Key Highlights

  • Assays returned from 2,161 historic drill core and RC samples, revealing gold mineralisation across an approximately 1.9km corridor from Kelpie Hill through Evergreen to south of Windmill Dam
  • BRD018 returned 3m at 2.0g/t Au from 99m (oxide), including 1m at 4.2g/t Au from 100m within the Hillston structure — intervals never previously sampled
  • BRD012, drilled 300m south of AGC's Evergreen drilling, returned 6m at 1.1g/t Au from 155m, including 1m at 2.3g/t Au from 157m
  • Regulatory approvals are being sought for a further 3,000m of RC drilling at Evergreen to test extensions to the shallow mineralised system

Mining the Filing Cabinet: AGC's Historic Core Pays Dividends

There is a well-worn observation in exploration geology that the cheapest drill hole is the one that is already in the ground. Australian Gold and Copper Limited (ASX:AGC) is proving that axiom in practice at its Browns Reef project in New South Wales, where a systematic review of historic drill core has returned a set of new oxide gold intercepts from intervals that previous operators simply never got around to testing.

The company released assay results on 28 October 2026 from 2,161 samples taken from historic drill core and reverse circulation chips across the greater Evergreen area, part of its South Cobar Project in the South Cobar Basin. The results extend gold mineralisation across an approximately 1.9 kilometre corridor and open additional targets for future drilling.

The Value of Overlooked Intervals

The story behind these results requires a brief foray into exploration history. Much of the historic drilling at Browns Reef — conducted by the EZ-Jennings joint venture and later by Eastern Metals and Kidman Resources — was focused on primary sulphide mineralisation at depth. Many early diamond holes used roller-bit or mud-rotary pre-collar techniques, which recover no sample material. That left the shallower oxide zone — often the most accessible and cheapest part of a deposit to mine — completely uncharacterised.

AGC's technical team recognised this gap and embarked on systematic re-logging, sampling and assaying of the historic core, starting with the Kidman holes from 2014 and the Eastern Metals holes from 2022 to 2024.

The results from that work demonstrate the value of the exercise. Hole BRD018, drilled by Eastern Metals in 2022, had never been sampled across the oxide zone until AGC's team got to it. It returned 3 metres at 2.0 grams per tonne gold from 99 metres — including 1 metre at 4.2 grams per tonne gold and 14 grams per tonne silver from 100 metres — within the Hillston structure. Hole BRD012, drilled by Kidman in 2014 some 300 metres south of AGC's existing Evergreen drilling, returned 6 metres at 1.1 grams per tonne gold from 155 metres, including 1 metre at 2.3 grams per tonne gold from 157 metres.

A Growing Evergreen Story

Managing Director Glen Diemar offered a candid summary of the rationale: "The cheapest holes to drill are the ones already in your core storage, and these gold intercepts are welcome additions to the growing Evergreen story."

These new intercepts connect with results from AGC's own recent 21-hole RC campaign targeting the Hillston structure, for which assays are still pending. That parallel workflow — historic sampling running alongside the new drilling program — means the company is building a more complete picture of the oxide gold system across the corridor. Additional historic core has been identified for further sampling, meaning the current program is ongoing rather than concluded.

The broader picture is of a company assembling what it describes as the largest undeveloped precious and base-metal mineral resource base in the South Cobar Basin. AGC's flagship Achilles discovery hosts an initial resource of 38.5 million ounces silver equivalent (58% Indicated), and the company is now developing a second resource opportunity at Browns-Evergreen, approximately 30 kilometres away.

Sector Context

The South Cobar Basin in central-west New South Wales is an under-explored geological terrane with a track record of silver, zinc, lead and copper production. Gold is a more recent addition to the basin's story, and AGC's work at Evergreen is one of a small number of programs actively defining the gold potential of the region.

The regulatory approvals being sought for an additional 3,000 metres of RC drilling at Evergreen — if granted — would allow the company to test extensions to the shallow oxide mineralisation identified through both historic sampling and its own drilling. Shallow oxide gold systems carry the potential for relatively low-cost Mining if grades and thickness are adequate, which gives the Evergreen system strategic relevance beyond its current resource stage.

Risks

AGC is at the early stages of resource definition at Evergreen, and the intercepts reported to date represent exploration-stage results rather than a resource estimate. The historic core sampling program, while cost-effective, is not a substitute for systematic infill and step-out drilling. Some of the most promising intercepts are relatively narrow, and demonstrating economic width and continuity will require further work.

The company's cash position of approximately A$7 million as at July 2026 is modest relative to the scale of its project pipeline across the South Cobar Basin and the Junee gold project. Funding future drilling programs will likely require access to additional capital.

What to Watch Next

Two near-term events are worth monitoring. First, assays from the recent 21-hole RC campaign at the Hillston structure are pending and will provide a more comprehensive read on the structural extensions within the Evergreen system. Second, the outcome of the regulatory approval process for the additional 3,000 metres of RC drilling will determine the pace at which AGC can advance the Evergreen resource opportunity through its next phase.