• Step-out drill hole AMD016 intersected coarse visible gold in a previously unrecognized structure
• Assay results confirmed high grade nature of the new structure: 0.6m at 66.7g/t Au
• The new zone is the shallowest gold mineralization intersected at Happy Valley to date, less than 50m below surface

Advance Metals Ltd (ASX:AVM) has announced the discovery of a new high grade gold zone to the east of the historic Happy Valley workings on its Myrtleford Project in the Victorian Goldfields, Australia. Drill hole AMD016 unexpectedly intersected a mineralized quartz vein displaying multiple patches of visible gold up to 4mm in size, located approximately 100m east of the existing Happy Valley workings. Assay results for the upper portion of this hole have confirmed the high grade nature of the new structure, returning 0.6m at 66.7g/t Au from 51.3m. This newly identified mineralization is the shallowest gold encountered in drilling at Happy Valley to date, occurring less than 50m below surface. Structural measurements indicate the new zone may be parallel to the narrow but high grade Porpunkah Reef that was previously mined in the historic workings. The company's technical team is currently evaluating the potential of this area, with further drilling planned to test the continuity and orientation of the new high grade zone. A new step-out drill pad has been established to the north to facilitate deeper exploration of the main Happy Valley system, which will also test the newly discovered zone at depth. Assays are pending for the remainder of AMD016 as well as for recent regional exploration holes testing targets along strike from Happy Valley.

Advance Metals will continue drilling at Happy Valley to further define the new high grade gold zone and test the depth potential of the main mineralized system. Regional exploration will also continue along the broader Happy Valley trend.