Mineral exploration company Pacgold (ASX:PGO) has restarted drilling as part of an initial 5,000m drilling program at its Alice River Gold Project, located 300km northwest of Cairns in North Queensland.
The company reports the drilling consists of a diamond drill rig currently on site on the central target and a second diamond rig on the southern target. Additionally, a reverse circulation (RC) rig is arriving this week and will be used on an as-needed basis to complete RC precollars.
Commenting on the upcoming exploration activities, Pacgold Managing Director, Tony Schreck says: “On the central target, step-out drilling will focus on expanding high-grade zones along strike and down dip as we move towards an initial resource in accordance with the JORC code. On the southern target, the focus will be on drilling beneath the large-scale gold system defined by shallow historical drilling.
The compelling similarities between the central and southern targets supported drilling deeper to investigate potential for high-grade zones. Latest IP geophysics also support the southern target extending over 3.8km with shallow drilling on less than half the target.”
Pacgold reports that regional exploration will be continuing over the next 3 months with surface geochemistry and field mapping to be completed over new target areas.
“The compelling similarities between the central and southern targets supported drilling deeper to investigate potential for high-grade zones”
Additionally, the company notes drilling of these targets is planned for Q3 2023, along with IP geophysics planning to begin with the aim of defining further extensions to priority target structures.
The Alice River Gold Project covers an historical ‘high-grade’ goldfield and open-pit mine with 8 mining leases and 5 exploration permits over an area spanning 377km-square.
Pacgold is an ASX-listed exploration company, focused on the Alice River Gold Project situated at the northern end of the Northeast Queensland Mineral Province. The province is gold-rich and contains several multi-million-ounce gold deposits, including the Pajingo, Mt Leyshon, Kidston, and Ravenswood.
Images: Pacgold Ltd
