Pacgold (ASX:PGO) has delineated a coherent gold-arsenic anomaly at its Alice River Gold Project in Queensland, after receiving the first batch of aircore drilling results from the Shadows prospect.
The “outstandingly large” anomaly extends for 1.4km in strike and is up to 200m wide, grading up to 1.5 grams per tonne (g/t) and is open along strike from the Shadows prospect.
Earlier this week, a regional aircore drilling program was completed, with the company expecting the results to generate “a complete geochemical map” of the area.
To date, 781 samples — out of a total 4,273 sent for analysis — have been received.
Pacgold, which has a market capitalisation of $10.38 million, says of significance is the discovery of a new interpreted parallel zone ‘Apache’ 300m to the west of the Shadows main zone, and on the western margin of the Alice River Fault Zone.
The company adds this represents a repetition of the Shadows structure and new target zone for follow-up reverse circulation drilling next season.
Managing Director Matthew Boyes says the scale of what the company is starting to see at Alice River is “compelling”, as shown by the first assays received for the Shadows area.
“We have only received approximately 18% of all the samples dispatched and already delineated an additional large-scale target zone in excess of 1.4km in strike and open at both ends, with some very high-grade results considering this is purely shallow aircore and hasn’t drilled any primary unleashed mineralised material,” Boyes says.
“This bodes well for an extensive reverse circulation drilling program planned to be undertaken in 2025.”
A reverse circulation drilling program, which began in November, has now also been completed with 24 holes drilled totalling 3,191m across four prospects.
The reverse circulation rig will remain onsite over the wet season to be ready to start-up again next year. Pacgold has planned follow-up drilling on multiple aircore targets that were uncovered during the last campaign.
All of the reverse circulation samples are awaiting assaying and will be reported once they become available.
The Alice River Gold Project encompasses 30km of prospective gold targets within 377km2 of granted tenure.
Pacgold is a mineral explorer focused on its project in the northeast Queensland mineral province, which contains several multi-million ounce gold deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Pacgold
