Pacgold (ASX: PGO) reports that it has ‘significantly’ expanded the newly-discovered F1a gold zone following the completion of a diamond and RC drilling program at its Alice River Gold Project in North QLD.
The campaign saw a total of 39 holes drilled for 7,025m, with results from 25 holes delivering highlight grades at the project’s Central Target including:
- Hole ARDH026: 17m @ 9.3g/t Au from 192m; including
- 3m @ 25.3g/t Au from 195m
- Hole ARDH006: 6m @ 6.5g/t Au from 218m; including
- 1m @ 26.1g/t Au from 223m
The company reports that the results underline a ‘significant’ expansion of F1a, situated below and along strike from the historical open pit.
Addressing the results, Pacgold Managing Director Tony Schreck said: “This excellent result in drill hole ARDH026 represents a pivotal advance for our Alice River Project, providing compelling indications we have just intersected the top of a large, high-grade gold system only 100m below surface. We have achieved rapid success applying the gold mineralisation model based on the tier-1 Donlin gold deposit in Alaska, which suggested potential higher grades as we transition deeper into the system.
“[this provides] compelling indications we have just intersected the top of a large, high-grade gold system only 100m below surface”
Results are pending for an additional 7 drill holes completed over 250m strike, targeting the zone between 100m to 320m below surface. All 7 holes intersected broad zones of alteration and veining associated with the target.”
Drill hole ARDH027 at the Central Target has also delivered a series of visible gold intersections, located 130m along strike from ARDH026. Over 50 individual grains were noted within a 1m interval from 217m, contained with a wide zone of veining and alteration.
Further drill work at the Southern Target has confirmed that it is linked with the Central Target via an ‘extensive’ gold system situated over 3.5km of strike.
Assay results are pending for a further seven holes completed at the F1a zone, with results expected within five weeks.
Images: Pacgold Limited