Evergreen Copper-Gold Discovery
AGC's Evergreen Prospect Yields Promising Drill Results, Confirming Significant Copper and Gold Potential
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Key Points
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AGC reported specific assay intercepts from hole 26DDBR006: a “broad 35m @ 0.5% copper, 6 grams per tonne silver, and 1.3% zinc and lead” from 353m, including higher-grade segments such as 6m @ 2% copper and 17g/t silver (362m) and 4m @ 2.5% copper and 19g/t silver (364m).
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From hole 26DDBR004, AGC gave detailed results and noted it was “located 200m up dip of hole 26DDBR006”: 5.1m @ 2.7g/t gold and 8.3% lead and zinc from 193m, including 3m @ 3.7g/t gold and 10.5% lead and zinc from 194m—described as the “most significant gold grades intersected at Evergreen to date.”
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AGC said it prioritized assays for “rapid laboratory turnaround,” with “a further eight drill holes totalling more than 3,000m completed since mid-April,” and expected results “over the coming weeks.”
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Beyond drilling assays, AGC reported operational progress: diamond drilling and “core processing is underway for the fourth hole of the current diamond drilling program,” while “results from the Tooronga aircore program are still being interpreted with detailed microscopic analysis of bottom-of-hole samples,” with “initial findings… expected shortly.”
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AGC explicitly linked geology to the assay outcomes, saying hole 26DDBR006 “confirmed the visual sulphide observations previously reported” and that the distribution of Cu-Au-Zn-Pb mineralisation in 26DDBR006 “suggests increasing metal zonation at depth,” highlighting potential for a “large mineralised system.”
Australian Gold and Copper (ASX:AGC) has confirmed high-grade copper and gold at its Evergreen prospect in New South Wales, releasing the first assays from its maiden drilling campaign on June 15. The results exceeded management expectations, with one hole returning 35 metres grading 0.5% copper from 353 metres depth, and another delivering what the company called the highest gold grades seen at Evergreen to date, according to Kalkine.
AGC shares surged on the news, trading between A$0.14 and A$0.23 intraday — a double-digit percentage gain. The company holds A$7.1 million cash and carries zero debt. Eight more drill holes, totalling over 3,000 metres, are already complete and awaiting assay results.
Copper Hole Confirms a Broad Mineralised Zone at Depth
Hole 26DDBR006 is the copper story. It returned a broad 35-metre interval grading 0.5% copper, 6 grams per tonne silver, and 1.3% zinc and lead, starting at 353 metres. Inside that zone sit two high-grade hits: 6 metres at 2.0% copper and 17g/t silver from 362 metres, and 4 metres at 2.5% copper and 19g/t silver from 364 metres, The Market Online reported.
AGC said the hole "confirmed the visual sulphide observations previously reported" from May 19. The company added that the spread of copper, gold, zinc, and lead mineralisation "suggests increasing metal zonation at depth" — a sign the system may grow larger and richer the deeper it goes, according to Kalkine.
Gold Hole Sits 200 Metres Up-Dip, Delivers Best Grades Yet
Hole 26DDBR004 targeted a shallower position, sitting 200 metres up-dip from the copper hole. It returned 5.1 metres at 2.7 grams per tonne gold and 8.3% lead and zinc from 193 metres. The best segment inside that was 3 metres at 3.7g/t gold and 10.5% lead and zinc from 194 metres — described by AGC as the "most significant gold grades intersected at Evergreen to date," The Market Online reported.
The spatial relationship between the two holes points to a zoned hydrothermal system — gold nearer the surface, copper richer at depth. This pattern is a classic hallmark of large-scale mineralised corridors in the Cobar district of New South Wales. Managing Director Glen Diemar said the early results "exceeded expectations" and support the potential for a substantial deposit.
Eight More Holes Completed, Resource Estimate on the Horizon
AGC has not stopped drilling. The company completed eight additional holes — more than 3,000 metres of core — since mid-April. AGC prioritised laboratory turnaround for those samples. More assay results are due over the coming weeks, according to Kalkine. Diamond drilling continues, and the team is currently processing core from the fourth hole of the active diamond drilling program.
Results from the Tooronga aircore program are still being interpreted, with detailed microscopic analysis of bottom-of-hole samples underway. AGC says initial findings from that program are expected shortly. The company is working toward a first mineral resource estimate for Evergreen in the second half of 2026, The Market Online reported. If results confirm continuity, that estimate could trigger a significant rerating of AGC's current market value of roughly A$32.8 million to A$44.4 million.
AGC Plans Capital Raise to Fund Bigger Drilling Push
The strong assays have prompted AGC to plan a capital raise of up to 30 million new shares, slated for July 10, 2026. The funds would support a further 10,000 metres of resource definition drilling at Evergreen. AGC acquired the Browns Reef Project — which contains Evergreen — from Eastern Metals in November 2025 for just A$1.5 million, making it one of the cheapest land grabs in the region in recent years.
The company already has an anchor resource nearby. Its Achilles discovery holds a maiden estimate of 38.5 million ounces of silver equivalent, found at a discovery cost of less than A$0.14 per ounce. If Evergreen delivers comparable scale, AGC could effectively double its resource base. The broader South Cobar Basin is drawing renewed attention from mid-tier producers as copper demand rises with the global energy transition.
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