Pacgold (ASX:PGO) will resume drilling at the Alice River Gold Project following the wet season (typically late March) in Queensland to allow all assays results to be received and data to be compiled and interpreted from its 2022 drill program.
The company reports that the next phase of drilling will involve additional step-out drilling targeting the depth and strike extensions of the high-grade shoots on the F1a zone, along with depth and strike extensions of the Southern Target. It is planned to have 1-2 drill rigs remain on site during the wet season to allow for rapid recommencement of drilling following the wet season.
During the 2022 program, 40 diamond and reverse circulation (RC) drillholes have been completed on the Central Target, with assay results still pending for 4 drill holes targeting the F1a and F1b zones.
Additionally, 2 DD holes were completed on the Southern Target with assay results pending for both holes.
Pacgold reports that a total of 5,785m RC and 6,832m DD were completed on the Central Target and 407m DD (2 holes) completed on the Southern Target during the recent program. Drilling has currently paused on the project, to allow for data compilation, technical assessment, and planning for the next phase of drilling, expected to recommence in late Q1 2023 (following the wet season).
An expanded IP geophysics survey is currently 50% complete on the Project, aimed at defining an additional 7km of extensions along the Alice River shear zone.
Drill results are pending for 6 drill holes (Central and Southern Targets) all of which intersected strong veining and alteration, in addition to multiple visible gold occurrences in drilling at the Southern Target.
IP geophysics is underway on the Northern Target and extensions along the Alice River Shear Zone to the north-west and south-east of the current IP coverage. This work expected to be completed in early December.
Pacgold Managing Director Tony Schreck said: “The discovery of a fourth high-grade shoot 200m north of the open pit is a tremendous endorsement for our exploration model and provides additional strong evidence that the F1a zone represents the upper portions of a large-scale gold system with high-grade shoots developing from near surface and extending to depth.
“On its own, the F1a zone at the Central Targets is a massive gold system over 1.5km in strike and extending to greater than 500m below surface”
On its own, the F1a zone at the Central Targets is a massive gold system over 1.5km in strike and extending to greater than 500m below surface. Our exploration program is expanding over the Southern Target where historical shallow drilling (average hole depth 40m) has defined a near-surface, large-scale gold system with a geochemical footprint that is greater than that of the Central Target. Two recent diamond holes have been completed on the Southern Target, with both holes intersecting broad zones of veining and alteration and multiple occurrences of visible gold in one of the holes (results pending).
Pacgold has a unique opportunity to apply the new and successful exploration models, which we have developed on the Central Target to the Southern Target to define high-grade gold zones and we look forward to continue building upon our exploration success to date.”
Pacgold is an ASX-listed minerals exploration company 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-oz gold deposits including Pajingo, Mt Leyshon, Kidston, and Ravenswood.
Write to Adam Orlando at Mining.com.au
Images: Pacgold Limited
