Australian Gold and Copper Ltd. provided an update on major advances at the Cargelligo and Rast tenements, along with the new Nyora exploration licences, now collectively referred to as the South Cobar Project in central NSW. Regional exploration work completed in Fourth Quarter 2022 and First Quarter 2023 has delineated extensive `prospective target horizons', which span over 115km in cumulative length. The southern Cobar Basin is a grossly underexplored part of the Cobar Basin that has potential to host major gold and base metal deposit styles, including volcanic hosted massive sulfide Cobar-type and orogenic gold deposits.

The Cobar Basin has a complicated structural history that is defined by three main stages: basin rifting-extensional at 420Ma, basin sag phase at 410-400Ma and basin inversion/compression at 390Ma. During the initial rifting-extensional phase at 420Ma, north-south striking growth faults developed by rapid east-west extension of the Lachlan Fold Belt, leading to sea-floor volcanism and initial VHMS-style mineralisation. Sag phase sedimentation and burial at 410-400Ma opened northwest-trending growth faults.

A later compressional event called the Tabberabberan contraction led to basin inversion/compression and was a major driver of remobilizing low grade mineralisation into higher grade trap sites. This phase was responsible for the present-day geometries of mineralisation into high grade pods and shoots, characteristic of deposits being mined in the northern Cobar Basin. Structural mapping and modelling to delineating target horizons was followed by field- based ground truthing.

The prospective target horizons, at all target locations in AGC's South Cobar tenement package, are extensive and characterised by fine grained, intensely foliated, volcano-sedimentary rocks displaying characteristically strong hydrothermal alteration and gossanous texture. Importantly, the gossanous zones are typically situated on the contacts between sheared volcaniclastic rocks and coherent rhyolites. AGC believes this is an ideal setting to host a potential mineral deposit, similar to the high-grade Perseverance and Peak mines further north.

Photographs from field-based activities including various rock photos.