Australian Gold and Copper Hits 17m at 5.3g/t Gold in Second Major Discovery
Key Takeaways
- Drill hole 26DDBR017 at Evergreen returned 17m at 5.3g/t gold, 163g/t silver, 0.8% copper, and 17.3% lead-zinc from 128m, with an 8m higher-grade core at 10.4g/t gold and 311g/t silver — confirmed by AGC's Managing Director as a discovery hole.
- The newly identified western zone at Evergreen has now been intersected over approximately 150m of strike and remains open along strike and at depth, with a reverse circulation rig currently on site testing extensions to the north and south.
- This is AGC's second major discovery in two years, following the Achilles find in 2024, which already carries a 38.5Moz AgEq resource (58% Indicated) reported in December 2025.
- An initial Mineral Resource Estimate for Browns–Evergreen is targeted for FY27, with 7,000m of resource definition drilling currently underway — making this an active news flow story across the coming months.
- AGC holds A$7m cash with nil debt as at 31 July 2026, supporting ongoing programmes across a 2,600km² landholding in the South Cobar Basin, with four active project targets and a newly acquired Junee gold project adding further portfolio depth.
A major new discovery takes shape at Evergreen
Australian Gold and Copper has confirmed a significant high-grade polymetallic discovery at its Evergreen project in New South Wales, marking its second major find in two years following the Achilles discovery in 2024.
Diamond drill hole 26DDBR017 returned 17m @ 5.3g/t Au, 163g/t Ag, 0.8% Cu, 17.3% Pb+Zn from 128m, including a higher-grade core of 8m @ 10.4g/t Au, 311g/t Ag, 1.2% Cu, 29.0% Pb+Zn from 129m. These are downhole widths; true widths are currently unknown.
The result confirms high-grade mineralisation in both oxide and sulfide domains within a newly identified western zone at Evergreen. The western zone has now been intersected over approximately 150m of strike, extending the gold-silver mineralisation previously reported in hole 26DDBR013 (announced 1 September 2026) to the south.
Glen Diemar, Managing Director
“This is a discovery hole. It is very pleasing to deliver these results to the Company’s shareholders and the Lake Cargelligo community.”
“26DDBR017 has returned a very broad, high-grade precious and base metal intercept of 17m at 5.3g/t Au, 163g/t Ag, 0.8% Cu and 17.3% Pb+Zn from 128m, including 8m at 10.4g/t Au, 311g/t Ag, 1.2% Cu and 29.0% Pb+Zn from 129m.”
“We interpret this new western zone to have now been intersected over approximately 150 metres of strike, from recently reported oxide gold-silver mineralisation in 26DDBR013 to high-grade sulfide mineralisation in 26DDBR017. This is a major step forward in understanding the scale and tenor of the Evergreen system.”
When big ASX news breaks, our subscribers know first
Understanding the Evergreen discovery and what makes it stand out
A polymetallic discovery is one where multiple economically relevant metals occur together in the same system. At Evergreen, that means gold, silver, copper, lead, and zinc are all present in the same mineralised zone. When multiple metals are present, the combined value of each tonne of rock can be meaningfully higher than a single-metal deposit, which can improve the economics of any future development.
The announcement confirms mineralisation in both oxide and sulfide domains. Oxide mineralisation refers to rock that has been chemically altered near the surface through long exposure to oxygen and water. Sulfide mineralisation sits deeper, where metals are chemically bonded with sulphur. Confirming both types is a positive signal because it suggests the system has both near-surface and deeper potential.
The western zone is described as open along strike and at depth. That means drilling has not yet found the edges of the mineralised zone. Further drilling could expand the known footprint significantly, which is why this is considered an active and evolving discovery rather than a defined resource.
Evergreen in context — a rapidly growing system within a larger portfolio
Evergreen sits within the broader Browns–Evergreen system, approximately 30km from the Achilles discovery. A total of 10 RC holes have now been completed at Evergreen, with additional holes planned. The company is working toward an initial Mineral Resource Estimate (MRE) at Browns–Evergreen, with 7,000m of resource definition drilling currently underway.
For scale context, the existing Achilles MRE, reported in December 2025, contains 38.5Moz AgEq (58% Indicated). The table below summarises those figures:
| Category | Mt | AgEq g/t | Ag g/t | Au g/t | Moz AgEq |
|---|---|---|---|---|---|
| Open Pit Indicated | 4.7 | 141 | 52 | 0.48 | 21.5 |
| Open Pit Inferred | 3.2 | 72 | 31 | 0.26 | 7.3 |
| Underground Indicated | 0.3 | 130 | 62 | 0.32 | 1.1 |
| Underground Inferred | 2.2 | 124 | 74 | 0.31 | 8.8 |
| Combined | 10.3* | 116 | 51 | 0.37 | 38.5 |
*Subject to rounding. Source: AGC ASX announcement, 16 December 2025.
AGC holds a 2,600km² landholding in the South Cobar Basin, NSW. The recent acquisition of the Junee gold project, located approximately 230km south of the South Cobar projects, adds a pure gold project to the portfolio.
Active project targets and FY27 programmes across the portfolio include:
- Achilles: Resource upgrade targeted FY27; 15-hole shallow RC programme planned for Q4 2026
- Browns–Evergreen: Initial MRE targeted FY27; 7,000m of resource definition drilling underway
- Planet: RC programme of 1,500m planned for H2 FY27; drill-ready target extending over 1km in length
- Tooronga: AC results pending Q1 FY27; follow-up AC and RC programmes planned for FY27
The next major ASX story will hit our subscribers first
What’s next for AGC at Evergreen and beyond
A reverse circulation drill rig is currently on site at Evergreen, testing the western zone along strike to the north and south. The programme includes a scissor hole designed to assist with the interpretation of geometry and true width estimation. True widths remain unknown at this stage.
Further assay results from both completed diamond holes and the ongoing RC programme will be reported as they become available, making this an active news flow story across the coming months.
AGC’s current financial position:
- Cash: A$7m (as at 31 July 2026)
- Debt: Nil
- Shares on issue: 332 million
- Options: 7.5 million
- Performance Rights: 11.5 million
Two significant discoveries in two years, a 38.5Moz AgEq resource already in hand at Achilles, a second resource opportunity building at Browns–Evergreen, and a pipeline of targets across 2,600km² of prospective South Cobar Basin tenure collectively reflect the pace at which AGC is advancing its position as a precious and base metals explorer. The Evergreen western zone remains open along strike and at depth, with ongoing drilling expected to progressively clarify the scale of the system.
Don’t Miss the Next ASX Gold and Silver Breakout
Get FREE breaking ASX mining news delivered to your inbox within minutes of release, complete with in-depth analysis. Over 30,000 subscribers already rely on Big News Blast to stay ahead of market-moving discoveries in gold, silver, copper and beyond. Click the “Free Alerts” button to start receiving alerts the moment the next major announcement hits the ASX.