Visible gold hits for Advance Metals extend Victorian gold play
- Andrew Todd
- Oct 29
- 2 min read
Advance Metals (ASX: AVM) has struck visible gold at its Myrtleford project in Victoria’s fabled goldfields, pushing its high-grade system down a further 140-metres, past the 500m mark in vertical extent.
The visible gold chunks are the deepest results at its Happy Valley deposit within Myrtleford and leave the mineralisation entirely open in every direction.
The company says its latest diamond hole was laced with the lustrous yellow metal, with three instances of visible gold evident in quartz stockworks, starting from 465m down-hole.
The intercept sits a full 140m under the previous 7.55m at 5.7 grams per tonne (g/t), with management confident in its upcoming assays due in four to five weeks.
The rods are still turning at the project and will push to at least 550m to test for additional structures further to the southwest.
Advance’s previous campaign at Happy Valley delivered a string of bonanza grade hits immediately below the old Happy Valley workings, including 8.2m at 28.8g/t gold, 7.5m at 55.0g/t and 6.4m at 18.6g/t.
The company says its latest step-out holes reveal a continuous high-grade envelope from historic near-surface mining to beyond 500m down-plunge.
Advance says additional rigs are on the table too as maiden drilling at its Queen of the Hills target along the Happy Valley trend is set to fire up mid-November.
The observation of visible gold in hole AMD014A is perhaps the single most significant result for the Myrtleford Project to date. Whilst we have to wait for the laboratory assays to fully confirm the results, we believe this will be one of the deepest hits in the Northeastern Goldfields, setting up Happy Valley as a potentially regionally significant gold discovery on par with the early exploration results at the likes of Southern Cross Gold’s Sunday Creek deposit.
Advance Metals Managing Director Dr Adam McKinnon
Happy Valley is just the starter at Advance Metals’ Myrtleford project. The company says its project sits within in a 13km trend that is littered with old workings - always a good sign of mineralisation.
For the time being Advance has parked the last four holes of the program on Queen of the Hills and Sheard’s Reef – both previously untested by the drill bit.
While Victoria looks to be humming along, the company’s Mexican silver projects are also quckly developing, particularly with the silver price riding high.
Its three-project focus of Yoquivo, Guadalupe y Calvo (GyC) and Gavilanes, all lie within the prolific Sierra Madre volcanic belt.
The projects already pack a combined 100-million-ounce silver equivalent punch in non-JORC foreign estimates, with the company confident it can double that number into a JORC compliant resource quickly.
A $13 million placement closed earlier this month and has the company’s treasury loaded for an all-out follow-up assault.
With the Victorian goldfields back in the spotlight, Advance is flat out chasing the next batch of numbers that could redraw its Myrtleford map, whilst keeping a keen eye on its precious metals plays across the pond.
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