Australian Gold and Copper (ASX:AGC) - Managing Director, Glen Diemar
Managing Director, Glen Diemar
Source: Australian Gold and Copper
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Australian Gold and Copper (AGC) identifies a copper zone in phase two drilling at the Cargelligo Project in New South Wales
  • A total of 12 reverse circulation (RC) holes were drilled to test along strike and down dip from mineralisation intersected in phase one drilling
  • A copper zone was identified above an electromagnetic anomaly and will be the focus of phase three diamond drilling if assay results are favourable
  • Samples from the phase two drilling are currently at the laboratory with results expected in September
  • Shares in AGC are up 3.70 per cent on the market and are trading at 14 cents at 11:18 am AEST

Australian Gold and Copper (AGC) has identified a copper zone in phase two drilling at the Cargelligo Project in NSW.

The Cargelligo Project covers an area of 227 square kilometres and lies 15 kilometres west of the town of Lake Cargelligo.

Twelve reverse circulation (RC) holes, for 2821 metres, were drilled to test along strike and down dip from mineralisation intersected in phase one drilling.

Work was also undertaken to extend two soil anomalies south and along trend from this mineralisation.

Drilling above an aerial electromagnetic (EM) anomaly returned favourable geology, strong alteration and zones of dispersed chalcopyrite.

A copper zone was identified and will be the focus of phase three diamond drilling if assay results are favourable.

Samples from the phase two drilling are currently at the laboratory with results expected in September.

Managing Director Glen Diemar commented on the drilling program.

“Our understanding of Achilles has increased remarkably and we do like it,” Mr Diemar said.

“Seeing disseminated chalcopyrite is very encouraging considering the position above the EM conductor and we may be seeing the beginnings of a large fertile copper system.”

The drill rig has now mobilised to Mount B to drill under a historic pit and gossan.

Shares in AGC were up 3.70 per cent on the market and were trading at 14 cents at 111:18 am AEST.

AGC by the numbers
More From The Market Herald
The Market Herald Video

" Evolution Mining (ASX:EVN) downgrades FY22 group production guidance

Evolution Mining (ASX:EVN) has provided an updated on expected performance for the 2022 financial year and…
The Market Herald Video

" Kuniko (ASX:KNI) halts trade after confirming cobalt mineralisation at Skuterud, Norway

Norwegian battery metals explorer Kuniko (ASX:KNI) has halted trade after it confirmed cobalt mineralisation at its…
The Market Herald Video

" Latin Resources (ASX:LRS) identifies new pegmatite zone at Colina prospect

Latin Resources (ASX:LRS) identifies a new pegmatite zone at its Colina prospect within its Salina lithium…
The Market Herald Video

" Widgie Nickel (ASX:WIN) confirms high-grade nickel sulphide discovery at Gillett North

Widgie Nickel (ASX:WIN) has confirmed an "outstanding" high-grade sulphide discovery at the Gillet North target in…