High-grade gold has been intersected at Advance Metals’ Happy Valley deposit, as the recent revival of the Victorian Goldfields continues to gather momentum.
Advance has reported high-grade gold of up to 62.3 grams per tonne (g/t) intersected at its Happy Valley deposit, located in the Myrtleford gold project, with the company confirming depth potential and exceptional grades 140 metres below the previous deepest intercepts.
Assay results from the Victorian Goldfields site have bolstered the “high-grade nature” of the deep extension, with results at 3.7 metres at 16.6g/t gold (Au) from 464.5 metres, alongside the above-mentioned intersect at 0.8 metres at 62.3g/t from 465.6 metres.
High-grade gold mineralisation, Advance said, now extends more than 500 metres vertically and remains open in all directions.
Advance managing director Adam McKinnon said the assay confirmations have defined the company’s exploration programs at Happy Valley throughout 2025, and it continues to a substantial depth.
“The latest drilling shows that contiguous, high-grade gold mineralisation extends from the surface to more than 500 metres down-plunge, indicating that the system has scale potential to go with the incredible grades,” he said.
“Given that these results have extended Happy Valley more than 140 metres down-plunge, I believe that AMD-14A [the site] is the single most significant hole completed at the Myrtleford project to date.”
This deep drilling followed previous exploration higher in the system, which returned findings of 8.2 metres at 28.8g/t Au, 7.5 metres at 55.0g/t Au, and 9.4 metres at 18.6g/t Au, all from three different holes.
A second diamond rig now fully mobilised and drilling at Happy Valley, with projects fully funded following a $13 million placement.
McKinnon added that Advance has commenced a maiden drilling program at the Queen of the Hills prospect.
“This represents the first modern drilling of the broader trend outside of the Happy Valley mine and could add significant value to the emerging high-grade discovery in the region,” he said.
Drilling will continue at Happy Valley for the remainder of the year and into 2026, with new holes designed to test continuity and grade distribution.
The first hole for the Queen of the Hills prospect is to be completed by the end of the month.
Confidence in Victorian Goldfields explorations has been boosted recently by several promising results and the granting of approvals for a new tailings facility at Agnico Eagle’s Fosterville project and an exploration tunnel at Catalyst’s Boyd’s Dam prospect.
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