Advance Metals (ASX: AVM) has mobilised a second drill rig as it ramps up exploration of the Happy Valley target within its Myrtleford project in the northeastern goldfields of Victoria.
A week after announcing it had ++intersected visible gold++ approximately 140 metres below the previous deepest hit, the company will look to accelerate exploration along the Happy Valley Trend.
Advance will continue the current diamond drilling beyond the original program, with the aim of defining and expanding the Happy Valley system at depth.
Visible Gold Potential
Managing director Dr Adam McKinnon said the second rig would allow the company to rapidly test the down-plunge and along strike potential the recent visible gold intercept suggested.
"While assays are still pending, the scale we’re starting to see justifies extending the program and commencing maiden drilling at Queen of the Hills in parallel with Happy Valley,” he said.
The company is well funded to advance its examination of the Myrtleford region, along with its recent Mexican silver project acquisitions, following its ++successful completion++ of a $13 million placement in early October.
“Beyond our Victorian assets, we’re executing a clear growth plan in Mexico with high grade results from drilling at the Yoquivo project and the strengthening of our in-country position with dedicated Advisory Board appointments,” Dr McKinnon added.
Important New Details
The visible gold intersection has helped vertically extend Happy Valley’s high-grade system by more than 500m, and Advance expects important new details from the same hole in the next three to four weeks when initial assays become available.
Located 290km from Melbourne, the Myrtleford gold project hosts more than 70 past-producing high-grade underground workings that were historically mined at shallow depths.
Advance is confident there is significant potential for deeper, high-grade mineralisation, with the visible gold success a positive sign in that direction.
The company executed an agreement in January 2025 to acquire an 80% interest in the Myrtleford and Beaufort projects, and is currently the operator of the tenements on which previous owner Serra Energy Metals had outlaid $6m on exploration.
