Pacgold Limited, an Australian gold exploration company, has reported significant findings from its Alice River project in north Queensland. The latest assay results from a total of 45 reverse circulation drill holes reveal extensive gold intersections, including several high-grade surprises. This development comes as Pacgold prepares for an extensive drilling program at its White Lion prospect, which exhibits characteristics reminiscent of the renowned Mount Leyshon gold system.
Significant Gold Discoveries at Alice River
The newly released assays are part of a 13,000-metre drilling initiative aimed at exploring multiple targets within the Alice River gold project. Since the beginning of this campaign in late April, Pacgold has focused on a fault zone extending approximately 30 kilometres, identified for its potential to host multiple gold deposits. The project currently boasts a global resource of 854,000 ounces of gold, with an average grade of 1.01 grams per tonne (g/t).
Central to this resource is the Central Target, which alone accounts for approximately 470,000 ounces of indicated and inferred gold. Following closely is the Southern Target with 317,000 inferred ounces, and the Northern Target, contributing an additional 68,000 inferred ounces. The geological features of the Alice River project suggest it is part of a larger intrusion-related gold system, showing similarities to globally recognized sites such as the Fort Knox mine in the United States and DeGrey Mining’s Hemi discovery in Western Australia.
Drilling Campaign Yields Encouraging Results
Pacgold has already completed over 10,900 metres of its drilling campaign, exceeding the original target of 10,000 metres. This decision to extend the drilling appears to be yielding positive results, as new assays indicate that existing gold lodes may stretch further than previously thought. Notably, at the Southern Target, one drill hole revealed an impressive 54 metres grading 0.5 g/t gold from just 21 metres depth, with notable high-grade sections of 4 metres at 2.7 g/t and 2 metres also at 2.7 g/t.
Additionally, another hole returned a remarkable 15 metres grading 1.5 g/t gold from a depth of 101 metres, which included a standout 1-metre section running at 18.5 g/t. Further drilling in the northern part of the Southern Target identified two broad, lower-grade sections of 20 metres at 0.5 g/t and 18 metres at 0.7 g/t, suggesting potential extensions beyond the current resource area.
At the Central Target, assays also confirmed the presence of substantial mineralization, with results including 10 metres grading 0.8 g/t from 121 metres and significant intercepts of 2 metres at 4.2 g/t from 55 metres depth. These findings collectively underscore the potential for broad areas of shallow mineralization alongside high-grade lodes.
Beyond its primary targets, Pacgold is actively exploring regional prospects. Assays from the Posie prospect, located near the northern boundary of its tenements, are currently pending laboratory results. Meanwhile, drilling operations continue at other sites, including Victoria and Jerry Dodds, as the company follows up on promising anomalies identified in previous air core drilling.
Pacgold has also conducted four diamond drill holes, totaling 617 metres, with two holes at Central and two at Posie. This core is expected to provide valuable insights into the geological structure and assist in future exploration efforts. Notably, the Posie holes represent the first core samples obtained from that area, which may prove crucial for understanding the local geology.
As the current drilling program approaches completion, Pacgold will shift its focus southward to initiate drilling at the White Lion target. This site has been characterized by management as one of the most promising targets within the entire project area. According to Matthew Boyes, managing director of Pacgold Limited, “White Lion is the most compelling target I have seen developed to date, with a chargeable body measuring up to 1.2 kilometres in strike and 500 metres in width located approximately 50-80 metres below the surface.”
Pacgold has also completed its regional air core program, resulting in 432 holes drilled for a total of 4,608 metres. Results from this program are anticipated in the coming weeks and are expected to reveal additional targets for future drilling efforts later in the year. With extensive mineralized zones and exciting high-grade lodes emerging, Pacgold is poised to maintain momentum as exploration at Alice River continues to unfold.
For further inquiries regarding Pacgold Limited’s activities, interested parties can reach out to [email protected].
