Successful Ground Magnetic Survey Completed And Drill Rig Mobilised In NSW
Australian Gold and Copper Ltd (ASX: AGC) has identified a number of key targets for its maiden drilling campaign in the high profile Lachlan Fold Belt of New South Wales.
A ground magnetics survey at the Pattons Au-Cu target has highlighted multiple large, shallow anomalies at the same time as company is preparing to start drilling early next week.
The survey was completed by geophysical contractors, Fender Geophysics, and was 1.5km wide by 1km long and walked at 50m line spacing. The objective of the survey was to better constrain the depth and dips of the magnetic bodies in order to prioritise RC drilling of Pattons 1.
The modelled magnetic body is 750m long and made up by three distinct zones of intense magnetite alteration and Pattons 1 is the northern of the three magnetic bodies with total strike of 3km in length.
The initial drill hole is designed to test the shallowest and strongest magnetic body which is modelled to be north east dipping, and where previously reported quartz-magnetite rock as float samples grading 5.97g/t and 6.14g/t gold were sampled immediately above this magnetic body.
Managing Director, Glen Diemar, said the survey provides further confidence on the shallow but large nature of the drill target. The magnetic anomaly drill targets are modelled between 40m to 140m below surface which allows for rapid testing with RC drilling.
An RC drill rig is scheduled to mobilise this week, weather pending. After drilling seven RC holes for 1,050m at Pattons, the rig will go to the Achilles 3 Au and base-metal target for maiden drill testing of multiple EM plates with overlying surface geochemistry.
AGC’s near term plan is to move the rig as quickly as possible from target to target with RC drilling of seven near surface gold and copper targets.
“We have hit the ground running and already completed a magnetic survey at our first drill target. The survey gives clear confirmation that Pattons has all the hallmarks of a large mineralised hydrothermal system,” Mr Diemar said.
“This 750m long, very strong magnetic anomaly, with up to 6.14g/t gold rock chips at surface is one of three just like it. We are very excited to be starting our maiden drilling campaign and look forward to updating the market on the progress over the coming weeks.”
