Pacgold’s Exploration Raises Questions on Resource Scale and Economic Potential

Exploration Milestones at Alice River

Pacgold Limited (ASX, PGO) has announced significant progress in its 2025 drilling campaign at the Alice River Gold Project in North Queensland. The company completed its maiden reverse circulation (RC) drilling program at the White Lion prospect, successfully intersecting gold mineralisation associated with the Alice River Fault Zone. Concurrently, drilling at the Jerry Dodds prospect has extended the known strike length of gold mineralisation by an additional 1.4 kilometres, bringing the total identified strike to 1.8 kilometres, with mineralisation remaining open in all directions.

White Lion, Maiden Drilling Confirms Gold Potential

The White Lion prospect was targeted based on coincident geophysical anomalies; a high-intensity induced polarisation (IP) chargeability anomaly overlapping a shallow magnetic bullseye. Four RC holes drilled to depths between 156m and 180m intersected metasediments with sulphide minerals such as pyrite and pyrrhotite, minor diorite intrusions, and quartz veining. While the geophysical anomalies primarily reflect sulphide-bearing stratigraphy, three additional holes focused on the Alice River Fault Zone returned encouraging gold intercepts, including 8 metres at 0.6 grams per tonne (g/t) gold from 44 metres depth, featuring a higher-grade 2-metre interval at 2.1 g/t.

Jerry Dodds, Strike Extension Highlights Scale of Mineralisation

At Jerry Dodds, eight RC holes tested 1.2 kilometres of strike southeast of previous drilling. The results confirmed shallow gold mineralisation over a 1.5-kilometre strike length, extending the known mineralised lode by 1.4 kilometres from earlier work. Notable intercepts include 24 metres at 0.3 g/t gold from 45 metres, with higher-grade intervals such as 1 metre at 2.4 g/t within that zone. These findings underscore the prospect’s potential as a significant gold system, warranting further drilling and structural analysis to refine targeting.

Strategic Outlook and Next Steps

Pacgold’s Managing Director, Matthew Boyes, emphasised the importance of these results in building a foundation for discovery across the Alice River and St George projects. The company plans to resume exploration activities in the 2026 field season, focusing on follow-up drilling and detailed structural studies to identify zones of dilation that may host higher-grade mineralisation. Meanwhile, Pacgold continues to advance its Phase 1 production restart at the White Dam Project in South Australia, aiming to generate near-term revenue to support ongoing exploration.

Technical and Historical Context

The Alice River Gold Project covers approximately 377 square kilometres and is situated within a large intrusion-related gold system with geological similarities to major international deposits. Historical mining and exploration dating back to the early 1900s have identified multiple mineralised zones, but Pacgold’s recent drilling represents the first systematic modern exploration targeting geophysical anomalies and structural controls. The 2025 drilling program comprised 118 RC holes totaling over 12,500 metres, with results from other prospects such as Central Target and Southern Target reported previously.