Australian Gold and Copper Ltd (ASX:AGC) Finds Oxide Gold in Unsampled Core Along a 1.9km Evergreen Corridor

Sonal Goyal

28 October 2026 01:08 PM AEDT

Australian Gold and Copper Ltd (ASX:AGC) Finds Oxide Gold in Unsampled Core Along a 1.9km Evergreen Corridor

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Key Highlights

AGC received assays for 2,161 samples from historic diamond core and RC material at the Browns Reef project (EL6321) in the South Cobar Basin.
BRD018 returned 3m at 2.0g/t Au from 99m in oxide, including 1m at 4.2g/t Au from 100m.
BRD012 returned 6m at 1.1g/t Au from 155m, including 1m at 2.3g/t Au from 157m.
Gold mineralisation now spans an approximately 1.9km corridor from Kelpie Hill through Evergreen and south beyond Windmill Dam.

Australian Gold and Copper Ltd (ASX:AGC) has reported assays for 2,161 samples taken from historic drill core and reverse circulation (RC) material at the Browns Reef project (EL6321), part of its South Cobar Project in New South Wales. The program returned gold in intervals that earlier explorers never sampled across the greater Evergreen area. Two intercepts stand out: 3m at 2.0g/t Au from 99m in BRD018 and 6m at 1.1g/t Au from 155m in BRD012. Together with AGC's recent drilling, the results mark gold at locations along an approximately 1.9km corridor.

Why Historic Core Was Left Unassayed

Browns Reef has 78 historic holes drilled between 1966 and 2024 by AJ Wood, EZ Jennings JV, Costain, Equity-1 Resources, Comet Resources, Kidman Resources and Eastern Metals. Much of that work targeted primary sulphide mineralisation. Many early diamond holes used roller-bit pre-collars and six Eastern Metals diamond holes used mud-rotary pre-collars, techniques that recover no samples, so the oxide zone went untested. Kidman's diamond holes were cored from the surface, but sampling of the oxide zone was limited.

AGC began systematic re-logging, sampling and assaying of the historic RC and diamond material, starting with Evergreen and covering Kidman drilling from 2014 and Eastern Metals drilling from 2022 to 2024. Managing Director Glen Diemar said many intervals had never been sampled and that the cheapest holes to drill are those already in core storage.

The BRD018 and BRD012 Intercepts

BRD018, drilled by Eastern Metals in 2022, returned 3m at 2.0g/t Au and 14g/t Ag from 99m in oxide, including 1m at 4.2g/t Au and 12g/t Ag from 100m, within the Hillston structure. The hole also recorded 6m at 0.2g/t Au from 122m. BRD012, drilled by Kidman in 2014 and sitting 300m south of AGC's Evergreen drilling, returned 6m at 1.1g/t Au and 18g/t Ag from 155m, including 1m at 2.3g/t Au from 157m. Further previously unsampled intervals came from BRD016, with 5m at 0.2g/t Au from 304m, and BRD020, with 4m at 0.4g/t Au from 108m.

The new results extend the distribution of gold from Kelpie Hill through Evergreen and Windmill Dam to BRD011 at Browns Reef. Reported lengths are downhole and true widths are not yet known.

Breakdown of the 2,161 Samples

The assays comprise 1,171 half core samples of previously uncut core, 663 one-metre RC samples from Eastern Metals drilling that had not been sent to a laboratory, 274 half core samples matching earlier intervals and 53 half core samples overlapping earlier intervals. The RC samples came from hole KHRC001 and from RC pre-collars on diamond tails.

The 274 paired samples, taken from the remaining half core in holes BRD006, BRD011, BRD013, BRD016 and BRD021, were used to check the original assays and compare earlier aqua regia digest results with current four-acid digest analysis. Gold showed a Pearson correlation of 0.956 using fire assay, with correlations above 0.9 for lead, arsenic, iron and magnesium and above 0.8 for zinc, molybdenum, sodium and sulphur. Silver and copper correlated at 0.769 and 0.725. AGC concluded that aqua regia results are adequate for base and precious metals and most major elements but not for key pathfinder elements, where historic detection limits for bismuth, molybdenum, antimony and thallium restrict comparison at low concentrations. Paired intercepts such as BRD021, at 16m with 5.7% Zn+Pb resampled against 6.0% originally, were close.

Where the Sampling Program Stands

The review is being extended along strike 2km to the south of Browns Reef, and additional historic core has been identified for sampling. Assays are pending from AGC's recent 21-hole RC campaign on the Hillston structure, and approvals are being sought for a further 3,000m of RC drilling at Evergreen. AGC holds the Achilles discovery, with an initial resource of 38.5Moz AgEq, 30km from Browns-Evergreen, and reported cash of A$7 million at 31 July 2026 with no debt and 332 million shares on issue.

FAQs

Q: How many samples did AGC assay in this program?

A: AGC received assays for 2,161 samples, including 1,171 half core samples of previously uncut core and 663 RC samples that had not been sent for laboratory analysis.

Q: What were the main gold intercepts?

A: BRD018 returned 3m at 2.0g/t Au from 99m in oxide, and BRD012 returned 6m at 1.1g/t Au from 155m.

Q: Why was the oxide zone not sampled earlier?

A: Many early holes used roller-bit or mud-rotary pre-collars that recover no samples, and sampling of the oxide zone in Kidman's cored holes was limited.

Q: How long is the gold corridor at Evergreen?

A: Gold mineralisation is now recorded across an approximately 1.9km corridor from Kelpie Hill through Evergreen and south beyond Windmill Dam.

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