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Pacific American Holdings Ltd. ( (AU:AVM) ) has provided an update.
Advance Metals Limited has discovered a new shallow, high-grade gold-bearing quartz vein structure approximately 100 metres east of the historic Happy Valley mine workings at its Myrtleford Project in Victoria, with drill hole AMD016 intersecting 0.6 metres at 66.7 g/t gold less than 50 metres below surface. The find, interpreted as a previously unrecognised structure with a similar orientation to the historically mined but high-grade Porpunkah Reef, represents the shallowest mineralisation drilled at Happy Valley to date and supports the potential for additional parallel lodes, prompting the company to continue step-out and regional drilling with two diamond rigs to test both the new structure and deeper extensions of known lodes, which could materially enhance the project’s resource potential and exploration upside for stakeholders.
The most recent analyst rating on (AU:AVM) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Pacific American Holdings Ltd. stock, see the AU:AVM Stock Forecast page.
More about Pacific American Holdings Ltd.
Advance Metals Limited (ASX: AVM) is an exploration-focused mining company operating in the prolific Victorian Goldfields in Australia. The company is concentrating on high-grade gold targets, particularly around the historic Happy Valley workings within its Myrtleford Project, where it is using diamond drilling to expand and define gold mineralisation at depth and along strike.
Average Trading Volume: 6,507,382
Technical Sentiment Signal: Buy
Current Market Cap: A$82.42M
For an in-depth examination of AVM stock, go to TipRanks’ Overview page.