Pacgold Limited has announced a maiden mineral resource estimate of 474,000 ounces of gold at its Alice River project in Northern Queensland, alongside an aggressive 2025 exploration program targeting significant resource growth.
- Maiden resource estimate totals 474,000 ounces of gold
- Project covers over 30km of prospective gold strike
- Ongoing and planned drilling programs throughout 2025
- Experienced board with strong exploration and development background
- Strategic infrastructure supports long-life gold system potential
Maiden Resource Marks a Milestone
Pacgold Limited (ASX:PGO) has delivered a significant update on its Alice River Gold Project, revealing a maiden mineral resource estimate (MRE) of approximately 474,000 ounces of gold. This initial resource underpins the company’s belief in the project’s potential to evolve into a multi-million ounce gold system, situated within a large intrusion-related gold system in Northern Queensland.
The Alice River project spans over 30 kilometres of prospective gold strike, with granted exploration permits and mining leases covering 377 square kilometres. The project benefits from excellent infrastructure, including an airstrip, camp facilities, and sealed roads within 100 kilometres, facilitating ongoing exploration and future development.
Active Exploration and Growth Strategy
Pacgold has already recommenced regional-scale drilling programs in April 2025, with more than 10,000 metres of reverse circulation (RC) drilling planned through June. This is complemented by upcoming diamond and aircore drilling campaigns scheduled for the second and third quarters. The company aims to increase drill density and extend coverage along the known mineralised strike, which remains underexplored with less than 5% drill-tested to date.
Key targets for 2025 include the White Lion anomaly, The Shadows, Victoria, and Posie prospects, all situated along the Alice River Fault Zone. The company is also conducting extensive geophysical surveys, including IP pole-dipole and gradient array surveys, to refine targeting and unlock further exploration upside.
Experienced Leadership and Proven Model
Pacgold’s board and management bring decades of combined experience in geology, mining development, and corporate strategy. Chair Caoilin Chestnutt, Managing Director Matthew Boyes, and other directors have strong track records in resource discovery and project advancement. This expertise supports the company’s confidence in applying a proven exploration model that integrates geophysical and geochemical anomalies to identify high-potential targets.
The maiden resource estimate, compiled by independent experts and reported under the JORC Code, includes both open pit and underground mineral resources, with grades averaging around 1.2 grams per tonne gold. The resource remains open in multiple directions, highlighting the potential for expansion as drilling continues.
Looking Ahead
Pacgold’s 2025 work program is ambitious, with continuous drilling planned for eight months, alongside regional geochemical sampling, drone magnetic surveys, and potential tenement expansions. The company is positioning itself to capitalize on the current strong gold price environment and the strategic value of a district-scale gold province in Queensland.
While the maiden resource provides a solid foundation, the market will be watching closely for upcoming drill results and resource updates that could further validate the project’s scale and economic potential.
Bottom Line?
Pacgold’s maiden resource and active exploration set the stage for a pivotal year in unlocking Alice River’s gold potential.
Questions in the middle?
- How quickly can Pacgold convert exploration success into a larger resource base?
- What are the economic parameters and potential mining scenarios for the Alice River resource?
- Could further acquisitions or tenement expansions accelerate project development?