Pacgold’s Alice River Faces Key Test as RC Assays Pending and Leadership Shifts
Pacgold Limited reports promising high-grade gold anomalies from a major aircore drilling campaign at its Alice River Gold Project, alongside strategic board appointments and a successful Share Purchase Plan to fuel further exploration.
- Completion of 7,185m aircore drilling revealing a 1.4km high-grade gold anomaly at The Shadows Prospect
- Discovery of new parallel mineralised corridor 'Apache' with gold grades exceeding 1g/t
- 3,191m RC drilling campaign completed with assays pending
- Appointment of Caoilin Chestnutt as Chair and Richard Hacker as Non-Executive Director
- Share Purchase Plan raised $157,800 to accelerate exploration activities
Exploration Breakthroughs at Alice River
Pacgold Limited (ASX: PGO) has delivered a robust quarterly update for the period ending 31 December 2024, spotlighting significant progress at its 100%-owned Alice River Gold Project in North Queensland. The company completed an extensive aircore drilling program comprising 749 holes over 7,185 metres, which has delineated a coherent, high-grade gold-arsenic anomaly stretching 1.4 kilometres at the Shadows Prospect. This discovery marks a critical milestone in the project’s exploration phase, suggesting a substantial mineralised corridor open along strike.
Adding to the excitement, Pacgold identified a previously unknown geochemical zone named 'Apache,' located 300 metres west of The Shadows. This new corridor, associated with a dolerite intrusive, has yielded gold grades exceeding 1 gram per tonne in multiple aircore holes, indicating parallel mineralisation that could expand the project's resource potential.
RC Drilling and Future Targets
Complementing the aircore program, Pacgold completed a 3,191-metre Reverse Circulation (RC) drilling campaign across four prospect areas, including follow-up drilling at The Shadows and other key targets such as the Central and Southern zones. While assay results from this campaign remain pending, initial geological observations confirm significant quartz veining and sulphide mineralisation consistent with the high-grade gold system identified in the aircore program.
The RC rig will remain on site through the wet season, positioning Pacgold to rapidly resume drilling in 2025 and systematically test the multiple aircore targets identified. This continuous drilling strategy underscores the company’s commitment to advancing the Alice River Project towards resource definition.
Corporate Developments and Capital Raising
On the corporate front, Pacgold has strengthened its leadership team with the appointment of Caoilin Chestnutt as Chair, bringing extensive global mining and corporate finance experience. Richard Hacker, a seasoned executive from Chalice Mining, joined as a Non-Executive Director, while former director Shane Goodwin transitioned to an executive Sustainability Manager role. These changes reflect a strategic pivot to bolster governance and operational expertise as exploration intensifies.
Financially, the company closed a Share Purchase Plan (SPP) raising $157,800, with funds earmarked to accelerate exploration activities. Pacgold ended the quarter with a healthy cash balance of $3.33 million, providing a solid runway for ongoing drilling and project development.
Outlook and Market Implications
Pacgold’s latest results reinforce the Alice River Gold Project’s potential as a district-scale gold system within a prolific North Queensland mineral province. The identification of multiple mineralised corridors and the ongoing drilling campaign position the company well to define a significant resource in the near term. Investors will be watching closely for upcoming assay results from the RC drilling, which could materially impact the project’s valuation and Pacgold’s market standing.
Bottom Line?
With promising drilling results and a revitalised board, Pacgold is poised for a pivotal 2025 at Alice River.
Questions in the middle?
- How will pending RC assay results influence Pacgold’s resource estimates and project valuation?
- What are the implications of the newly discovered Apache zone for the overall project scale?
- How might the new board appointments shape Pacgold’s strategic direction and capital allocation?
