Pacgold (ASX:PGO) continues to progress reverse circulation drilling program at its Alice River Gold Project in northern Queensland with 21 holes for 2,800m of drilling conducted to date.
The program has focused on the Central and Southern targets, and includes follow-up drilling at the Jerry Dodds prospect that was tested in 2023. First-pass drilling of the new quartz vein zone on the Shadows prospect has also taken place.
A further six holes totalling 500m are planned over the next week.
Pacgold expects all of the samples to be submitted to the ALS laboratory by mid-December 2024.
Managing Director Matthew Boyes says the reverse circulation drilling program has exceeded the company’s planned production rates.
“The Centurion team, while abiding by our strict company heritage and ecological policies, have provided a quality product and produced an excellent sample quality,” he says.
“The reverse circulation rig will not be mobilised back to Cairns for the summer period and will be available to start a significantly larger program in late Q1 2025.”
Meanwhile, Pacgold has completed an aircore drilling program at its Alice River Gold Project, with the results expected to generate “a complete geochemical map” of the area.
The program consisted of 749 aircore holes totalling 7,185m of drilling, spanning 14km of interpreted strike at the Alice River Fault Zone (ARFZ). The results have since been sent to the ALS laboratory in Townsville for analysis.
In October, Pacgold, which has a market capitalisation of $10.51 million, restarted drilling at Alice River to investigate priority induced polarisation (IP) geophysical targets.
Boyes says the program, along with the pending geochemical map, are crucial to developing drilling targets over both the IP anomaly and the ARFZ.
“I am very keen to see the first batches of assays come in after the encouraging visuals that were logged during the drilling campaign,” Boyes says.
The Alice River Project comprises 30km of prospective gold targets within 377km2 of granted exploration permits and eight granted mining leases.
Pacgold is an Australian gold explorer focused on its wholly owned Alice River Project in North Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: Pacgold
