The drilling program is expected to kick-off in about four weeks, subject to receipt of the relevant approvals. Advance recently raised $2.55 million from a share placement and is fully funded to complete an expanded drilling program at the project site.
Management is also considering further drilling at Twist Creek and its Barwidgee prospect in the central portion of the Myrtleford project, pending receipt of drilling results.
The company recently revealed stellar grades from an 85-sample rock chip program, with grab samples of 42.5g/t, 26.2g/t and 23.2g/t gold at Sheards Reef, along trend from the Happy Valley drill site.
At Barwidgee, peak values of gold going 24.8g/t and 21.9g/t were found at its Quatre Bas and Happy Go Lucky prospects, with 12.8g/t at the company’s Initiator prospect, 2km northwest.
Its highest-grade find of 66.7g/t and a solid 24.3g/t were found at the company’s Victoria prospect, and rock-solid grades of 39.1g/t and 23.7g/t were recorded at the Danish prospect, both within its Twist Creek ground.
The strong grab samples from different areas within the Myrtleford project illustrate its potential, with many prospective areas untested by the drill bit.
Advance recently signed a binding agreement with Serra Energy Metals Corporation to acquire 80 per cent of Myrtleford and separate Beaufort gold project via a joint venture.
Under the deal, Advance will acquire 80 per cent of the fully paid shares in E79 Resources, the legal owner of the tenements comprising the two Victorian projects.
The company is purchasing its stake in E79 via an initial issue of company shares, followed by three staged payments made by issuing further shares, plus a 1 per cent net smelter royalty from gold production.
The promising Beaufort project is in Victoria’s southwest, 145km west of Melbourne. The region has produced more than one million ounces of alluvial gold. It is close to the world-class, 22M-ounce Bendigo goldfields and the renowned Fosterville underground gold mine, which produced more than 300,000 ounces of high-grade gold in 2023.
The company also has the drill bit spinning at its latest project grounds in Mexico, where it kicked off a diamond drilling campaign at its recently acquired, high-grade Yoquivo silver-gold project in southwest Chihuahua.
Drilling is planned to test along strike and down dip from previous stunning intersections, which included 6.2m grading a massive 2404g/t silver with a 17.2g/t gold slice from 64.8m depth, 1.2m going 1895g/t silver and 34g/t gold from 47.3m, and 1.5m at 1473g/t silver and 4g/t gold from 100.2m.
A further impressive 3.05m hit returned 668g/t silver and 3.9g/t gold from 117.8m.
Yoquivo hosts a foreign estimate mineral resource of 937,000 tonnes grading 570g/t silver-equivalent for 17.23M ounces silver-equivalent from more than 16,500m of drilling.
Advance’s Myrtleford project appears to have plenty of potential upside at Happy Valley and Twist Creek. Throw in the Beaufort project sitting in a world-class zone and its promising Mexican project and the company might be on a path to a bright future.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
