Phase 2 Drilling Identifies Target Above EM conductor
Australian Gold and Copper Ltd (ASX: AGC) has identified a promising copper zone in its recently completed Phase 2 RC programme at the Cargelligo Project’s Achilles target in NSW, Australia.
Twelve holes were drilled for a total of 2,821m in a programme designed to test along strike and down dip from mineralisation intercepted in Phase 1 drilling and extend to two soil anomalies located south and along trend.
Drilling above the aerial EM anomaly resulted in favourable geology, strong alteration and zones of disseminated chalcopyrite (copper bearing mineral) being logged in drill chips and by handheld pXRF.
The most encouraging hole logged was A3RC014 which was designed to drill as close to the aerial EM anomaly as possible with RC drilling. This zone is planned to be the focus of phase 3 diamond drilling if assay results are favourable.
Final laboratory assays are expected late September. Given the positive drill results at Mount B reported on last quarter, the rig has mobilised to Mount B to test underneath a historic pit and gossan.
Managing Director, Glen Diemar said the company’s understanding of Achilles has increased remarkably and the indications are positive.
“Seeing disseminated chalcopyrite is very encouraging considering the position above the EM conductor and we may be seeing the beginnings of a large fertile copper system.
“However, please understand that due to consistent rain, drilling was slow and access to favourable drill sites was limited due to boggy ground and cropping. As such, access to drill the most southern lead in soil anomaly was not possible. We plan to complete a lot more work here with further drilling of these targets and others once conditions improve.
AGC’s portfolio located in the Central Lachlan Fold Belt of NSW includes the Moorefield gold project, the Cargelligo copper-gold/base-metal project in the southern Cobar SuperBasin exploring for Hera and Federation style deposits, and the Gundagai gold project, exploring for multi-million ounce McPhillamy’s type gold deposits.
For further information please visit: https://www.austgoldcopper.com.au/