The latest assays add to a string of exceptional drill intersections, including a previous extraordinary interval of 11.5m at 160.4g/t by the former project owner that included a monster 2430g/t gold hit across 0.6m.
Advance’s maiden diamond drilling program kicked off in February at the 418-square-kilometre site, with a laser-focus on Happy Valley in the southeastern portion of the project. The drill program is continuing and assays are pending for an additional two holes, drilled up-dip and along strike from the first hole in the latest campaign.
The Myrtleford project consists of a 13km-long trend of gold mineralisation known as the Happy Valley trend. Management says the current mineralised footprint at Happy Valley represents a small portion of the trend. It plans to test new prospects along strike to the northwest and southeast.
Advance believes much of its ground sits on mineralised structures extending for kilometres which have not been exposed to modern exploration methods.
The overall project has a 45km strike length across historical workings and old gold mines, including the Happy Valley trend, the Twist Creek trend extending for 7km and the Magpie trend running for 16km. It lies within the renowned Lachlan Fold belt, responsible for some of the country’s biggest gold deposits.
The company also holds the highly prospective Beaufort gold project in Victoria’s southwest, 145km west of Melbourne, and has locked in the right to earn up to 100 per cent of the high-grade Guadalupe y Calvo gold-silver project in the northwest Mexican state of Chihuahua.
The Mexican project provides Advance with a non-JORC compliant foreign estimate of more than 100 million ounces silver-equivalent across three projects.
Guadalupe y Calvo comprises a non-JORC compliant foreign estimate of 9.5 million tonnes grading 2.7 grams per tonne (g/t) gold-equivalent for 816,000 ounces gold-equivalent or 60.6 million ounces silver-equivalent.
The silver component complements previous foreign estimates of 17.23 million ounces silver-equivalent at its Yoquivo project, about 245km northwest, and 22.4 million ounces silver-equivalent at its Gavilanes project in the state of Durango, bringing total silver-equivalent ounces to more than 100 million.
With the price of both gold and silver leaping by about 29 per cent year-to-date to hover near all-time highs, Advance appears to have chosen wisely in its charged-up pursuit of the two precious metals.
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