Pacgold (ASX:PGO) has completed a drilling program at the Posie prospect within the Alice River Gold Project in Queensland, which aims to enhance and extend the mineral resource.
A follow up program is being planned on high-grade shoots at Posie.
Assays have been received for 20 holes, with visible gold intersected in parallel structures outside the current resource.
Some of the results include 1.46m @ 25.2 grams per tonne gold from 70.54m, including 0.86m @ 42.3g/t gold from 70.54m; and 5m @ 3.2g/t gold from 50m, including 2m @ 5.5g/t gold from 53m.
Managing Director Matthew Boyes says the program included diamond drilling to gain a better geological understanding of the gold system and assays have confirmed the potential for an increased mineral resource estimate (MRE).
“The mineralisation at Posie is open along strike and at depth providing potential for MRE growth,” Boyes says.
“These hanging wall structures at Posie haven’t previously been drilled so it’s basically a new discovery of another very high-grade vein system parallel to the high-grade Central Target area.
“We may have potential for multiples of these stacked veins as we step out away from the main Alice River Fault Zone.”
A maiden reverse circulation drilling program is beginning this week at the White Lion prospect, with up to 10 holes for 1,500m of drilling. The program will test a combination of the induced polarisation (IP) chargeability and resistivity anomalies, in parallel with the magnetic donut complex.
Drilling will also test the depth and strike potential of the outcropping gold-bearing veins on the Alice River Fault Zone to the immediate north of the geophysical anomalies.
The Alice River Project comprises 30km of prospective gold targets within 377km2 of granted exploration permits and mining leases.
Write to Aaliyah Rogan at Mining.com.au
Images: Pacgold
