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Murray Ward
Advance Metals appears to be rapidly turning its Happy Valley project in Victoria into a system-scale gold story, with maiden regional drilling at the Queen of the Hills prospect confirming that high-grade mineralisation extends well beyond the project’s historic core.
Sitting 4.5 kilometres east-southeast of the old timers’ workings at Happy Valley, the Queen of the Hills results represent some of the first modern exploration into the company’s regional targets. The campaign has successfully identified new zones of gold mineralisation, providing a clear pathway for significant resource growth across the broader tenement package.
Standout diamond drill intercepts from the latest program included a solid 4 metres at 2.4 grams per tonne(g/t) gold from 116m. Other notable hits featured 3.2m at 1.4g/t gold from 144m and a narrower but high-grade 0.8m at 2.1 g/t gold from 158m.
These regional hits are particularly significant when viewed alongside the company’s recent success at the company’s primary Happy Valley deposit. In January, the market sat up after Advance reported a hit of 0.6m at a stunning 66.7g/t gold from a depth of just 51.3m.
That result confirmed a new, shallow high-grade vein that appears to mirror the orientation of the historic Porpunkah Reef. This system previously produced significant ounces at an average grade of 15.5g/t gold.
In March, further structural analysis confirmed that this high-grade discovery was part of a much bigger, 13-kilometre-long mineralised corridor. Most of this trend remains largely untested by modern techniques, despite being littered with historic workings that were abandoned decades ago due to water ingress or the limitations of early-century mining technology.
The company says it is out to prove that the gold doesn’t just stop at the old mine workings. The Queen of the Hills results validate the theory that Happy Valley represents a significantly bigger opportunity rather than a single-deposit play.
Advance appears to be wasting little time pushing the project forward on multiple fronts. Drilling is ongoing, with results pending for three deep holes chasing down-plunge extensions of these high-grade veins. The company also initiated metallurgical test work, with a study specifically investigating the potential for low-cost gravity recovery options that could drastically simplify any future processing route. Preliminary results from this work are expected to land on desks next quarter.
With assay results pending for two regional holes at its nearby Sheards prospect and ongoing drilling and assay results from the up-dip section of the system targeting high-grade shallow mineralisation. With multiple catalysts in play, Advance’s news flow shows no signs of slowing.
Elsewhere, the company’s Mexican silver-gold project continues to show exciting upside potential as drilling at Yoquivo progresses. The deposit, which currently hosts a non-compliant 100-million-ounce silver equivalent resource, is now the focus of a stretch target that could, if achieved, lift the inventory to a jaw dropping 200-million-ounce silver equivalent JORC compliant resource. The updated resource is slated for the end of March, which will trigger an assessment of bulk-tonnage open-pit potential.
Its been a punchy start to the year for Advance, with the rods furiously turning in both Victoria and Mexico. A growing list of shallow and deep, high-grade targets has now been confirmed across several kilometres of strike at Happy Valley and drilling is continuing at Yoquivo in Mexico with an updated JORC resource due shortly.
No doubt the punters will be watching closely as the company’s Victorian gold and Mexican silver systems continue to grow legs.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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