Australian Gold and Copper Ltd. (AGC) has completed the acquisition of the Browns Reef tenement package from Eastern Metals Ltd., expanding its South Cobar project in New South Wales.
The acquisition involved AU$200,000 in cash, 6.933 million AGC ordinary shares issued to Eastern Metals and a 1.5 per cent net smelter return royalty from EL6321.
The Browns Reef project comprises of four New South Wales tenements which will add 1,269 kilometres of exploration tenure to AGC’s existing tenure and expanding AGC’s South Cobar project to a total of 2,600 kilometres.
AGC managing director Glen Diemar said doubling the company’s landholding in South Cobar is a massive growth step.
“The Browns Reef deposit is an advanced stage target with significant historical drilling along a 6.5 km strike.
“Browns Reef hosts numerous areas of high-grade mineralisation already drilled, spanning hundreds of metres in strike length.
“There are large gaps where additional mineral inventory will be targeted,” Diemar said.
AGC said Browns Reef also has an extensive 6.5-kilometre-long alteration zone comprising zones of silicified, pyritic and ferruginous outcrop and float, which remains untested by drilling.
AGC has been reviewing drill core and other geological data sets since agreeing to the acquisition and has developed its own priority target areas.
AGC’s first exploration program at Browns Reef is planned to start in the first quarter of 2026. This drilling will be directed towards declaring a maiden mineral resource estimate for Evergreen.
“We will focus our initial drilling at the silver-gold rich northern prospects, Evergreen and Kelpie Hill, with the potential to deliver an early maiden resource, which will have strong synergies with our Achilles deposit,” Diemar said.
