Australian Gold and Copper Ltd (ASX:AGC) has snapped up a New South Wales drilling grant to the order of $200,000.
The cash injection will support drilling activity at AGC’s Achilles target — a prospect within the Cargelligo copper-gold/base metals project in the southern Cobar Super-Basin.
Here, AGC is exploring for high-value Hera- and Federation-style gold deposits.
The funding was granted under round four of the New Frontiers Cooperative Drilling grants program, championed by the Mining, Exploration and Geoscience arm of the Geological Survey of NSW.
At $200,000, the grant is the highest level achievable and covers half of the down-hole drill metre costs.
Investing in the Achilles target
Speaking on the funding runway, AGC managing director Glen Diemar said: “It is a great pleasure to accept such a grant and rewarding to know that the NSW expert panel also appreciates and is keen to invest in the Achilles target and in the quality with which AGC undertakes technical work.
“We believe there is significant value to be unlocked at Achilles and look forward to delivering that to our shareholders, stakeholders and the state of NSW.”
The precious and base metal explorer’s grant application was assessed and ranked by an expert panel and ultimately selected as the preferred bid for the cash injection.
According to the company, grants are ranked on the applicants’ technical assessment of the project and on the quality of the work program proposed.
AGC has already drilled one Achilles diamond hole — with assays expected in January — that’s included in the grant, so the funding balance will be offset from the next round of drilling.
About AGC
Australian Gold and Copper is an exploration company that’s prospecting and developing a multi-asset gold portfolio in the world-class Lachlan Fold Belt in New South Wales.
AGC’s wholly-owned Moorefield, Cargelligo and Gundagai projects cover roughly 1,000 square kilometres and contain numerous, drill-ready gold targets.
These prospects are backed up by multiple datasets and each provides an opportunity for a major gold discovery in NSW.