PC Gold (ASX:PC2) Executive Chair Ashley Pattison says the Spring Hill Project in the Northern Territory continues to show the characteristics of a “robust, large-tonnage” gold system, after conducting a photon re-assay program.
“What is most encouraging from this photon assay program is that the re-assaying completed to date – representing more than 10% of the entire drillhole database and over 25% of the samples within the Hong Kong wireframes – consistently shows that there is significantly more gold in the system than previously reported,” Pattison says.
“The most important outcome for us is the uplift in the low-grade halo material that surrounds the higher grade core at Hong Kong. This material defines the scale of the deposit, and the increases we are seeing have the potential to add meaningful tonnes and ounces above the current cut-off grade, as well as increase the overall grade of the mineral resource estimate.
“These latest results reinforce our confidence in the growth potential of Spring Hill as we move toward the next phase of resource modelling and feasibility work.”
Almost 940 mineralised diamond drillcore samples were submitted for re-assay by photon assay. These samples were collected from zones of continuous mineralised intervals used for the resource estimate.
Weighted average gold grades increased by 5.5% in the range of 0.1 to 2.5 grams per tonne gold, representing 93% of all samples re-assayed. Mean grade of the sample population falling below the 0.5g/t gold cut-off grade increased by 76%.
Other incremental grades of gold up to 2.5g/t gold all showed increased grades across the intervals. The re-assay dataset is based upon 14 historical diamond drillholes that represent over 10% of the entire drilling database and more than 25% of the total samples within the Hong Kong mineralised domains.
PC Gold, which has a market capitalisation of $71.24 million, will now work with its technical consultants to re-model the Spring Hill resource.
Spring Hill hosts a resource of 821,000 ounces of gold, including 424,000 ounces in the indicated category.
The company raised $13.5 million in its recent initial public offering (IPO), assembling a deeply experienced Northern Territory-based management team to streamline this next phase of growth.
Post listing, PC Gold is focused on growing the resource estimate zone by proving up an exploration target of up to 350,000 ounces while also advancing the North Target Zone that has an exploration target of up to 900,000 ounces.
Write to Aaliyah Rogan at Mining.com.au
Images: PC Gold
