Advance Metals Hits High-Grade Gold in Victorian Goldfields

Advance Metals (ASX: AVM) has reported high-grade gold assays from its maiden diamond drilling program at the Myrtleford Project in Victoria’s historic goldfields, with the final two assays remaining.

Exceptional Assays Spark Management Optimism

The company’s first diamond drill hole at Happy Valley, AMD001, returned multiple zones of significant mineralization, including:

• 8.2 meters at 22.4g/t gold from 186.0m, including 3.4 meters at 52.7g/t gold

• 0.9 meters at 19.0g/t gold from 157.8m

• 2.15 meters at 4.0g/t gold from 177.8m

Managing Director Adam McKinnon commented on the results, stating: “These initial assay results are exactly what we were hoping for, demonstrating the presence of exceptional gold mineralisation across significant widths at Myrtleford. In combination with previous drilling, these results now define a coherent ultra-high-grade zone at the Happy Valley Project with potential extensions down-plunge and along strike. With subsequent holes AMD002 and AMD003 also showing similar zones with visible gold mineralisation, there is every indication this high-grade corridor is set to expand even further.”

“Given the exceptional tenor of the gold in AMD001 and the proximity to historic high-grade workings, it’s hard not to draw comparisons with early exploration success at Southern Cross Gold’s Sunday Creek, which has turned into the most significant discovery in Victoria in recent years. Our technical team are continuing to evaluate the geometry and controls on the mineralisation and now firmly believe multiple prospects including Happy Valley across the Myrtleford Project area have similar potential.”

Building on Historical Success

Advance’s drilling campaign is focused on extending known mineralization within the Happy Valley system, where historical workings have yielded high-grade gold over decades. AMD001 was drilled 20 meters up-dip from a previous hole (HVD003), which recorded 11.5 meters at 160.4g/t gold.

Upcoming results from AMD002 and AMD003, both reported to contain visible gold in multiple zones, will provide further clarity on the system’s scale. Meanwhile, the company has commenced drilling AMD004 to test for extensions down-plunge.

Strategic Expansion in Victorian Goldfields

The Myrtleford Project sits within Victoria’s gold-rich terrain, which has attracted renewed exploration interest following Kirkland Lake Gold’s high-grade Fosterville discovery and a broader resurgence in the Australian gold sector. With less than 1% of the 13-kilometer Happy Valley trend drilled to date, Advance clearly sees potential. Beyond Happy Valley, the company is targeting a broader exploration push across Myrtleford, including the Twist Creek area, where drilling will commence in the coming weeks.

The company expects full assay results from AMD002 and AMD003 in mid-April, which could further validate the scale of the discovery. Following completion of hole AMD004 at Happy Valley, the diamond rig will move to the Twist Creek area in the northern portion of the Myrtleford Project, where a number of shallow targets will be tested over the coming month • A program of mapping and rock chip sampling is continuing in multiple target areas across the Myrtleford project, with a particular focus along strike from the current drilling at Happy Valley.

Advance recently entered into a binding agreement with Serra Energy Metals Corp. (CSE:SEEM) to acquire an 80% interest via joint venture on the high-grade Myrtleford and Beaufort Gold Projects. Terms of the acquisition were released by the Company on the 6th of January 2025.