AGC secures belt-scale control of South Cobar with new tenement deal
ASX-listed Australian Gold and Copper (AGC) has struck a deal to acquire a strategic exploration licence in New South Wales, giving the junior explorer belt-scale control of the South Cobar basin.
The company on Tuesday announced it had executed a tenement sale agreement with fellow-listed Strategic Energy Resources for the acquisition of exploration licence EL9012. The 270 km2 tenement will be incorporated into AGC’s existing South Cobar project, expanding its footprint to 1 400 km2.
AGC said the acquisition would make it the dominant titleholder across the South Cobar basin and allow it to leverage the exploration momentum built at its Achilles discovery.
“This critical piece of South Cobar includes the southern portion of the Achilles shear zone and another analogous 10-km-long structure. The district remains underexplored relative to its geological fertility. We believe the gold endowment of the South Cobar basin can be unlocked,” MD Glen Diemar said.
“AGC’s exploration advantage stems from what we’ve learned through the Achilles discovery — knowledge that is now driving a smarter and faster approach to identifying new mineralised systems across the belt.”
The tenement includes a 5-km southern extension of the Achilles shear zone and hosts a second 10-km-long shear zone interpreted to be geologically equivalent.
Under the terms of the deal, AGC will pay A$50 000 in cash on execution of the agreement and a further A$350 000 on completion. Strategic Energy Resources will also be eligible for a production payment of A$100 per gold-equivalent ounce produced from the tenement, capped at A$1-million.
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