Australian Gold and Copper Ltd (ASX: AGC), a mineral exploration company focused on discovering and developing gold and copper resources, has announced an initial Mineral Resource Estimate (MRE) for the Achilles Deposit. The Achilles deposit is located in the South Cobar region of Central NSW. The MRE comprises 10.3Mt at 116g/t AgEq for 38.5Moz AgEq.
The initial MRE includes Indicated Resources of 5.0Mt at 141g/t AgEq for 22.5Moz AgEq and Inferred Resources of 5.3Mt at 93g/t AgEq for 16.0 Moz AgEq. Shallow ‘Open pit’ Resources have been calculated at a cutoff grade above 40g/t AgEq, with deeper ‘Underground’ Resources calculated above a cutoff grade of 80g/t AgEq. Open Pit Resources are estimated at 7.9Mt at 114g/t AgEq for 28.7 M Oz AgEq, while Underground Resources are 2.4Mt at 125g/t AgEq for 9.8M Oz AgEq.
The MRE is supported by over 10,800m of drilling since the first intercept in April 2024, at a discovery cost of less than A$0.14 per ounce of silver-equivalent. Additions to the underground portion of the MRE are expected next year, with recent drill holes not included in the initial MRE due to assay timing. The company also plans to work towards a new MRE at the Browns Reef – Evergreen precious and base metal deposit, with 10,000m of resource definition drilling planned to commence in March 2026.
AGC Managing Director, Glen Diemar, stated that the work at Achilles has defined a brand-new mineral district. He further added that the company is very pleased with the initial figure of 38.5Moz of silver equivalent, with a significant portion in the Indicated category, made up dominantly of silver and gold.
