Pacgold Limited, an ASX-listed junior gold explorer, has initiated a significant drilling program at its White Lion gold prospect located in northern Queensland. This marks a pivotal moment for the company as it targets a large induced polarisation (IP) chargeability anomaly that has shown promising indicators, including a high of 38 millivolts (mV) against a background of less than 8 mV. The venture aims to explore the potential of the White Lion target, which is part of the broader Alice River gold project.
Drilling Program and Anomalous Indicators
The maiden reverse circulation (RC) drilling campaign involves 1,460 meters of drilling, focusing on a distinct anomaly measuring 800 metres by 500 metres and located between 50 metres and 250 metres below the surface. This anomaly is characterized by a notable resistivity high and a circular magnetic bullseye, which collectively create a compelling case for further exploration. Such a combination of features is rare in the exploration landscape.
Matthew Boyes, managing director of Pacgold, expressed enthusiasm about launching the drill program, stating, “It is an exciting milestone to have now commenced the maiden RC drilling program at White Lion. This target has never been drill tested before, yet the strong IP chargeability and resistivity anomalies, coincident with the magnetic bullseye feature, present a compelling case for discovery.”
The drilling will consist of ten holes targeted within a 1 km by 1 km area that has been highlighted by various geophysical signals. The White Lion prospect is positioned just 500 metres south of the Alice River fault zone, a key structural feature contributing to the region’s historical gold production. Previous geological assessments indicate that this prospect has never been subjected to drilling.
Strategic Exploration and Future Prospects
Pacgold’s drilling strategy includes carving out four drill lines spaced 200 metres apart, extending down to 180 metres through the heart of the anomaly. The two-week program is anticipated to yield early insights into the geometry and tenor of the gold-bearing structure. Assays will be expedited to ALS, with initial results expected by mid-to-late October 2023.
Adding further excitement, the anomaly is situated in proximity to quartz-breccia gold hits already logged in the fault zone. This strategic location, combined with the strong geophysical signals, has generated considerable optimism among geologists involved in the project. Should the initial drilling campaign yield positive results, plans are already in place for deeper exploration using a diamond rig.
In the current exploration season, Pacgold has already completed over 15,000 metres of drilling across its Alice River project, resulting in a global resource estimate of 854,000 gold ounces with a grade of 1.01 grams per tonne (g/t). This extensive work, alongside a comprehensive regional geophysical program, has positioned White Lion as a high-priority target within the company’s portfolio.
The Alice River project spans 377 square kilometres in a mineral-rich province that hosts other significant operations, including Ravenswood, Pajingo, and Mt Leyshon. With historical production showcasing high-grade gold deposits in the area, Pacgold’s exploration efforts are strategically poised to uncover new opportunities. The anticipation surrounding the White Lion prospect reflects the potential it holds to transform the Alice River area from a historical mining site into a modern discovery narrative.
As the drilling program progresses, industry stakeholders and investors alike are keenly awaiting the results, which could have substantial implications for the company’s future and the broader mining landscape in Queensland.
