Could Australian Gold and Copper (ASX:AGC) Evergreen Discovery Expand Its Cobar Resource Base?

Sonal Goyal

12 November 2026 11:32 AM AEDT

Could Australian Gold and Copper (ASX:AGC) Evergreen Discovery Expand Its Cobar Resource Base?

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Key Highlights

Hole EGRC018 returned 16 metres at 2.3 g/t gold, 70 g/t silver, 1.4 percent copper and 12.2 percent lead-zinc from 112 metres.
Results come from shallow reverse circulation and diamond drilling at Evergreen, part of the South Cobar Project in New South Wales.
Eighteen of 21 holes in the latest RC program have been reported, with the remaining three pending.
The company is working toward an initial Mineral Resource Estimate, with a higher-capacity rig scheduled to mobilise later in the quarter.

Australian Gold and Copper Ltd (ASX:AGC) has reported new high-grade gold, silver, copper and base-metal results from shallow reverse circulation and diamond drilling at its Evergreen discovery, part of the South Cobar Project in New South Wales. The announcement, dated 12 November 2026, covers assays from a portion of the 21-hole RC program and new diamond intersections. The company holds a 2,600 square kilometre landholding in the South Cobar Basin, and Evergreen is one of several targets it is advancing toward a resource base.

What the latest holes returned

The standout interval was from hole EGRC018, which returned 6 metres at 2.0 g/t gold, 20 g/t silver and 0.9 percent copper from 84 metres, followed by 16 metres at 2.3 g/t gold, 70 g/t silver, 1.4 percent copper, 8.0 percent zinc and 4.1 percent lead from 112 metres. Within that section, 6 metres at 5.2 g/t gold, 157 g/t silver, 1.0 percent copper and 27.9 percent lead-zinc were recorded from 116 metres, and a copper-rich interval of 2 metres at 6.2 percent copper sat at 123 metres.

Other holes also reported high grades. EGRC015 returned 9 metres at 1.6 g/t gold and 58 g/t silver from 90 metres, and EGRC016 returned 6 metres at 1.4 g/t gold from 95 metres, including 1 metre at 5.7 g/t. A diamond hole, 26DDBR002, returned 7 metres at 3.1 g/t gold and 18 g/t silver from 100 metres. All widths are downhole, and true widths are unknown.

Geology and the drilling approach

The company interprets the Hillston zone as comprising two to three mineralised lenses, with high-grade zones at several positions across the system. The RC program used a smaller rig to maintain access during wet conditions, and depths were generally limited to around 150 metres. Holes were drilled at closer spacing to define the shallow geometry, grade distribution and continuity. Management describes the approach as broad-spaced mapping followed by focused drilling on the highest-grade areas.

The mineralisation remains open along strike and at depth, according to the company. The completed RC program totalled 2,593 metres across 21 holes, with assays now reported for 18 of them. Evergreen lies about 30 kilometres from the Browns-Evergreen resource opportunity acquired in 2025, and the company's flagship Achilles discovery hosts an initial resource of 38.5 million ounces of silver equivalent.

Next phase and open questions

Regulatory approval has been received for the next phase of drilling, and a higher-capacity RC rig is scheduled to mobilise later in the quarter to test extensions to the high-grade zones. The results will guide targeting and resource definition as the company works toward an initial Mineral Resource Estimate for the deposit.

The intercepts are selected high-grade sections from a system that is still being defined, and they should not be read as representative of average grades across the deposit. Metal prices, the scale of the system and its metallurgy remain unknown. As at 30 September 2026, the company held A$5.9 million in cash with no debt, and it has 332 million shares on issue, so the scale of future drilling and resource work will need to be balanced against that funding position.

Final Word

Evergreen has produced some of the highest-grade intercepts in the company's recent drilling, and the planned higher-capacity drilling will test whether those zones extend. The initial resource estimate will provide the first formal measure of scale. Until that work is complete, the high-grade results remain selective intercepts from a shallow program, with the size and continuity of the mineralisation still to be established.

FAQs

Q: What did the latest Evergreen drilling return?

A: Hole EGRC018 returned 16 metres at 2.3 g/t gold, 70 g/t silver, 1.4 percent copper and 12.2 percent lead-zinc from 112 metres, including a higher-grade sub-interval.

Q: How many holes are still awaiting assays?

A: Of the 21 holes in the completed RC program, assays have been reported for 18, with the remaining three pending.

Q: What is the company working toward at Evergreen?

A: The company is advancing Evergreen toward an initial Mineral Resource Estimate, with further drilling regulatory approval already received.

Q: How much cash does the company hold?

A: As at 30 September 2026, the company reported cash of A$5.9 million and no debt.

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