Pacgold (ASX:PGO) will embark on further exploration and induced polarisation (IP) geophysics next year at the Alice River Gold Project in Queensland after identifying multiple new regional structures.
The $15.49 million market capitalisation company recently conducted a reconnaissance mapping and rock chip sampling program, which confirmed new ‘high-grade’ gold mineralisation hosted by outcropping quartz lodes at the project.
At the Jerry Dodds prospect, rock chip sampling of the vein exposures confirmed anomalous gold mineralisation along the entire 2km of exposed veining, with a peak value of 47.4 grams per tonne (g/t) Au.
Pacgold reports ‘significant’ extension of the Alice River fault zone defined 3.8km north of the northern target at the Kapok prospect, with rock chip results returning 2.2g/t Au.
Meanwhile at the newly identified zone, the Stockade prospect, widespread anomalous rock chip results returned up to 1.5g/t Au.
Pacgold Managing Director Tony Schreck says these latest results highlight the potential for multiple gold-mineralised regional-scale structures and the company is rapidly defining new prospective ‘high-grade’ gold structures, as well as new areas.
“Our momentum on the exploration program continues at a high pace and we see an incredible opportunity to significantly grow our pipeline of high-grade targets, as we continue to apply our successful exploration model and targeting strategy on a district scale.”
Following today’s (20 November) announcement, Pacgold’s share price has climbed 18.91% at $0.220 as of 12:15pm AEDT today.
Further, Pacgold says its 4,000m reverse circulation (RC) drilling program restarted in early October and drilling is 70% complete. Drilling has been investigating 6 priority IP geophysical / ‘high-grade’ gold targets.
The company says results will be reported in due course.
Pacgold is an ASX-listed minerals explorer focused on its Alice River project which sits at the northern end of the Northeast Queensland Mineral Province.
As of 30 September 2023, the company had $4.3 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au