Pacgold Limited (ASX: PGO) has restarted drilling on the company’s Alice River Gold Project, 300km northwest of Cairns, North Queensland, Australia.
One diamond rig is currently on the Central Target and a second diamond rig on the Southern Target. An RC rig is arriving on site this week and will be used on an as-needed basis to complete RC pre-collars.
The current drilling at the Central and Southern Targets forms part of an initial 5,000m (approximately two months) programme.
Regional exploration will also continue over the next three months with surface geochemistry/field mapping to be completed over new target areas. Drilling of these targets is planned for Q3 2023. Additional IP geophysics is also planned to commence in Q3 2023, aimed at defining further extensions to priority target structures.
The application of the Donlin gold model (Tier 1 IRGS gold deposit in Alaska) continues to represent an important driver behind Pacgold’s exploration success to date on the Alice River gold project.
Drilling by Pacgold at the Central Target highlights the near surface gold mineralization representing the upper halo to multiple high-grade zones >100m below surface. Of note with this model is the potential for high-grade gold zones to have a significant vertical component. High-grade mineralization has now been identified over 500m vertical extent at the Central Target.
IP geophysics (resistivity lows) continues to represent an important targeting tool on the Project. There is an excellent correlation between the resistivity lows and the gold mineralization at the Central Target and highlights excellent prospectivity along strike.
“We are excited to re-commence drilling on the Central and Southern Targets as we continue to redefine the Alice River Gold project as a district- scale opportunity which has been completely overlooked by modern exploration,” Managing Director, Tony Schreck, said.
“On the Central Target, step-out drilling will focus on expanding high-grade zones along strike and down dip as we move towards an initial resource in accordance with the JORC code.
“On the Southern Target, the focus will be on drilling beneath the large-scale gold system defined by shallow historical drilling. The compelling similarities between the Central and Southern Targets support drilling deeper to investigate potential for high-grade zones. Latest IP geophysics also support the Southern Target extending over 3.8km with shallow drilling on less than half the target.”
For further information please visit: https://pacgold.com.au/
