Australian Gold and Copper takes its first steps on the ASX
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Australian Gold and Copper (ASX:AGC) may have had a subdued start to its first day on the ASX but its $10m initial public offering ensures that it is funded for multiple drill programs across its New South Wales projects.
The company, a spin-off from Magmatic Resources (ASX:MAG), has already secured a drill rig for a +7,000m reverse circulation drilling program to test seven gold and base metals targets in the Lachlan Fold Belt.
“This IPO brings a portfolio of three gold and copper projects together, each one of these could stand alone in an exploration company in its own right,” managing director Glen Diemar said.
“What we are excited about is that after completing the long, slow boots-on-ground exploration, we can now move into drilling our seven near-surface gold targets.”
Shares in AGC slipped 5c in morning trade before climbing back up to its list price of 20c.
Australian Gold and Copper’s portfolio consists of the Moorefield gold project, the Cargelligo gold and base-metal project and the Gundagai gold project.
Moorefield is located in similar aged rocks to the Fosterville gold mine, one of the most profitable underground gold mines, and hosts more than 100 historical mine workings with limited shallow drilling.
It contains a major 15km long orogenic gold trend with notable historical drill results of 30m at 1.6 grams per tonne gold (g/t) from 80m and 36m at 1.21g/t gold from 82m at the Carlisle Reefs target along with 19m at 1.28g/t gold from 114m at the Boxdale target.
Drilling is planned to extend mineralisation both along strike and down dip.
Cargelligo is located in the southern Cobar Super-Basin and contains Cobar-style gold-polymetallic targets.
The company noted that multiple datasets have all pointed to a shallow mineralised body with evidence for deeper continuation.
Drill-ready targets are characterised by coincident soil geochemistry and electromagnetic (EM) conductors and untested ground EM plates, along with coincident IP prospects, drill intersections and anomalous shallow drilling geochemistry.
Gundagai is 150km south of the 9Moz Cowal gold mine and contains multiple drill ready prospects that are considered to be prospective for McPhillamys-style gold systems.
While there are historical gold drill intercepts, it has been under-explored for almost 50 years.