Australian Gold and Copper Ltd (ASX:AGC) has enhanced its portfolio on being granted ministerial approval for 840 square kilometres of Cobar Basin exploration licences after winning an expression of interest with the New South Wales Government.
Notably, this cements AGC as major landholder within the Cobar Basin where discoveries are being made by copper and copper-gold explorers.
Significant Cobar-style gold-copper targets already exist within the new enhanced portfolio, including the 4-kilometre-long Hilltop target and a 5-kilometre electromagnetic target on the eastern edge of the basin.
“High value discoveries”
Australian managing director Glen Diemar said: “We are all excited to win this expression of interest as it demonstrates the NSW Government has the confidence in AGC to explore this ground effectively given our ongoing success at Achilles and Mount B.”
“There are good reasons why this new licence is surrounded by the mid to large-cap miners - the Central Lachlan has seen many incredible, high value discoveries recently and this cements the focus AGC have held within 2021 in growing our assets above all else.
“We look forward to progressing this new ground in the new year.”
New exploration licence
The exploration licence is held within a NSW mineral allocation area covering extensions to known mineralised terrains and licences are only awarded through biannual expressions of interest.
AGC submitted a strong expression of interest application and won on technical merit and our recent success in the belt.
This new exploration licences expand the company's landholding in the Cobar Basin by 840 square kilometres to 1,075 square kilometres.
Surrounded by major players
The new areas are surrounded by some of the world’s major copper miners and put AGC in a strong position to benefit from others success in the belt.
Promisingly, these exploration licence positions AGC with an enhanced portfolio of targets, within a short distance of other significant discoveries including Mallee Bull (20 kilometres), Federation (35 kilometres), Wirlong (43 kilometres), and along strike from the Hera Mine (45 kilometres).