Advance Metals (ASX: AVM) has confirmed gold mineralisation in maiden drilling of untested historical zones at the Queen of the Hills and Sheards Reef prospects within the Myrtleford project in Victoria.
Four diamond holes were completed for a total 1,288 metres, representing the first drilling program at targets outside of the main Happy Valley deposit.
This marks a key step for the company in assessing the broader-scale potential of the Myrtleford system.
Queen of the Hills sits 4.5 kilometres east-southeast of the historical Happy Valley underground mine along the Happy Valley gold trend.
The region hosts numerous gold workings over a 13km strike length.
Quartz Veining Intersected
Two of the holes intersected zones of quartz veining with minor sulphides, with best assays of 0.6 metres at 1.1 grams per tonne gold from 86.3m.
Other highlights were 4m at 2.4g/t gold from 102.2m including 0.8m at 5.1g/t from 102.5m and 0.6m at 7.7g/t from 105.3m, and 3.2m at 1.4g/t gold from 280.6m including 0.8m at 5.1g/t from 280.6m.
Advance is encouraged by the results and will aim its ongoing modelling at defining the potential for additional high-grade zones in the immediate area.
The company is awaiting final assay results from at least six completed holes across the trend.
Happy Valley Deposit Drilling
Drilling has continued at the Happy Valley deposit, where Advance completed four new diamond holes to target extensions of the system at depth, as well as to complement earlier assays of 0.6m at 66.7g/t gold from 51.3m and 0.9m at 1.5g/t gold from 227.2m.
A recent review of historical development and production records from the Happy Valley mine indicated that near-surface and north-western areas were partially depleted by historical stoping, while minimal mining occurred at depth and toward the south-east.
These areas remain largely untested by modern drilling and represent a compelling opportunity to define additional high-grade mineralisation at Happy Valley.
Advance has commenced an initial metallurgical test work program at the deposit, using coarse gold-bearing mineralisation from diamond core collected last year.
The program is focused on evaluating recoveries achievable through simple, low-cost gravity separation techniques and the company expects to receive initial results early next quarter.
