Since first listing on the ASX in July 2021, Pacgold has been investigating the potential of a lesser-known gold region: North Queensland.
Pacgold commenced a debut drill program at its flagship Alice River gold project in August and has continued to expand the project’s potential as assay results have come to light. Prior to Pacgold, the Alice River gold system hadn’t been explored in 25 years.
The junior released its first Alice River drill results in November 2021, represented by four diamond drill holes.
ARDH004 intersected 93m at 0.8 grams per tonne of gold from 131m. This is the widest zone of gold mineralisation reported at Alice River yet and was located 100m below any previous drilling.
Days later, Pacgold intersected 26m at 3.6g/t of gold from 104m, including 3m at 21g/t of gold from 126m from its ARDH007 drill hole.
ARDH007 is located 80m south of ARDH004 and together they defined a new target zone for Alice River extending over 800m south from the historical open pit.
“The assays from drillholes ARDH004 and ARDH007 are an exceptional outcome from the first holes into a new, large-scale target,” Pacgold managing director Tony Schreck said.
“High-resolution induced polarisation (IP) geophysics data highlights the new target zone extending over 800m south from beneath the open pit and these initial two drill holes confirm our interpretation that the system significantly widens only 50m to 100m below surface and is open in all directions.”
Pacgold identified its new drilling target as the F1a zone, which the company proceeded to further explore.
On February 14, Pacgold released the remaining assay results from more than 7000m of drilling (39 holes) the junior has completed.
The highest-grade intersections came from ARDH026 and ARDH027 where 17m at 9.3g/t of gold and 6m at 17.5g/t of gold was discovered respectively.
“These excellent results from Pacgold’s first drill program at Alice River provide compelling evidence that we have reached the tipping point on the path to a potentially large-scale gold discovery,” Schreck continued.
“The wide-spaced drilling is revealing large robust high-grade zones, which is precisely what we expected in this style of high-grade gold system.”
The F1a zone has been extended and Pacgold will commence an expanded drill program on the target zone shortly.