Pacgold (ASX:PGO) has restarted drilling at its Alice River Gold Project in North Queensland, aiming to take on a combination of reverse circulation (RC) and aircore (AC) work.
The program will comprise 4,000m of drilling to investigate priority induced polarisation (IP) geophysical targets at the Southern Target area of the project, alongside ‘high-grade’ gold targets.
This news comes after the $19.26 million market capitalisation company conducted an IP geophysics program over the project. When combined with early 2023 IP geophysical data, the new survey extended the Alice River fault zone by 4km.
Pacgold plans to conduct 2,500m of RC drilling and 1,500m of aircore drilling on 8km of strike within the 30km Alice River fault zone.
Pacgold Managing Director Tony Schreck says IP geophysics continues to represent one of the company’s most successful exploration tools.
“The latest IP regional IP survey data demonstrates further opportunities to test concealed targets through targeted drilling to the south-east of the Southern Target, as we continue to build on the high-grade gold success at the Central and Southern Targets.
Pacgold holds a unique ‘first mover advantage’ over a 30km-long structural corridor, with strong evidence also emerging for multiple parallel structures which could significantly expand the combined strike potential of prospective high-grade structures.
The current drilling program will investigate several key IP geophysical targets interpreted as potential repetitions of the high-grade Central Target where Pacgold’s drilling has focused to date.
“Pacgold holds a unique ‘first mover advantage’ over a 30km-long structural corridor”
Results are also pending for an ongoing regional rock chip geochemical sampling program, as part of the district-scale growth strategy.”
The company notes no previous exploration has been conducted on the newly identified Alice River fault zone extension due to its concealment by shallow cover.
Pacgold is a minerals explorer focused on its Alice River Gold Project on the northern end of the northeast Queensland mineral province.
As of 30 June 2023, Pacgold had $2.5 million cash at hand, according to its latest quarterly report. On 22 September, the company announced it was raising $3.2 million via a placement.
Write to Aaliyah Rogan at Mining.com.au
Images: Pacgold
