Alice River Project Boasts 474,000 Ounces Gold in Maiden Resource Estimate

Maiden Resource Marks a Milestone

Pacgold Limited (ASX – PGO) has taken a significant step forward in its North Queensland gold exploration campaign with the announcement of a maiden Mineral Resource Estimate (MRE) at the Alice River Gold Project. The JORC-compliant resource defines 12.2 million tonnes grading 1.2 grams per tonne gold, equating to 474,000 ounces of gold at a 0.5 g/t cut-off. This sits within a broader global resource of 26.7 million tonnes at 1.01 g/t for 854,000 ounces, highlighting the project's substantial scale and potential.

Drilling Confirms Robust Gold Intersections

Supporting the resource estimate, initial 2025 reverse circulation (RC) drilling has delivered compelling results. Notable intercepts include 48 meters at 2.1 g/t gold, with high-grade zones such as 15 meters at 5 g/t and 2 meters at 29 g/t from one hole. These results underpin the potential to upgrade inferred resources to indicated status and expand the resource footprint. Drilling continues, with assays from the Southern Target expected soon, aiming to further consolidate and grow the resource base.

White Lion Prospect Emerges as a Key Target

Beyond Alice River, Pacgold has identified a significant geophysical target at the White Lion Prospect. Reprocessing of magnetic data revealed a large circular anomaly over 1 km in diameter with a non-magnetic core, a signature reminiscent of the nearby Mt Leyshon gold deposit, which produced 3.5 million ounces before closing. This anomaly, coupled with anomalous surface gold and limited historic drilling, positions White Lion as a compelling exploration target. Ongoing induced polarization surveys aim to refine this target ahead of planned drilling in the fourth quarter.

Capital Raise Fuels Accelerated Exploration

To support its ambitious exploration agenda, Pacgold successfully raised $5.6 million through a two-tranche placement, attracting strong interest from institutional and sophisticated investors. The funds will finance an extensive program including 12,000 meters of RC drilling, 3,000 meters of diamond drilling, and 5,000 meters of aircore drilling, alongside geophysical and geochemical surveys. With a cash balance of $1.2 million at quarter-end and exploration expenditure of $1.74 million during the period, the company is well-positioned to advance its projects.

Looking Ahead

Pacgold's focus remains on delineating further gold mineralisation along the Alice River Fault Zone, with multiple target centers slated for drilling in the coming months. The arrival of diamond and aircore rigs will complement RC drilling efforts, while geophysical programs continue to refine exploration targets. As assay results and geophysical data flow in, the market will be watching closely to see how these developments translate into resource growth and project valuation.