PC Gold Strikes 25m at 36.83 g/t Au in Macau Link Zone Discovery

Discovery of the Macau Link Zone

PC Gold Limited (ASX – PC2) has announced a breakthrough at its flagship Spring Hill Gold Project in the Northern Territory, revealing a newly discovered high-grade domain known as the Macau Link Zone. This zone forms a structural link between the previously defined Macau and Hong Kong lodes, striking east-west and intersecting the main mineralised trend. The discovery was made through resource definition drilling conducted in late 2025.

The first reported diamond drill hole, SDH25-028, delivered an exceptional intercept of 25 metres grading 36.83 grams per tonne (g/t) gold from 283 metres down hole, including a stunning 2 metres at 444.3 g/t gold. These results represent the highest-grade bulk tonnage intercepts recorded at Spring Hill to date, occurring beneath the planned open pit and near a recently announced historical underground adit.

Implications for the Spring Hill Resource

Previously, the Macau Link Zone was modelled as a low-grade inferred resource with grades between 0.7 and 1.5 g/t gold. The new drilling results dramatically upgrade the potential of this zone, highlighting a significant high-grade domain that could materially enhance the overall resource. PC Gold’s Executive Chair, Ashley Pattison, emphasised the importance of this discovery, noting it as the most significant hole drilled in the project’s history and a testament to the technical team’s efforts.

The Macau and Hong Kong lodes currently account for approximately 86% of the Mineral Resource Estimate (MRE) ounces at Spring Hill, which totals 25.6 million tonnes at 1.0 g/t gold. The discovery of the Macau Link Zone adds a new dimension to the project’s resource base, with visible gold intersected in all five drill holes completed to date over a 225-metre strike length. The zone remains open in all directions, suggesting considerable upside potential.

Next Steps and Development Plans

PC Gold plans to prioritise follow-up drilling to extend the Macau Link Zone both along strike and down dip. Surface drilling pads are being prepared, and once current geotechnical programs conclude, dedicated rigs will focus on this new target. Additionally, infill drilling from the recently opened underground adit is planned to better define the high-grade domain and support its incorporation into the mine plan.

The company is advancing feasibility studies that will assess both underground and open pit mining options, leveraging the proximity of the Macau Link Zone to existing infrastructure. The potential for early exploitation of this zone could accelerate project timelines and improve economics.

Context within Spring Hill’s History and Geology

Spring Hill is a well-established gold system within granted mining leases, with environmental approvals in place for open-pit mining. The project sits within the Pine Creek Orogen, a prolific gold province, and hosts mineralisation primarily in the Mount Bonnie Formation. Historical mining and exploration have focused on the Hong Kong and Macau lodes, but the Macau Link Zone represents a previously under-drilled area now showing exceptional grades.

PC Gold’s ongoing exploration strategy combines infill drilling to upgrade resource confidence with aggressive extensional drilling to grow the resource inventory. The Macau Link Zone discovery exemplifies the success of this dual approach and positions Spring Hill for a robust transition towards production.