Advance Metals (ASX:AVM) has hit what the explorer described as “the single most significant result for Myrtleford to date,” digging up visible gold mineralisation from the deepest drill hole at Happy Valley.
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The visible gold that has Advance so excited came from 465 metres down drill hole AMD014A, inside several sulphide-bearing quartz veins.
“Whilst we have to wait for the laboratory results to fully confirm the results, we believe this will be one of the deepest hits in the Northeastern Goldfields, setting up Happy Valley as a potentially regionally-significant gold discovery on par with early exploration results at Sunday Creek,” said MD Adam McKinnon.
The intersection is 140 metres below the previous deepest mineralised zone; the explorer believes the high-grade system could extend over 500 metres vertically. Also crucial is that the system appears to stay open in all directions.
“The company’s confidence to drill a bold down-step of more than 140 metres was facilitated by the continuity and incredible grade tenor observed in our earlier holes higher in the system,” Dr McKinnon explained.
“We are now moving quickly to implement the next stage of exploration, and I’m very excited to see how big the project could become.”
Advance is getting started on that next stage right away, leveraging a recently completed $13 million placement to accelerate follow-up drilling. That program will aim to define the scale of the Happy Valley system.
The explorer also plans to bring in more rigs, HotCopper understands, and maiden drilling at nearby Queen of the Hills is starting in mid-November, too.
“Following the company’s recent $13 million placement to global institutional investors, we are now in a fantastic position to fully unlock Happy Valley and the broader region,” said Dr McKinnon on the budding development plans.
The market’s response has been positive, with AVM up +6.9% to lunchtime.
To today, the Aussie gold explorer is now selling at 9.4cps.
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