Junior explorer Pacgold Limited (ASX: PGO) has announced that it has defined a series of large-scale gold targets at its Alice River Gold Project in North Queensland as a result of data generated from a recently-commenced exploration program.
The multidiscipline exploration program, involving a high-res IP geophysics survey, geological mapping and rock chip sampling, has provided evidence of a potential gold system lying over more than 3.8km strike, encompassing an epithermal bonanza gold zone, preserved at depth.
“Drilling is planned to commence immediately with initial focus on the Central Target, where the current highest priority drill targets have been defined”
Rock chip sampling uncovers bonanza-style veining
PGO reports that rock chip sampling across the project’s central and southern targets has defined “extensive” zones of chalcedonic quartz vein/breccia averaging over several metres in width. The two primary vein sets continue along an exposed strike of 3.8km, with both confirmed to be gold mineralised.
Assay results from the program include grades up to 28.2g/t Au and 2.7g/t Ag to the west of the central target’s historical AQ pit, and up to 460g/t Au and 82g/t Ag from a channel sample on exposed vein from the south target.
The system remains open to the north, north-west and south.
IP survey increases scale of gold system
An IP survey has been completed over 1.5km of strike at the project’s central target, with further surveying currently underway over the southern and northern targets.
3D modelling has been applied to the high-res IP geophysics data across known areas of mineralisation from the central target, with results defining a series of new high-priority drill targets immediately along strike from the historical high-grade AQ pit, in an area with a low-level of historical exploration.
Data from IP survey at the central target, plotted against historical drill results under the AQ open pitPGO reports that results from the IP survey point to a structural link between the central and southern targets, resulting in a gold system exceeding 3.5km in length and to a depth of 180 metres.
Drilling set to test promising initial targets
Diamond drilling at the project’s central target is scheduled to commence in late August as part of a minimum 4,000m combined diamond + RC program. RC drilling is expected to follow in September, encompassing central, northern and southern targets.
Alice River Gold Project
The 377km² Alice River Gold Project comprises 30km of prospective gold targets within a high-grade epithermal gold system in North Queensland, and has seen limited exploration activity since 2000.
The project is home to the historic AQ open pit mine, along with a series of underground mines that were worked in the early 1900’s, producing 3,000 ounces of gold at an average grade of 30 g/t Au. It was acquired from a deceased estate in 2020, sits on a series of granted exploration permits plus eight granted mining leases.
Management comments
Pacgold Limited Managing Director Tony Schreck said: “Our initial programme has focussed on the Central and Southern Targets and has provided strong indications that these Targets are located in the upper levels of a large-scale epithermal gold system, which provides enormous scope for the ‘boiling zone’ or ‘bonanza gold zone’ to be potentially preserved beneath.
IP geophysics completed so far has been highly successful, mapping in detail the 3D geometry of the known gold-mineralised structures as resistivity lows. Importantly, the geophysics confirms that the Central and Southern Targets are located on one continuous regional-scale structural zone, with greater than 3.8km of strike defined for the gold system. The extent of this gold system has not been previously recognised or drilled due to the wide-spread shallow sediment cover. Drilling is planned to commence immediately with initial focus on the Central Target, where the current highest priority drill targets have been defined.”
Images: Pacgold Limited
