AVM brings second diamond rig onto Victorian gold project
Our silver and gold Investment Advance Metals (ASX: AVM) just brought a second diamond rig onto its Victorian exploration asset.
The second rig is on site only 8 days after AVM hit visual gold ~140m below any of the previous drilling done on the project.
(Assays from the intercept that had visuals are expected in 3-4 weeks)
(Source)
Now, AVM will have two diamond rigs on site with drilling to also start on the Queen of the Hills prospect - along strike of the Happy Valley deposit.
Drilling on those prospects will start “within the coming week”.
(Source)
IF AVM can make new discoveries on those targets, the market could finally start to draw comparisons between AVM and $1.2BN Southern Cross Gold.
The difference between the two projects right now is that AVM has one gold system (Happy Valley) whereas Southern Crosse’s is made up of several high grade vein systems…
Some exploration success by AVM could change that though.
(Source)
Over the next few months we are looking forward to seeing:
- AVM drill out and extend the gold mineralisation at Happy Valley.
- AVM drill out and (fingers crossed) make new discoveries on step out targets
What’s next for AVM?
Assay results from AVM’s Victorian gold project 🔄
AVM is currently drilling the Victorian gold asset, and we think the next hole could be the most material (if it comes in) for AVM’s current valuation.
AVM recently reported visible gold had been seen from the drilling cores, so we await the results expected before the end of the year.
(Source)
Being the deepest hole, it is looking to see if the structure extends ~60-80m below known mineralisation.
IF we see a strong hit here, it could change the way the market values the asset.
(Source)
Sampling of old drillcore at the Yoquivo silver project in Mexico 🔄
We are also looking forward to seeing the sampling results from the untested parts of AVM’s Yoquivo project in Mexico continuing.
The old drilling hadn’t been completely tested in the past so we should see the results from this in the coming weeks (hopefully the gaps in the veins from the image below are also mineralised)
The company has detailed that results from this are ongoing and will be used along with the recent diamond drilling results to update the JORC Resource for the project in Q1 next year..
(Source)
Exploration programs getting underway at all 3 Mexican projects 🔄
Drilling is expected to begin at Yoquivo this month where sampling showed grades from new areas as high as 1,594g/t silver equivalent, so we look forward to seeing the rig arriving on site soon…
(Source)
The drilling will also follow up on the area’s AVM drilled earlier in the year:
(Source)
Check out the plan to double the combined resources in Mexico which we covered here.
