Australian Gold and Copper Ltd (AGC) had made its first major gold and silver discovery at the Cargelligo project. 

This is the first significant discovery was made late last month and drilled within the Ural Volcanics in the southern Cobar Basin. 

In a window into some fascinating earlier geological history, the Ural Volcanics refers to a subterranean period of more than 450 million years ago resulting in layers of stilled lava sitting between rocks deep under the surface. 

In a statement to the Australian Stock Exchange (AGC) said “results returned for ten holes totalling 1,596 metres…highlighted high grade gold-silver base metal”.

The Cargelligo project is covered by an exploration licence covering 227km of land 5km west of the town of Lake Cargelligo in NSW in what is known as the “Cobar Mining District” in the southern Cobar Basin.

The deposits were found in an area within the project AGC call “Achilles” - 14km long north-south striking structure on the western side of the tenement.

PHOTO: Lake Cargelligo. Image: Visitnsw. 

In its ASX announcement the AGC Board said it has “approved an immediate follow-up program of up to ten holes” and that “three additional targets have also been identified within the Achilles area”. 

AGC Managing Director, Glen Diemar said “It is extremely pleasing to have such spectacular gold and silver results at Achilles over such a distance and at consistent widths. The gold grades alone are positive but to have those silver grades adds another value driver”.”  

“The other three targets at Achilles are equally as attractive with similar geological characteristics. It is an amazing opportunity for AGC’s shareholders and stakeholders” he added. 

Commenting on the initial drilling results, AGC Non-Executive Director Adam McKinnon said “The Cobar Basin has a 150 year history of discovery and mining, with significant gold, silver, copper, zinc and lead production continuing to this day.

"Having been involved in multiple recent polymetallic orebody discoveries in the Cobar region, I am quite excited to see the initial drilling results returned by AGC’s technical team at the South Cobar Project.” 

“As drilling has only recently commenced, I very much look forward to seeing how these prospects develop with ongoing exploration”. 

Image: supplied.