Advance Metals Limited (ASX: AVM) has discovered a new shallow, high-grade gold structure immediately east of its Happy Valley Deposit at the Myrtleford Project in Victoria’s highly prospective goldfields, intersecting coarse visible gold less than 50 metres below surface.
The discovery was made in step-out diamond drill hole AMD016, which intersected a previously unrecognised quartz vein structure approximately 100 metres east of the historic Happy Valley workings. Assay results for the upper portion of the hole have confirmed the high-grade nature of the mineralisation, returning 0.6 metres at 66.7 grams per tonne gold from 51.3 metres, representing the shallowest gold mineralisation intersected at Happy Valley to date.
Geological logging of AMD016 identified multiple patches of coarse visible gold, with grains observed up to 4 millimetres in size. Structural measurements indicate the new zone trends nearly north–south, suggesting it may run parallel to the narrow but high-grade Porpunkah Reef, which was previously mined during historic operations in the mid to late 1800s.
The newly identified mineralisation does not appear to be associated with any previously mapped Happy Valley lodes, highlighting the potential for additional high-grade structures within the broader system.
Advance Metals’ technical team is currently evaluating the extent and orientation of the new structure. Drilling is continuing from a newly established pad further north, designed to test both the newly discovered structure at depth and the main Happy Valley lodes. A second diamond rig continues to operate along strike, testing new regional targets at the Queen of the Hills and Sheards prospects, with assay results pending.
Assay results for the remainder of hole AMD016, which tested the main Happy Valley lodes at depth, are expected in the coming weeks. Final results have also been received for nearby hole AMD015A, which returned 0.8 metres at 1.2 grams per tonne gold.
The Happy Valley prospect forms part of Advance Metals’ broader Myrtleford Project, where recent drilling has already confirmed the extension of high-grade mineralisation at depth, reinforcing the project’s potential for both near-surface and deeper gold discoveries.
About us:
About Advance Metals
Advance Metals Limited (ASX:AVM) is an Australian-based exploration company focused on the discovery and development of high-quality, high-grade silver and gold assets in Mexico. With an experienced management team and a strategy underpinned by aggressive exploration and strategic growth, the Company is positioned to become a significant participant in the silver-gold sector.
Contact details:
Dr Adam McKinnon
Managing Director and CEO
Advance Metals Limited
+61 (0) 411 028 958
amckinnon@advancemetals.com.au
Jane Morgan
Jane Morgan Management
Investor & Media Relations Manager
jm@janemorganmanagement.com.au
