Pacgold (ASX:PGO) is planning to begin a drilling program in early Q4 2025, after identifying a magnetic anomaly at the White Lion prospect, within the Alice River Gold Project in North Queensland.
Following completion of reprocessing and reinterpretation of previously collected airborne magnetic data from the White Lion prospect, a magnetic anomaly which underpins a ‘compelling’ target was uncovered.
The anomaly is a magnetic annulus with a non-magnetic core similar in size to the now shuttered Mt Lyshon gold deposit that produced 5 million ounces of gold mainly from 1987 to 2002.
No prior drilling has been completed in the immediate magnetic target area.
The priority for Pacgold is to begin follow-up geophysics and drilling in the near future. Induced polarisation (IP) and airborne drone magnetic surveys will be the first programs completed over this new target at White Lion.
Geophysics crews will be mobilising to Alice River to start surveys in May this year and an exploration activity notice for 12km of heritage surveys has already been submitted for drilling clearance.
Once targeting is completed, Pacgold says it will be in a position to better define geochemical and drill programs to test the anomalies.
Managing Director Matthew Boyes says this anomaly shows how much potential this project holds for the discovery of a multi-million-ounce tier one gold asset.
“Reprocessing of airborne magnetic data has developed a very interesting large-scale target with obvious similarities to the world-class Mt Leyshon deposit located 500km to the south in a very similar geological setting as what we see here at Alice River,” Boyes says.
“This year is a pivotal year for Pacgold and the more targets we develop with the drilling season about to commence, the greater our pipeline of potential success becomes.”
The Alice River Gold Project comprises 30km of prospective gold targets within 377km2 of granted exploration permits and mining leases.
Pacgold is a gold-focused mineral explorer which has the aim to make discoveries in the Northeast Queensland Mineral Province — which contains several multi-million-ounce gold deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Pacgold
