Australian Gold and Copper Ltd. Reported an application has been made for a new 118 km2 exploration license called `Nyora' which adjoins the Company's South Cobar Project in the Central Lachlan Fold Belt, NSW. Fourteen samples have been submitted by AGC for rare earth element analysis. These were sampled from historic drill core at the NSW Government core library in western Sydney.

The licence encompasses the Nyora Granite, a 14km long by 1.5km wide A-type, porphyritic granite. It has seen only limited previous sampling by the Geological Survey of NSW confirming elevated REEs and a possible genetic link to the fertile Cobar A-type volcanics. Variable crystallisation zonation that is encouraging for REE potential is mapped in the outcropping parts of the granite however systematic sampling has never been undertaken.

Outcropping areas are flagged for follow up sampling once the licence is granted. The licence is also highly prospective for Cu-Au as it encompasses one of the Cobar Basin margin's crustal scale faults, which is analogous to the Rookery Fault that hosts the high-grade CSA copper mine and the Federation ore body on the eastern edge of the Cobar Basin. The five magnetic bullseyes seen in Figure 1 are typical of the alteration features surrounding such deposits.

Further sampling and geophysics will be undertaken early next year.