Australian Gold and Copper Ltd (ASX:AGC) has the reverse circulation (RC) drill spinning in a maiden drilling campaign at the Grandview gold target near the historic New South Wales gold mining town of Gundagai.
The program will comprise up to 10 RC holes with drill pads successfully constructed and permitting granted.
Drilling is focusing on the most prospective 600-metre northern zone, with drill spacing at 100-metre step-outs.
Bulk-tonnage potential
AGC is targeting a large, bulk-tonnage 'McPhillamys-style' gold system, 1,500 metres long and up to 230 metres wide.
Managing director Glen Diemar said “Grandview has large, bulk-tonnage potential with consistent gold and pathfinders in our soil and rock chip sampling and historic drilling.
"Gundagai is one of the oldest gold mining towns in Australia and continues to be highly prospective.
"We are excited to start drilling again at another target with great potential.”
Location of AGC's Moorefield and Gundagai projects in relation to major mines and deposits within the region.
McPhillamys similarities
Grandview demonstrates geological similarities to the Late Silurian hosted McPhillamys 2.2-million-ounce gold deposit of Regis Resources Limited to the northeast near the town of Blayney.
Gundagai also has potential for epithermal gold and sediment-hosted lead zinc silver.
AGC’s prospect has been returning up to 35 g/t gold in composite rock chip sampling.
Targeting northern zone
A UDR650 track-mounted RC drill rig has been secured for the current program which is targeting the northern zone at Grandview.
This zone boasts the broadest and highest tenor gold-in-soil results and is 230 metres at its widest.
Peak gold in soil values reach to 360 parts per billion and the trend is open to the north.
Schematic, looking north on a recent drone photo showing the drill pad and hole locations, gold in soil target and locations of historic mine infrastructure.
Historical results
Three holes drilled in 1984 targeted beneath the historic mine workings and chert horizons but largely missed the gold soil anomaly sampled more recently by AGC.
Despite this, the historic drilling returned encouraging grades including:
- 54 metres at 0.26 g/t gold from surface including 6 metres at 0.63 g/t from 42 metres;
- 6 metres at 1.0 g/t from 36 metres and 21 metres at 0.38 g/t from 66 metres; and
- 3 metres at 1.6 g/t from 33 metres.
There are also historic rock chip results of 5.8 metres at 2.0 g/t, 2.7 metres at 6.4 g/t, 1.9 metres at 1.7 g/t and 30 metres at 0.2 g/t (in adit).