Pacgold (ASX:PGO) continues to produce ‘positive’ results at its Alice River Gold Project following the results of recent IP geophysics data processing and interpretation from recent surveys.
The IP geophysics, completed in Q4 2022 at the project, located 300km northwest of Cairns in North Queensland, extended the resistivity low ‘corridor’ at the Southern Target by an additional 2km to the southeast (below shallow sand cover), and now defines a compelling target that extends more than 3.8km
Speaking to Mining.com.au ahead of the Brisbane Mining Investor Conference next week where he will be presenting, Managing Director Tony Schreck says the latest IP geophysical data has most certainly exceeded expectations.
“(It) now provides compelling support that the entire Alice River gold project represents a district-scale opportunity completely overlooked by previous owners. Pacgold is now presented with an opportunity to be the first explorer to apply the successful targeting models that have led to the rapid high-grade discoveries on the Central Target across a highly prospective 30km trend.
“Pacgold is now presented with an opportunity to be the first explorer to apply the successful targeting models that have led to the rapid high-grade discoveries on the Central Target across a highly prospective 30km trend”
In the coming 3-6 months, drilling will focus not only on the Central Target where step-out resource drilling will continue on the four high-grade zones discovered to date, but also the large-scale Southern Target. The Southern Target has strong synergies with the Central Target and appears as the next major gold system immediately along strike from the Central Target.”
The Southern Target is located 2km south of the Central Target and is a broad gold system coincident with IP geophysics (resistivity low), reflecting the system’s alteration and mineralisation character.
Three further IP geophysical surveys were completed on the project in Q4 2022, including the northern strike extension of the Central Target covering the Northern Target, the Posie Prospect (located 5km to the north-northwest of the Central Target), and the White Lion Prospect located 9.6km to the southeast of the Southern Target.
Pacgold had $5.7 million cash at hand as of 31 December, which the MD notes places the company in a strong position.
“We have 3 rigs mobilising to site with drilling on the Central and Southern Targets funded into the second half of the year.
This year will see us complete over 14,000m of RC and diamond drilling to continue to expand the step-out resource drilling success from 2022 and to also evaluate new high-priority, regional targets define by the latest IP geophysics.”
The MD adds that Pacgold has a strong technical team, a high-quality gold asset located in a tier-one jurisdiction and the company is well-funded.
“I see these as the key ingredients for a successful junior gold explorer and with these in place I see the company can then create its own opportunities. In my view, this is why more than 20% of the Pacgold share register is made up of high-quality institutional investors, which gives us a point of difference against our peers.”
Meanwhile, Schreck says the Brisbane Mining Investor Conference next week simply provides Pacgold a great opportunity to connect with existing shareholders and new investors to update them on the high-grade gold discovery made at Alice River.
“Phil Dickinson and his team always put on a great conference with an impressive turn-out of investors.”
Pacgold is progressing the Alice River Gold Project, 300km northwest of Cairns, North Queensland. The project comprises a portfolio of 8 mining leases and five exploration permits in a ‘highly prospective’ and largely underexplored gold terrain. The company’s focus is on 3 priority targets covering 9km of the Alice River gold-bearing fault zone – the Central Target; Southern Target; and Northern Target.
The Brisbane Mining Investor Conference is an investor event launched in 2018 that provides investors, brokers, and fund managers a better understanding of current investment opportunities in Australia’s mining, energy, and exploration sectors.
Write to Adam Orlando at Mining.com.au
Images: Pacgold Ltd
