Pacgold (ASX:PGO) has identified multiple new targets within the Alice River Gold Project in North Queensland, after receiving initial results from the Q4 2024 drilling campaigns.
A recalculation and reinterpretation of the gold mineralisation within previously drilled holes on the Central target has been carried out.
Pacgold decided to undertake this to gain a more indepth understanding of the extents of structurally controlled sheeted vein-hosted mineralisation, and also because of the higher prevailing gold price.
The company says this has clearly defined the potential for a “very large bulk tonnage” gold system at Alice River.
Managing Director Matthew Boyes says the results are consistent with a large gold system, with considerable scale continuing to be revealed and clear potential for further expansion.
“We believe we can quickly and significantly expand the footprint of what is already a very large gold system,” Boyes says.
The results from the Southern target demonstrate the potential for a second large discovery within the more than 30km of strike of the Alice River system.
Meanwhile, at the Shadows prospect, drillholes intersected gold in five of the six holes drilled.
Boyes says the mineralised systems at Southern and Shadows look to be replications of the Central zone mineralisation, with grade and width increasing with depth.
“I believe the aircore program completed late last year marks a very important milestone in exploration completed to date at Alice River,” Boyes notes.
“This program has already delineated multiple mineralised anomalies in excess of 5km of strike along a fertile structure, with 55% of the assays still pending reporting for the southern section Victoria and Jerry Dodds target areas.”
Pacgold, which has a market capitalisation of $10 million, plans to initiate reverse circulation and aircore drilling on pre-existing cleared sites, in conjunction with geophysical programs to continue delineating the induced polarisation resistivity zones at the project.
The company is also scheduled to resume drilling in April 2025.
Further, follow-up reverse circulation and diamond drilling in the southern licences is expected to be conducted. The company aims to extend the known mineralisation from drillhole STDH014.
Additional diamond drilling will be carried out at the Central target and reverse circulation drilling on the Shadows, Victoria, and Jerry Dodds prospect areas in Q2 2025.
Pacgold is an Australian gold explorer which controls a 30km gold-bearing shear zone with multiple prospects.
Write to Aaliyah Rogan at Mining.com.au
Images: Pacgold
