Advance Metals nails 62 gram gold at depth in Victorian Goldfields play
- Michael Busbridge
- 2 days ago
- 3 min read
Advance Metals Limited (ASX: AVM) has intersected new high-grade gold from the deepest diamond hole to date at its Happy Valley Deposit, within the company’s Myrtleford Project near Wodonga in the prolific Victorian Goldfields.
The exceptional intersection of 3.7m at 16.6g/t gold included a 0.8m zone assaying almost 2 ounces gold to the tonne, substantially extending an open high-grade zone by more than 500m down-plunge.
It is one of the deepest gold intersections recorded in the Northeastern Victorian goldfields to-date. Earlier hits that make up the high-grade zone include 8.2m @ 28.8g/Au, 7.5m @ 55 g/t gold and 9.4m @ 18.6g/t gold. They clearly demonstrate consistent high-grade continuity of the system. Mineralisation is made up of visible lustrous yellow gold associated with sulphides in strikingly milky white laminated quartz veins. Management is confident of the presence of parallel plunging quartz reefs.
The Happy Valley Trend extends over 13kms and is defined by abundant old underground workings and high-grade surface rock chips. Apart from the Happy Valley prospect, the trend remains undrilled. Diamond drilling will continue at The Happy Valley prospect for the remainder of 2025 and well into 2026. Another prospect within the trend is the Queen of the Hills group of mines, located just 4.5 kms along strike of Happy Valley. A second diamond rig has been mobilised to this prospect and the first hole ever drilled there is due to be completed by the end of November.
The latest drilling shows that contiguous, high grade gold mineralisation extends from the surface to more than 500m down-plunge, indicating that the system has scale potential to go with the incredible grades. Given that these results have extended Happy Valley more than 140 metres down-plunge, I believe that AMD014A is the single most significant hole completed at the Myrtleford Project to date.
Managing Director Dr Adam McKinnon
Notably, the Happy Valley Trend is just one of four gold target trends targeted by Advanced Metals within the Myrtleford Project area. Each are defined by high grade rock chips, abundant old underground workings and a paucity of historical drilling.
However, the potentially big mover for now for Advance is its intention to become Mexico’s next major silver developer, by transforming into a pure-play precious metals company in that country. It is targeting +200Moz silver equivalent through aggressive growth in Mexico and discovery across multiple district-scale projects. The company has established a high-grade portfolio of three silver-gold projects containing a combined resource of 100Moz silver equivalent at 235g/silver in the heart of Mexico’s Silver Belt. The belt is the world’s most prolific silver producing region, responsible for over 25% of global silver output.
In an extraordinary turn of events Advance recently commenced sampling of unassayed core from historic core at one of its Mexican prospects. Grades of up to 370g/t silver and 6.2g/t gold were reeled in.
Global silver demand is entering a structural upswing, driven by industrial use in solar, EVs and electronics alongside renewed investor interest. Silver prices are volatile, but recent trends show a strong year-over-year gain and silver is currently averaging around US$50 per ounce.
Advance is midway through an expanded drilling program at its Happy Valley project. Deep diamond drilling is seeing a coherent ultra-high grade gold zone emerging in the central portion of a 13km long trend. The company is already targeting extensions of the high grade gold zone and will expand drilling to new high priority targets within another three trends in the Myrtleford Project area.
Advance announced the successful completion of a $13m capital raise to fully fund its Mexican and Victorian gold projects in October. The company is well funded now to rapidly grow its silver endowment in Mexico and it has plenty of blue sky lurking in the gold reefs of Victoria.
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