Pacgold (ASX:PGO) is looking to test previously uncovered geophysical anomalies in a maiden drilling program at the White Lion prospect within its wholly owned Alice River Gold Project in North Queensland.
The company will conduct 1,460m of drilling across 10 reverse circulation holes to a maximum depth of 180m, targeting a ‘high intensity’ induced polarisation (IP) chargeability anomaly that is concurrent with a bullseye magnetic anomaly previously delineated.
The program has planned four drill lines, each spaced 200m apart, expected to take two weeks to complete before returning assays by late October.
Results from gradient array and pole-dipole IP surveys were integrated to develop targets, noting a peak chargeability feature as high as 38 millivolts surrounded by less than 8 millivolts.
This anomaly hosts dimensions of 800m by 500m to a depth of between 50m and 250m below surface, only 500m south of gold mineralisation that hosts outcropping quartz breccia.
Managing Director Matthew Boyes describes the commencement of a maiden drilling program as an “exciting milestone” for the company.
“This target has never been drill tested before, yet the strong IP chargeability and resistivity anomalies, coincident with the magnetic bullseye feature, present a compelling case for discovery,” Boyes says.
Pacgold will determine further drilling programs after the return of results, with a diamond drill rig currently located at Alice River and accessible for deeper drilling if justifiable.
Pacgold is a mineral explorer focused on developing its portfolio of assets located in the northern end of the Northeast Queensland Mineral Province.
Write to Maddison Elliott at Mining.com.au
Images: Pacgold
