Spring Hill Adit Re-Entry Enables Cost-Effective Drilling of 427m Mineralised Lodes

Historical Adit Re-Opened

PC Gold Ltd (ASX, PC2) has announced a significant milestone at its 100%-owned Spring Hill Gold Project in the Northern Territory, securing all necessary regulatory approvals to re-open the historical Spring Hill underground adit. This 427-metre horizontal tunnel, originally driven in the mid-20th century, intersects the Eastern, Middle, and Main Lodes of gold mineralisation, providing direct underground access to zones that have historically yielded high-grade gold.

The adit, located approximately 120 metres below surface, offers a unique opportunity to accelerate exploration by enabling underground diamond drilling and bulk sampling. This approach promises to be more cost-effective than surface drilling, allowing PC Gold to rapidly assess the continuity and grade of mineralisation in multiple lodes.

Rich Historical Context and Exploration Potential

Spring Hill has a rich mining history dating back to the 1890s, with historical production from the Main Lode estimated at around 21,170 ounces of gold at an average recovered grade of approximately 30 grams per tonne. More recent drilling programs have confirmed high-grade intersections near the adit, including intervals such as 3 metres at 21.02 g/t Au and 15 metres at 10.56 g/t Au, underscoring the potential for significant resource growth.

PC Gold’s Executive Chair, Ashley Pattison, highlighted the strategic value of the adit re-entry, "Underground access provides a highly cost-effective means of underground diamond drilling directly within the mineralisation and testing its extensions, significantly improving our geological understanding of the Eastern, Middle and Main Lodes." The company plans to refurbish the portal and commence underground mapping, sampling, and targeted drilling within weeks.

Strategic Advantages and Next Steps

Re-establishing the adit as a drill drive will allow PC Gold to conduct radial fan drilling to test multiple lodes up-dip, down-dip, and along strike, significantly reducing drilling costs per metre compared to surface drilling. This will improve geological confidence in high-grade zones and support the ongoing feasibility study for the open pit mine plan.

Initial underground drilling is expected to begin by mid-2026, following safety assessments and preparatory works conducted by specialist mining consultancy Entech Pty Ltd. The drilling program aims to increase resource tonnage, convert inferred resources to indicated status, and better understand structural controls on mineralisation.

Broader Project Context

The Spring Hill Project hosts a JORC-compliant Mineral Resource Estimate of 25.6 million tonnes at 1.0 g/t gold, positioning PC Gold well on its path toward production. The project benefits from granted mining leases and environmental approvals for open-pit mining, with the adit re-entry complementing the existing development strategy by potentially adding high-grade underground resources.

PC Gold is advancing a dual-stream strategy combining infill drilling to upgrade resource confidence and aggressive exploration to grow the resource inventory. The re-opening of the Spring Hill adit is a pivotal step in this plan, offering a cost-effective platform to unlock the project's full potential.