Australian Gold and Copper Ltd (ASX:AGC) has intercepted zones of extensive quartz-carbonate-pyrite veining in all six holes drilled in the maiden program of the Gundagai Gold Project in New South Wales, promising indicators that gold mineralisation may be present.
The company drilled six reverse circulation (RC) holes for 936 down-hole metres along a 350-metre strike length at the Grandview gold target.
Drilling intercepted pyrite veining of 20 to 50 metres in width, appearing to strengthen in the north-most hole (GVRC006) – indicating there is untested potential for mineralisation along strike.
The first hole of this program was drilled below a historical mineralised hole (PGH-G-1) that previously intercepted a 50-metre zone of stockwork veining with moderate pyrite and elevated arsenic – both pathfinder elements for gold.
AGC used portable x-ray fluorescence (pXRF) analysis to demonstrate the presence of elevated arsenic in all holes, associated with stockwork veining.
“Strong potential to the north”
“Our Grandview drilling has delivered some very attractive looking rocks,” Australian Gold and Copper managing director Glen Diemar said.
“Our first hole targeted underneath a historic hole to learn what the mineralisation looks like, then to consistently hit wide zones of similar or better stockwork veining in all holes was very exciting.
“The northernmost hole GVRC006 had the strongest alteration and vein development, which means it has strong potential to the north and gives potential for extensions under cover.
“Given the modest veining density in GVRC001 under the historical hole, the northern hole GVRC006 is very encouraging.”
The company also intended to drill a hole under the historical mine adit but was unable to mobilise the drill rig due to extensive heavy rainfall restricting access.
AGC expects assays for this maiden round of drilling at Gundagai to be delivered in late September.