Drilling Commenced at Achilles 3 gold base-metal Target - This is AGC's second of seven high priority drill ready Au-Cu targets

Australian Gold and Copper

Drill rig has been mobilised to the Cargelligo Project, the Achilles 3 gold base-metal target

Drilling commenced over the weekend

Aim is for 7 holes to be drilled for approximately 1,200 metres

This is AGC's second of seven discovery focused Reverse Circulation (RC) drilling campaigns

Company is well-funded to deliver significant follow up drill programs

Australian Gold and Copper Ltd (ASX: AGC) ("AGC" or the "Company") is pleased to announce the Reverse Circulation (RC) Rig has mobilised and started drilling at our Achilles 3 gold and base-metal target at the Cargelligo Project.

The targets at the Cargelligo licence (EL8968) which include Achilles 3, Achilles 2 and Mount Boorithumble, are located in the Southern Cobar Basin and have pre-discovery similarities to the Peak and Hera Gold Polymetallic mines. These Cargelligo targets are located south along strike from the Hera mine and the recent Federation discovery held by Aurelia Metals (ASX:AMI), see figure 1.

AGC's Managing Director Glen Diemar said: "With the success of our first program it was easy to keep the momentum going into this discovery focused drill program."

As per the ACG ASX prospectus lodged 18th November 2020, AGC's near term plan is to move the rig as quickly as possible from target to target with RC drilling of seven near surface gold and copper targets.

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