White Lion Prospect Shows Extensive IP Chargeability Anomaly Over 1.5km x 1km

Geophysical Breakthrough at White Lion

Queensland-focused gold explorer Pacgold Limited (ASX – PGO) has announced a significant geophysical development at its 100% owned Alice River Gold Project. The company’s recent induced polarisation (IP) survey has delineated a strong chargeability anomaly coincident with a previously identified magnetic bullseye anomaly at the White Lion Prospect. This dual anomaly suggests the presence of sulphide mineralisation potentially associated with gold deposits.

The White Lion target area, located approximately 300km northwest of Cairns, lies just south of the Alice River Fault Zone (ARFZ), a major structural corridor known to host gold mineralisation. The IP chargeability anomaly extends over an area exceeding 1.5km by 1.0km, accompanied by robust resistivity anomalies that align with mapped fault structures. These geophysical signatures bear striking similarities to those observed at the Mt Leyshon gold deposit, a prolific 5 million ounce intrusion-related system.

Strategic Importance and Historical Context

The Alice River Gold Project sits within a gold-rich province containing several multi-million ounce deposits, including Mt Leyshon, Pajingo, and Ravenswood. Historical surface sampling at White Lion has already revealed anomalous gold values within quartz breccia veins, though no prior drilling has targeted the immediate magnetic anomaly area. The current geophysical results therefore represent a compelling new vector for exploration.

Pacgold’s Managing Director, Matthew Boyes, emphasised the significance of the findings – "With clear analogies such as Mt Leyshon and anomalous gold values already delineated at surface, White Lion now represents a priority drill target for Pacgold over the coming months." The company is currently progressing heritage clearance and permitting processes, aiming to commence drilling in the fourth quarter of 2025.

Ongoing Exploration and Next Steps

In addition to the White Lion prospect, Pacgold is conducting a regional IP gradient array survey along an 8km strike of the Alice River Fault Zone. This work aims to refine the structural framework and identify additional dilation zones or jogs that could host further gold mineralisation. Final data from this regional program is expected within the next 4–6 weeks.

Before drilling, the company plans to complete detailed Pole-Dipole IP lines over the central White Lion target to better constrain the depth and geometry of the chargeability anomaly. These geophysical efforts will inform drill targeting and enhance the potential for a successful discovery.

While the geophysical signatures are promising, it is important to note that metallurgical test results from historical samples in the region have shown variable gold recoveries, underscoring the need for further metallurgical evaluation as exploration advances.