Pacgold Limited (ASX:PGO) reports ‘high-grade’ gold has been intersected in step-out drilling at its Alice River Gold Project, North Queensland.
The company reports ‘significant’ depth extensions of the F1a zone ‘high-grade’ gold mineralisation after receiving drilling assay results from an initial five diamond (DD) and reverse circulation (‘RC’) drillholes.
Ten holes have been completed with a further eight RC pre-collars completed and awaiting DD tails to extend to target depth.
‘High-grade’ results from wide-spaced, step-out drill holes at ARDH044 include:
- 5m @ 2.0g/t Au from 242m, including 2m @ 13.3g/t Au from 255.8m
- 1m @ 19.0g/t Au from 294.5m
- 5m @ 2.8g/t Au from 321.4m, including 0.9m @ 35.0g/t Au from 342.6m, and including 0.3m @ 61.1g/t Au from 348.8m
The current drilling program of 17,500m is about 30% advanced with 2,638m RC and 2,048m DD completed.
The current drilling program of 17,500m is about 30% advanced with 2,638m RC and 2,048m DD completed
About 80% of the drill program will focus on the F1a zone (Central Target) with the remaining 20% to investigate other targets, within the Southern and Northern Targets.
Commenting on the results, Pacgold Managing Director Tony Schreck said: “Pacgold is well advanced on the 2022 drilling program with the initial focus to test the extent and tenor of the F1a zone at the Central Target.
The wide-spaced, step-out drilling completed so far highlights excellent continuity of the gold system extending to depth (open), with early definition of the gross geometry of high-grade gold zones emerging.
Our enhanced understanding on the structural controls to the gold mineralisation from detailed studies earlier this year are being validated and will underpin continued expansion of both the F1a mineralisation and regional scale target generation.”
The multiple ‘high-grade’ intersections within ARDH044 are located about 80m below the previously released Pacgold intersection of 17m @ 9.3g/t Au2 (ARDH026) and demonstrates excellent continuity of the ‘high-grade’ zone.
Further drilling is required to better define the detailed geometry of the ‘high-grade’ gold zone and it is possible that the zone has a moderate southerly plunge. Additional drilling will be undertaken in the short-term to better constrain the geometry, which is currently defined by wide-spaced drilling (80m to 160m spaced centres).
The company reports that greater understanding on the geometry and plunge will allow deeper drilling to be more focused.
Two DD rigs plus one RC rig will continue drilling at the project for at least the next 4 months as part of the current drilling project, with 80% focus on the Central Target and 20% as part of the Project Pipeline (including Southern and Northern Targets).
Pacgold is focused on the Alice River Gold Project situated at the northern end of the Northeast Queensland Mineral Province. This ‘gold-rich’ province contains several multi-million-ounce gold deposits including Pajingo, Mt Leyshon, Kidston, and Ravenswood.
Images: Pacgold Limited
