Pacgold Unveils Expansive Gold System at Alice River with New 2024 Drilling Results

Historic Data Reinterpreted to Highlight Bulk Tonnage Potential

Pacgold Limited (ASX: PGO) has recalculated and reinterpreted historic drill intervals at its Alice River Gold Project in Queensland, revealing a compelling bulk tonnage gold system. Notably, drillhole ARDH044 intersected 114 metres at 1.8 grams per tonne (g/t) gold from 242 metres depth, while other historic holes such as ARDH007 and ARDH036 returned significant widths and grades. This reinterpretation, underpinned by a higher prevailing gold price environment, strengthens the case for a large-scale deposit amenable to bulk mining methods.

2024 Drilling Campaign Extends Mineralisation and Identifies New Zones

The recent reverse circulation (RC) drilling program completed in late 2024 tested four key prospects, including the previously untested Shadows Prospect. At the Central Target (F1a), drillhole ARDH091 intersected 88 metres at 0.6 g/t gold from 49 metres, including higher-grade intervals, extending known vein stockwork 300 metres north. The Shadows Prospect delivered encouraging results with gold intersected in five of six holes, validating the exploration model that integrates IP geophysics and aircore geochemistry.

Southern and Northern Targets Show Promising Mineralised Envelopes

At the Southern Target, drillhole STDH014 intersected 50 metres at 0.8 g/t gold from 53 metres, replicating the large mineralised envelope seen at Central. Meanwhile, aircore drilling at the Northern Target delineated five coherent gold-arsenic-antimony anomalies spanning a combined strike length of 6 kilometres, indicating fertile ground for further exploration.

Strategic Outlook and 2025 Exploration Plans

Pacgold’s Managing Director, Matthew Boyes, emphasised the significance of these results, highlighting the potential for rapid expansion of the gold system footprint. With a strong cash balance, the company is poised to commence the 2025 drill season in April, focusing on follow-up RC and diamond drilling at the Southern Target and Central Target, as well as testing new targets such as The Shadows, Victoria, and Jerry Dodds. The ongoing aircore program results, with 55% still pending, are expected to further refine exploration priorities.

Geological Context and Exploration Methodology

The Alice River Gold Project lies within the Alice-Palmer Structural Zone, a prolific gold province hosting several multi-million-ounce deposits. Mineralisation is structurally controlled, hosted in quartz vein stockworks within granodiorite and granite units. Pacgold’s integrated approach combining historic data reinterpretation, geophysical surveys, and systematic drilling campaigns is progressively unlocking the district-scale potential of the project.

Investor Implications

The recalculated intervals and new drilling results underscore the potential for both open-pit and underground mining scenarios, with broad mineralised zones and high-grade veins identified. As Pacgold advances its exploration strategy, the market will be watching closely for resource updates and feasibility studies that could underpin a significant new gold development in Queensland.