Key Highlights

  • Hole EGRC018 returned 16 metres from 112 metres downhole, combining copper, gold, silver, zinc and lead.
  • Within that interval, 6 metres graded 5.2g/t gold, 157g/t silver, 1% copper, 18.4% zinc and 9.5% lead.
  • Assays have been reported for 18 of the 21 holes in the campaign, with three still pending.
  • AGC expects the campaign to contribute to an initial mineral resource estimate for Evergreen.

Australian Gold and Copper (ASX:AGC) reported new assays from the Evergreen prospect at its South Cobar Project in New South Wales on 12 November 2026. The focus of the release is hole EGRC018, a shallow reverse circulation (RC) hole that intersected a broad polymetallic zone.

EGRC018 returned 16 metres grading 2.3 grams per tonne gold, 70g/t silver, 1.4% copper, 8% zinc and 4.1% lead from 112 metres downhole. Within that interval, 6 metres graded 5.2g/t gold, 157g/t silver, 1% copper, 18.4% zinc and 9.5% lead, and a separate 2-metre section returned 6.2% copper.

The company said the hole was drilled up-dip of, and more than 20 kilometres south of, the high-grade western discovery zone at Evergreen, which it says remains open along strike and at depth.

Why the hole stands out

The interval is notable for combining several payable metals in one zone at a relatively shallow depth. Polymetallic mineralisation of this kind is characteristic of parts of the Cobar Basin, a district with a long history of base and precious metals mining.

Managing Director Glen Diemar called EGRC018 an exceptional hole and pointed to the strength of the result at shallow depth. He said each programme was improving the company's understanding of the scale and geometry of the system.

Diemar described a deliberate approach: drill first at wide spacing to map the mineralised system, then focus on areas showing the best grades and widths. He said the same method had worked at AGC's Achilles discovery and was now proving effective at Evergreen.

Where Evergreen sits in the pipeline

The hole forms part of a 21-hole, 2,593-metre campaign. Assays have now been reported for 18 holes, leaving three still pending. AGC expects the campaign to contribute to an initial mineral resource estimate for Evergreen, which would be the first formal statement of tonnes and grade for the prospect.

The company has received regulatory approvals for a third drilling phase and plans to bring a higher-capacity RC rig to Evergreen later this quarter. That rig is intended to test extensions to the high-grade zones identified so far.

Earlier this month, on 5 November, AGC reported separate shallow gold results from Evergreen. The latest release adds a further base metals dimension to the prospect.

What investors should weigh

The intervals reported are downhole lengths, so true widths are not yet established. The high-grade core of EGRC018 is 6 metres within a 16-metre interval, so averages across a broader zone could be lower. A single hole also cannot define continuity; the planned third phase is designed to test whether the grades extend.

Metallurgy is another open question. Recovering five metals into saleable products typically requires flotation testwork to show whether separate concentrates can be produced economically. No such testwork for Evergreen was described in the latest update.

Finally, an initial resource estimate is a target rather than a guarantee. Its size and classification will depend on drill density, geological continuity and the results of the pending holes.

The Evergreen result also matters for AGC's portfolio balance. Until now, the company's profile has leant heavily on the Achilles discovery, and a second advancing prospect would reduce reliance on one deposit.

Next steps

AGC's disclosed next steps are to receive the final three assays from the current campaign, mobilise the larger RC rig for phase three and continue building towards a maiden resource at Evergreen. The company holds about 2,600 square kilometres of tenure in New South Wales, which gives it room to repeat its broad-spacing exploration approach elsewhere.

For now, EGRC018 provides a clear marker for follow-up drilling. Whether it becomes the centre of a larger shallow polymetallic zone will depend on what the next round of holes returns.