Advance Metals has confirmed the significant depth potential of its Happy Valley deposit in the Victorian Goldfields, reporting exceptionally high-grade gold assays from the deepest hole drilled to date.
The newly discovered gold mineralisation is 140m below any previous intersection, according to a company statement.
The key intercept came from diamond drill hole AMD014A, which returned 3.7m at 16.6 grams per tonne (g/t) Au from 464.5m, including a high-grade core of 0.8m at 62.3g/t Au from 465.6m. This success, which followed the earlier sighting of visible gold in the core, extends the high-grade gold mineralisation down-plunge by at least 140m.
The new assay results mean the high-grade gold mineralisation now extends for more than 500m vertically and remains open in all directions (up dip, down dip, and along strike). Advance Metals managing director Adam McKinnon called hole AMD014A “the single most significant hole completed at the Myrtleford Project to date”.
McKinnon said that the results “continue to a substantial depth”, indicating that the system “has scale potential to go with the incredible grades”.
Following a recent $13 million placement, the high-impact drilling programs are fully funded, according to a company statement. Exploration has been accelerated with a second diamond rig fully mobilised and drilling along the Happy Valley Trend. Drilling will continue at Happy Valley for the rest of the year and into 2026 to test the continuity around AMD014A.
Advance Metals has also commenced a maiden drilling program at the Queen of the Hills prospect, located about 4.5km to the east-southeast. This marks the first modern drilling at the historic mine, and the first hole is expected to be completed by the end of November.
