Could Assay Upgrades at Happy Valley Signal Bigger Risks or Rewards Ahead?
Advance Metals Limited has reported significant upgrades to gold grades at its Happy Valley Prospect in Victoria, Australia, following a re-assay program using the more precise screen fire method. Ongoing drilling aims to extend mineralisation deeper and along a broader regional trend.
- Screen fire assay re-analysis upgrades key gold intersections at Happy Valley
- Notable intervals include 8.2m at 28.8g/t Au and 7.5m at 55.0g/t Au
- New drilling targets down-plunge extensions up to 80m deeper
- Upcoming exploration at adjacent Queen of the Hills and Sheard’s Reef prospects
- Screen fire method improves precision for coarse gold mineralisation
Refining the Gold Picture at Happy Valley
Advance Metals Limited (ASX, AVM) has delivered an encouraging update from its Myrtleford Project in Victoria’s northeastern Goldfields, where a recent re-assay campaign has upgraded the grade of gold mineralisation at the Happy Valley Prospect. By applying a screen fire assay technique; considered superior for coarse gold; the company has refined previous drill results, revealing higher gold concentrations in key intervals.
The standout upgrades include an 8.2-metre intersection grading 28.8 grams per tonne (g/t) gold, a 29% increase from earlier assays, and a 7.5-metre interval at 55.0 g/t, up 15%. These results underscore the presence of a coherent ultra-high-grade zone in the central portion of Happy Valley, reinforcing the prospect’s potential as a significant gold discovery.
The Value of Screen Fire Assays
The screen fire assay method differs from conventional fire assays by processing a larger sample mass; around 1 kilogram; and separately analysing coarse and fine gold fractions. This approach mitigates the ‘nugget effect’ common in coarse gold deposits, which can cause variability in assay results. The recent re-assay of 55 samples from five drill holes (AMD001-004 and AMD009) showed both positive and negative variances, but overall a modest increase in grade, enhancing confidence in the mineralisation’s tenor.
Visible coarse gold grains observed in drill core samples further validate the assay upgrades. For example, hole AMD003 returned 3.4 metres at 68.2 g/t gold, a 29% increase from the original 52.7 g/t, highlighting the assay method’s impact on resource evaluation.
Expanding the Exploration Footprint
Advance Metals is actively drilling deeper at Happy Valley, with the current hole aiming to be the deepest yet, targeting mineralisation up to 80 metres down-plunge from previous intercepts. Early results from shallower peripheral holes also reveal promising high-grade intervals, such as 0.9 metres at 25.1 g/t gold from hole AMD012.
Beyond Happy Valley, the company plans to extend drilling along a 13-kilometre trend, including maiden programs at the Queen of the Hills and Sheard’s Reef prospects. Both sites have historic high-grade workings and strong surface gold anomalies, suggesting further discovery potential within the Myrtleford Project.
Context and Next Steps
The Myrtleford Project remains in an early exploration phase, with no current Mineral Resource estimate. However, the upgraded assay results and ongoing drilling activity position Advance Metals well to define a substantial gold resource. The company’s methodical approach to assay precision and regional targeting reflects a disciplined strategy to unlock value in this historically rich gold district.
Investors and analysts will be watching closely as further screen fire assay results from recent drilling are awaited, and as the company progresses its deeper drilling and regional exploration programs.
Bottom Line?
Advance Metals’ refined assay data and expanding drilling program at Happy Valley signal a promising next phase for the Myrtleford gold project.
Questions in the middle?
- How will the pending screen fire assay results from recent holes impact the overall resource potential?
- What are the geological controls on mineralisation continuity down-plunge at Happy Valley?
- Can the high-grade zones at Happy Valley be replicated at the Queen of the Hills and Sheard’s Reef prospects?
