Pacgold (ASX:PGO) reports 22 diamond and reverse circulation (RC) drillholes have been completed on the Central Target as part of its Alice River drilling program.
The company notes that assays results are pending for 12 drillholes targeting the F1a zone withing the 100% owned Alice River Gold Project in North Queensland.
Pacgold notes that a ‘spectacular’ intersection from the newly drilled ARDH061, with over 200 occurrences of visible gold has been found over a 16.4m wide downhole interval (from 242m), representing the best intersection of visible gold drilled to date at Alice River
ARDH061 is a wide-spaced step-out drill hole on the F1a zone, 80m along the targeted down plunge extension from the previously identified ‘high-grade’ gold zone of 17m @ 9.3g/t Au, including 3m @ 25.3g/t Au1 (ARDH026, completed 2021).
The company reports that early success of this step-out drilling provides ‘excellent indications’ for the discovery of multiple potential ‘high-grade’ shoots along the F1a zone, which has now been encountered over a 1.5km strike and to a depth of over 500m (open along strike and at depth.
The current drilling program of 17,500m is about 50% advanced with 4,805m RC and 4,408m DD completed. Some 80% of the drill program will focus on the F1a zone (Central Target) with the remaining 20% to investigate other areas, within the Southern and Northern Targets.
Pacgold’s share price had skyrocketed 21.428% to $0.510 as of 1.15pm AWST.
“The intersection of visible gold over a 16-metre zone is a stunning outcome”
Addressing the drill works, Pacgold Managing Director Tony Schreck said: “The intersection of visible gold over a 16-metre zone is a stunning outcome and represents the first of what we believe could be potential multiple high-grade zones developed along the F1a zone.
The first phase of our 2022 drilling program has been dominantly wide-spaced drilling defining the broad geometry of the large-scale gold system along the F1a zone. The current drilling is now focusing on multiple, interpreted high-grade shoots in a stacked geometry.
Assay results are pending for 12 holes, all of which have intersected strong veining and alteration. In particular, results are also pending for ARDH051 (also containing visible gold) which appears to define another potential high-grade shoot.”
ARDH061 will be logged, sampled, and dispatched to the analytical lab in coming days. Two DD rigs plus one RC rig are planned to continue drilling at the project for the next 3 months as part of the current drilling program.
IP geophysics is planned as infill on the Northern Target and extensions along the Alice River Shear Zone to the north-west and south-west of the current IP coverage.
This work is currently scheduled for Q4 2022.
Write to Adam Orlando at Mining.com.au
Images: Pacgold Limited
