Alice River Gold Project Drilling Progresses Amid Uncertain True Widths and Pending Assays

Strong Start to 2025 Drilling at Alice River

Queensland-focused gold explorer Pacgold Limited (ASX – PGO) has kicked off its 2025 drilling program at the Alice River Gold Project with promising results. The initial 19 reverse circulation (RC) drill holes at the Central Target area have delivered significant widths of shallow, high-grade gold mineralisation, reinforcing the project’s potential for both bulk tonnage and higher-grade zones.

Highlights include a standout intercept of 48 metres grading 2.1 grams per tonne (g/t) gold, including 15 metres at 5 g/t and a remarkable 2 metres at 29 g/t from 76 metres depth. Other notable results include 50 metres at 1.0 g/t gold from surface and multiple intervals exceeding 1 g/t gold over substantial widths. These intersections confirm the continuity of mineralisation within the Central Target, which forms the core of the current Mineral Resource Estimate (MRE).

Expanding the Resource Footprint

While assays from the Southern Target drilling are awaited, Pacgold has already completed 5,838 metres across 44 holes in the Central and Southern Targets, progressing steadily toward its 10,000-metre RC drilling goal. The program aims to upgrade the existing resource base and test extensions along the Alice River Fault zone, a significant structural feature hosting gold mineralisation.

Following the RC drilling, diamond and aircore rigs are scheduled for mobilisation in the third quarter to support metallurgical sampling, structural studies, and regional geochemical exploration. This multi-rig approach underscores Pacgold’s commitment to thoroughly delineate the project’s scale and grade distribution.

Fully Funded for a Comprehensive Exploration Season

Pacgold recently completed a capital raise of AUD 5.6 million, boosting its cash reserves to over AUD 6.5 million. This funding secures the company’s ability to execute its full 2025 exploration program through to late December, including geophysical surveys such as induced polarisation (IP) targeting the southern extensions of the Alice River Fault zone.

Managing Director Matthew Boyes emphasised the strategic focus on both infill and step-out drilling to define the resource’s potential scale. He highlighted the importance of testing regional prospects like The Shadows, Posie, Jerry Dodds, and Victoria, which were identified through last year’s extensive aircore program.

Geological Context and Future Outlook

The Alice River Gold Project is situated within a prolific mineral province in North Queensland, hosting a large intrusion-related gold system with similarities to notable deposits such as Fort Knox in the USA and Hemi in Western Australia. Gold mineralisation occurs primarily in quartz veins within regional shear zones, with both high-grade veins and broader lower-grade zones present.

Pacgold’s ongoing drilling and forthcoming metallurgical testwork will be critical in refining mining scenarios, including potential open pit and underground operations. The company’s systematic approach to exploration and resource definition positions it well to unlock the project’s value in the coming months.