Advance Metals (ASX: AVM) has announced the intersection of multiple zones of visible gold mineralisation during diamond drilling at the Happy Valley target within its Myrtleford project, located in Victoria’s goldfields region. Advance Metals is an Australian exploration company focused on discovering and developing high-quality mineral deposits. The company’s projects span across various regions, targeting valuable resources.
The mineralisation is contiguous with an earlier hole from the same campaign. Confirmation of analytical results could potentially lead to an expanded zone of exceptionally high-grade gold in the central portion of the deposit. The 10-hole drilling campaign targeted extensions to high-grade gold mineralisation at the Happy Valley site. The first hole tested the continuity of a zone approximately 25 metres below a previous intersection of 7.5m at 47.9 grams per tonne gold, reported in May.
Advance Metals completed the initial hole to a total depth of 224m, intersecting visible gold associated with sulphide-bearing quartz veins in at least three discrete high-grade zones. Managing director Dr Adam McKinnon said the visible gold offers an early indication of Happy Valley’s potential. Logging and processing of the core is underway, and the company anticipates receiving assay results in early August.
In addition to the Happy Valley drilling, Advance Metals reported assays from four shallow holes completed at the Twist Creek trend, situated 40km north of Happy Valley. Significant intersections included 1.1m at 8.4g/t gold from 88.6m and 1.2m at 0.5g/t gold from 101m at Victoria Reef, along with 0.4m at 2.3g/t gold from 99.8m at Scandinavia Reef. Dr McKinnon noted the company is encouraged by the shallow gold mineralisation at Twist Creek, considering the limited exploration and drilling data in the area. The company is assessing the potential of parallel structures to host wider zones of mineralisation.
