Gold and Silver Discovery at South Cobar Project Validates AGC’s Exploration Strategy

Australian Gold and Copper (AGC)

has announced the discovery of significant gold and silver mineralization at the

Hilltop

and

Achilles

targets within its

South Cobar Project

in the Cobar Basin of NSW. This represents the first significant mineralization drilled within the

Ural Volcanics

in the southern Cobar Basin, validating AGC’s wider South Cobar exploration strategy.

At the

Achilles

target, high-grade gold and silver assays have been returned for 10 holes totaling 1,596 meters. The results highlight shallow, high-grade gold-silver-base metal mineralization extending across at least 250 meters, with the high-grade mineralization open in every direction and at depth. Notable results include:

– 8 meters at 1.6 g/t gold and 19 g/t silver from 91 meters, including 2 meters at 4.3 g/t gold, 33 g/t silver, and 4.6% lead+zinc from 97 meters.
– 5 meters at 2.3 g/t gold, 102 g/t silver, 0.4% copper, and 3.8% lead and zinc from 92 meters.
– 7 meters at 1.2 g/t gold and 208 g/t silver from 77 meters, including 2 meters at 2.4 g/t gold and 498 g/t silver from 79 meters.

AGC has immediately commenced a follow-up drilling program of up to 10 holes at Achilles to further explore the extent of the mineralization. Three additional targets have also been identified within the Achilles area, including a large induced polarization (IP) chargeability feature at depth.

At the

Hilltop

target, assays were returned for the maiden drilling program comprising eight RC holes for 1,580 meters. The drilling intersected variable-grade gold-silver-base metal mineralization in all holes. The best results include:

– 7 meters at 0.5 g/t gold, 9 g/t silver, and 0.3% copper from 95 meters.
– 2 meters at 0.8 g/t gold, 42 g/t silver, 1.0% copper, and 4.2% lead+zinc from 108 meters.

The drilling confirmed that IP chargeability and surface geochemical anomalism are associated with numerous breccia zones hosting semi-massive pyrite within a broad alteration zone. The mineralized zones at Hilltop are also open in all directions, with future exploration to target higher-grade potential.

AGC Managing Director Glen Diemar

commented, “It is extremely pleasing to have such spectacular gold and silver results at Achilles over such a distance and at consistent widths. Our persistence and technical field work at Achilles are paying off. We are poised for an exciting exploration story and potential future growth at a time when precious metal prices are breaking out of long-term trends.”

AGC Non-Executive Director Adam McKinnon

added, “Having been involved in multiple recent polymetallic orebody discoveries in the Cobar region, I am quite excited to see the initial drilling results returned by AGC’s technical team at the South Cobar Project. The pathfinder signatures associated with the latest drilling, including the very high silver grades, are also suggestive of mineralization at the Hera Mine and the Pearse and Parkers Hill deposits at the Mineral Hill Mine.”

The Cobar Basin has a 150-year history of discovery and mining, with significant gold, silver, copper, zinc, and lead production continuing to this day. AGC’s discoveries at the South Cobar Project have the potential to contribute to this history and create value for shareholders.