Australian Gold and Copper Ltd (ASX:AGC) has fielded strong near-surface gold results from a 23-hole reverse circulation (RC) program across 2,370 metres at the Boxdale-Carlisle Reefs gold-arsenic-sulphide trend, recording up to 8.9 g/t gold.
The 15-kilometre trend is part of the Moorefield Project in central New South Wales.
Multiple near-surface gold zones
To date, AGC has drilled 38 RC holes and there are 10 historical holes, revealing multiple, near-surface gold zones across the more-than-3-kilometre Boxdale area.
The most recent program targeted extensions to mineralisation at Anomaly 1 to Anomaly 3, with a new area of gold mineralisation also discovered in the south-eastern portion of the Boxdale trend.
Gold was picked up across four targets along 3 kilometres of strike with the recent drilling extending previous results such as 5 metres at 4.2 g/t.
Lodes of gold
Mineralisation at Anomaly 1, which is open to the north and south along strike, has been extended by 200 metres in length and includes:
- 14 metres at 0.46 g/t gold from 15 metres including 1-metre at 2.7g/t from 16 metres; and
- 12 metres at 0.62 g/t from 18 metres.
Anomaly 2 has been extended by 100 metres to the west and includes 8 metres at 0.53 g/t gold from 51 metres.
The Anomaly 3 southern extension returned the highest gold grades from two holes:
- 13 metres at 1.6 g/t gold from 40 metres, including 3 metres at 4.5 g/t from 42 metres including 1-metre at 8.9 g/t from 43 metres and 1-metre to end-of-hole at 0.64 g/t from 99 metres; and
- 11 metres at 0.50 g/t from 73 metres.
A shallow new zone, 400 metres southeast of Anomaly 3, has been discovered under transported cover, resulting in a new, fourth gold lode: 13 metres at 0.86 g/t gold from 8 metres including 2 metres at 3.8 g/t from 16 metres.
Intersection of major regional structures
New district structural modelling highlights that the Boxdale-Carlisle trend is at the intersections of major regional structures, increasing the potential for wider zones of mineralisation to be present.
The company will now begin vectoring towards stronger mineralisation at major structural intersections with soil sampling and follow-up drilling.
AGC managing director Glen Diemar said: “These results continue to deliver consistent near-surface gold for AGC in a time where such deposits are becoming increasingly rare and harder to find.
“This 15-kilometre trend being at the intersection of crosscutting large regional scale structures demonstrates that it could contain much larger tonnage, wider high-grade lodes surrounded by a network of these smaller tonnage lodes that we are currently seeing.”
AGC shares are trading 11.59% higher to $0.077.