PC Gold (ASX:PC2) has received support for the potential growth of a resource estimate at the Spring Hill Project in the Northern Territory, after intersecting gold from a diamond and reverse circulation drilling program.
Executive Chairman Ashley Pattison says given the proximity of the project’s targets to the existing resource boundary and the “favourable” terrain, the company sees a strong opportunity to add meaningful near-surface ounces to Spring Hill.
“With existing approvals already in place for future open-pit mining activities, we are well-positioned to advance both resource growth and development opportunities across the entire Spring Hill system,” Pattison says.
Three drill rigs are currently onsite post a recent initial public offering and listing on the Australian Securities Exchange, as Mining.com.au reported.
This news comes after PC Gold completed the phase one drilling program, which focused along strike step-out drilling over 1.3km of strike to the northwest of the mineral resource boundary.
PC Gold says the area has historically been lightly drilled and the current program followed up five historical drillholes that contained potentially economic mineralisation. The historical holes had not been evaluated or followed up for more than 30 years.
Some of the latest results include 3m @ 18.52 grams per tonne gold from 162m; 0.7m @ 11.16g/t gold from 58.7m; and 2m @ 10.32g/t gold from 48m.
Pattison says the combination of “high-grade” intersections, visible gold, and the potential extension of the Eastern Lode highlights the scale and quality of mineralisation emerging across the project area.
“The discovery of the new Macau extension targets reinforces the project’s significant upside potential, well beyond the limits of the current mineral resource estimate,” Pattison says.
The Spring Hill Project, located in the Pine Creek province, hosts a resource of 821,000 ounces of gold including 424,000 ounces in the indicated category.
PC Gold is a precious metals explorer focused on discoveries in the Pine Creek region of the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: PC Gold
