Perth, Australia – 6 November 2025: Advance Metals Limited (ASX: AVM) is pleased to announce that a second diamond drill rig has been mobilised to accelerate exploration along the Happy Valley Trend at the Company’s Myrtleford Project in Victoria, following the recent intersection of visible gold approximately 140 metres below the previous deepest hit.
The addition of a second rig will allow Advance to fast-track drilling and expand the scale of the Happy Valley gold system while also commencing maiden drilling at the nearby Queen of the Hills prospect.
Highlights
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Advance recently reported visible gold* in AMD014A from 465m down hole, 140m below any previous intersection, demonstrating strong depth continuity
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Given the potential significance of these results to the scale of the gold system at Happy Valley, a second diamond drill rig will be mobilised to site
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The diamond program will now continue at the Happy Valley Deposit, with further drilling to define and expand the system at depth
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Planned maiden drilling at the nearby Queen of the Hills prospect, located along strike of the Happy Valley deposit, is also expected to commence within the coming week
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First gold assays from AMD014A are expected in 3-4 weeks
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Exploration programs are fully funded following a recent $13 million Placement
Managing Director’s Comment
Advance Metals Managing Director Dr Adam McKinnon said mobilising the second rig marks an important step in accelerating the Company’s momentum at Happy Valley.
“Mobilising the second drill rig at Happy Valley will allow us to rapidly test the down-plunge and along-strike potential opened by the recent visible gold intercept. While assays are still pending, the scale we’re starting to see justifies extending the program and commencing maiden drilling at Queen of the Hills in parallel with the Happy Valley drilling.”
He added:
“This acceleration is fully funded following our recent $13 million placement, which enables us to advance this targeted program with pace. Beyond our Victorian assets, we’re also executing a clear growth plan in Mexico, where we’ve reported high-grade results from Yoquivo and strengthened our in-country team with new Advisory Board appointments. Together, these initiatives position Advance to deliver strong shareholder value in the near term.”
Drilling Details
The decision to mobilise a second rig follows the intersection of visible gold in hole AMD014A, extending mineralisation by more than 140 metres below previous intercepts and demonstrating excellent continuity at depth. Ongoing drilling will target the plunge, strike, and grade continuity of the Happy Valley Deposit, with assays from AMD014A expected later this month to guide follow-up drilling.
A second rig will also initiate maiden drilling at the Queen of the Hills prospect, located 4.5km west-southwest of Happy Valley, which features historic high-grade workings similar to the Happy Valley Mine. Two initial holes are planned, with additional drilling to follow based on results.
Next Steps
Advance will continue diamond drilling at Happy Valley, commence maiden drilling at Queen of the Hills, and report first gold assays from AMD014A within 3–4 weeks. Follow-up work will focus on expanding the broader Myrtleford Gold Project area.
About us:
ABOUT US
Advance Metals Limited (ASX:AVM) is a silver and gold exploration and development company with multiple high grade assets in North America and Australia.
In less than 12 months, AVM has executed three strategic acquisitions in the prolific Sierra Madre Belt, giving it a +100Moz AgEq endowment and making it the largest ASX participant in this space in Mexico.
Importantly, all three projects have significant district-scale upside potential, with AVM targeting a doubling of its endowment to >200Moz AgEq in Mexico in the medium term.
In Australia, AVM is currently exploring the ultra-high grade Myrtleford Project in the Victorian Goldfields, with early drilling at already delivering spectacular results such as 7.5m @ 47.9g/t Au and 8.2m @ 22.4g/t Au.
Contact details:
Jane Morgan – Investor & Media Relations
+61 (0)405 555 618
[email protected]