Pacgold strikes broad zones of shallow gold in | Australian Markets

ASX-listed gold explorer Pacgold Limited continues to hit paydirt at its Alice River project in north Queensland, with recent assay outcomes from its second batch of 45 reverse circulation drill holes outlining thick gold intersections, together with some eye-catching high-grade surprises.

The company can also be gearing up for a full-scale drilling assault on its White Lion prospect that bears all of the trademark options of a Mount Leyshon-style strain pipe, which is one of Queensland’s most celebrated gold systems.

Since late April, Pacgold has been in the thick of a drilling blitz throughout a 30-kilometre-long fault zone dotted with a number of deposits. The company has already chalked up a international useful resource of 854,000 gold ounces grading 1.01 grams per tonne (g/t).

The project’s geology suggests it sits within a massive intrusion-related gold system, exhibiting robust structural and geochemical similarities to world-class finds, such because the Fort Knox mine in the United States and DeGrey Mining’s Hemi discovery in Western Australia.

At the guts of the useful resource lies the aptly named Central Target, which sits halfway alongside a pair of north–south trending faults. Central Target accounts for a hefty 470,000 ounces in the indicated and inferred classes. The Southern Target is close behind with 317,000 inferred ounces, whereas the Northern Target chips in a additional 68,000 inferred ounces.

The rigs have already cranked out more than 10,900m of a 13,000m reverse circulation marketing campaign – nicely above Pacgold’s unique 10,000m plan to probe extensions and depth of identified mineralisation. The call to keep drilling appears to be paying dividends, with recent outcomes stretching the present gold lodes and teasing the potential for new discoveries.

At the Southern Target, one gap returned a thumping 54m operating at 0.5 grams per tonne (g/t) gold from simply 21m, together with richer sections of 4m grading 2.7g/t and 2m going at 2.7g/t. Another gap produced a standout 15m intercept grading 1.5g/t gold from 101m, together with a stellar 1m slice operating at 18.5g/t gold.

Two additional broad, lower-grade sections, together with 20m at 0.5g/t from 96m and 18m at 0.7g/t from 42m, have been picked up in the direction of the northern half of the Southern Target. The company says these hits are important given they trace on the very actual prospect of northern extensions exterior the present useful resource envelope, in an space that has by no means seen a drill rod.

The Central Target – 2.5km north of the Southern Target – additionally chipped in with stable assays, together with 10m grading 0.8g/t gold from 121m, 2m operating at 4.2g/t from 55m and 17m at 0.3g/t from 76m. Together, the outcomes verify broad areas of shallow mineralisation, with bonus high-grade lodes.

Outside its core targets, Pacgold has been busy chasing alternatives throughout a string of regional prospects. Assays from its Posie prospect, close to the northern edge of the tenements, are nonetheless in the lab, whereas outcomes from The Shadows in the south are being pieced collectively. In the meantime, the rigs are arduous at work on Victoria and Jerry Dodds – additionally in the south – chasing down extensions of final yr’s promising air core anomalies.

Pacgold additionally drilled 4 diamond holes for a complete of 617m – two at Central and two at Posie. The core is already proving helpful for understanding the construction and for future testing. Notably, the Posie holes delivered the primary recent core ever taken from the realm and could possibly be the important thing to understanding its geology.

With the present spherical of drilling nearing completion, Pacgold will transfer its rigs additional south to kick off a maiden drilling program on the company’s White Lion goal – described by management as one of its most enjoyable targets in its complete project space.

White Lion is essentially the most compelling goal I’ve seen developed thus far with a chargeable physique measuring up to 1.2km in strike and 500m in width some 50-80m beneath floor.

Pacgold has additionally wrapped up its regional air core program, finishing 432 holes for 4608m. Those assays, due within weeks, are anticipated to serve up yet one more batch of recent targets for the drill bit later this yr.

With broad mineralised zones, juicy high-grade lodes and a looming crack at White Lion, Pacgold appears set to keep the market on edge as Alice River continues to show its golden hand.

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