Australian Gold and Copper Ltd (ASX:AGC) is continuing to build its silver and gold inventory at the South Cobar Project in western New South Wales, with new high-grade drilling results expected to contribute to future resource growth at the Achilles deposit.
The South Cobar Project is located within the Cobar Mining District and remains the company’s core focus, with ongoing drilling at the Achilles and Browns–Evergreen targets aimed at expanding both precious and base metal resources.
In December 2025, AGC reported an initial Indicated and Inferred Mineral Resource Estimate (MRE) for Achilles of 10.3Mt at 116g/t silver equivalent (AgEq), containing 38.5Moz AgEq.
Today's results from five diamond holes drilled in the northern high-grade zone at Achilles, were excluded from the initial MRE. The company said the results extend mineralisation at depth and demonstrate continuity within the system, supporting expectations for future resource growth.
Key results include:
- A3RCD083: 33 metres at 264g/t AgEq from 189 metres, including 21 metres at 365g/t AgEq from 192 metres and a higher-grade interval of 3m at 1,123g/t AgEq from 205 metres
- A3RCD084: 16 metres at 279g/t AgEq from 150.4 metres, including 9.5 metres at s at 435g/t AgEq from 151.4 metres
- A3RCD087: 20.4 metres at 123g/t AgEq from 215 metres, including 4.5 metres at 319g/t AgEq from 225.1 metres
These intersections extend high-grade mineralisation associated with the previously reported A3RCD086 interval of 20 metres at 809g/t AgEq, which included 6 metres at 2,474g/t AgEq.
Core photographs of the gold-silver bearing zone in A3RCD083 grading 9.5 g/t Au, 227 g/t Ag; 1 ,123 g/t AgEq over 3 m from 205m to 208m. This high-grade interval occurs at the contact at 206.1m of the thinly bedded facies (upper) and dacite (lower).
“Our Achilles silver – gold deposit is proving to be quite robust and clearly has more mineralisation to uncover as drilling continues. The northern zone where drilling has focused more recently continues delivering exceptional silver and gold grades over significant thicknesses such as 6 metres at 2,474g/t AgEq, 33 metres at 264g/t AgEq and 9.5 metres at 435g/t AgEq. This is a recipe for resource growth as these holes, along with others with assays pending, did not make it into the initial Mineral Resource Estimate containing 38.5Moz of silver equivalent released in December.”
“The deposit remains open at depth and we eagerly await assays for a half dozen further holes. Soon we will begin drilling towards a second MRE on our new Browns–Evergreen deposit. By the end of the year, we aim to have more than doubled the Company’s endowment at South Cobar. There is still plenty of upside to come in our under-explored district.”
The company has flagged further additions to the underground component of the resource this year, with several drill holes not included in the initial estimate due to the timing of assay results. These include holes A3RCD077 to A3RCD094, with some previously reported results highlighting the high-grade nature of the system, including 6m at 2,474g/t AgEq in hole A3RCD086.
Additional targets and drilling momentum
Assay results were also returned from two RC holes at the Achilles quarry target, located around 5 kilometres south of the main Achilles deposit. Initial results included 9m at 45g/t AgEq from 90 metres in A2RC022, with mineralisation remaining open at depth.
AGC expects assay results from a further six diamond holes at Achilles over the coming weeks.
Drilling restart planned for March 2026
Drilling is expected to restart later in the quarter, with AGC planning approximately 10,000 metres of drilling from March 2026. The program is aimed at upgrading the Achilles resource and delivering a maiden MRE at the Browns–Evergreen precious and base metal deposit.
The company said it remains focused on the rapid growth of its silver and gold endowment at South Cobar as it advances both deposits toward the next stage of development.