineralisation, noting that the geological model is proving to be an excellent exploration tool. He expressed optimism about the potential for deeper, higher-grade zones to be delineated through diamond drilling.

VTEM Survey Maps Shear Zones but Misses Mineralisation

A recent Versatile Time Domain Electromagnetic (VTEM) geophysical survey flown over the Achilles Shear Zone has been effective in mapping the structural shear zones associated with the deposit but was unable to directly detect the mineralisation itself. The survey identified a highly conductive area east of Achilles, coinciding with fault intersections and paleochannels, which remains untested by drilling and represents a promising target for future exploration.

The survey’s findings will guide upcoming drilling campaigns, particularly in areas with deeper cover where mineralisation may be concealed.

Looking Ahead

Assay results for an additional 21 holes are pending, including those targeting oxide mineralisation and gaps within the existing deposit footprint. The combination of strong initial results, refined geological understanding, and ongoing diamond drilling positions Australian Gold and Copper to potentially expand the known mineralisation at Achilles significantly.