Australian Gold and Copper Ltd (ASX:AGC) has received encouraging drill assay results and subsequent soil sampling results at Mount B copper-gold and base metals target within the Cargelligo Project, southern Cobar Basin in central NSW.
Drilling was completed in March with 1,075 metres drilled across six holes.
It has received assays from first-pass drilling at Mount B copper-gold and base metals target, along with a soil sampling program (pXRF), which was completed post-RC drilling while waiting for assays.
Highly encouraging results
Mount B’s first drill results are highly encouraging and the best results from the hole MBRC005 include:
➢ 6 metres at 0.2% lead and zinc from 10 metres;
➢ 60 metres at 3 g/t silver, 0.3% lead and zinc from 100 metres including 1 metre at 1.0 g/t gold, 0.2% lead and zinc from 153 metres;
➢ 1-metre at 0.4 g/t gold from 159 metres; and
➢ 8 metres at 0.6% lead and zinc from 166 metres.
Significant results from MBRC006 include:
64 metres at 7 g/t gold, 0.3% lead and zinc from 72 metres (60 metres vertical depth below surface):
➢ Including 7 metres at 0.2 g/t gold from 91 metres;
➢ Including 1-metre at 0.5 g/t gold, 12g/t silver, 0.1% copper, 1.1% lead and zinc from 95 metres;
➢ Including 1-metre at 41 g/t silver, 1.3% lead and zinc from 108 metres;
➢ Including 6 metres at 0.1 g/t gold, 19 g/t silver, 0.2% copper, 0.4% lead and zinc from 118 metres;
➢ Including 1-metre at 0.1 g/t gold, 53g/t silver, 0.8% copper, 1.0% lead and zinc from 123 metres; and
➢ EOH assay of 1-metre at 0.3% lead and zinc from 149 metres (open at depth).
Mineralisation hosted volcanic and sediments
Although overall grades are modest, widths are encouragingly wide and shallow and there are higher grades within which is significant when placed in the context of the style of ore body being targeted.
The drilling intersected three zones of strong alteration and mineralisation hosted by volcanic and sediments.
Each zone is open down-dip and along strike under shallow cover and has potential for thick, high-grade mineralisation.
MBRC005 targeted the Eastern Zone, which has been mapped for almost 2 kilometres in length in soil sampling and historic RAB drilling and is open to the south towards a historic digging containing abundant gossan.
MBRC006 drilled into the Western Zone intersected mineralisation 150 metres south along strike from a large ground EM conductor, which is planned to be targeted in the second phase of drilling due to its location within a wooded area.
The soil sampling program was to confirm the historic RAB drilling lead, arsenic and copper anomalies, to map the extent of transported cover and target where mineralisation that was intercepted in this drilling, outcrops at surface.
Results highlight multiple encouraging anomalies and support the drill intercepts being open along strike, including undercover towards the historic workings.
Achilles target RC drill rig being mobilised
After extended rain delays, a drill rig is being mobilised to the Achilles Target to test underneath the recent copper and base-metal intercepts, including 5 metres at 4.9% lead and zinc, 0.3% copper, 5 g/t silver.
The drill plan has been extended to also test the new Achilles soil anomalies.
Permitting has been granted for up to 20 RC/DD holes.
Downhole EM, to test for near misses of massive sulphides, will be completed in the coming weeks at both Achilles and Mount B.
Cargelligo project aeromagnetic survey
The company has scheduled a new more detailed 100 metres line spacing aeromagnetic and radiometric survey to be flown in July over the Cargelligo Project, which will significantly improve the magnetic imagery and will aid in further structural interpretation.