Pacgold Nears Vertigo Drilling Completion, Eyes Resource Upgrade at White Dam

Drilling Progress and Resource Confidence

Pacgold Limited (ASX:PGO) has reported significant progress at its White Dam Gold Project in South Australia, with the Vertigo Mineral Resource Estimate (MRE) drilling program now 95% complete. The reverse circulation (RC) drilling campaign, designed to upgrade the 2020 resource model, has delivered assay results that continue to underpin confidence in the existing resource block model. Notably, several drill holes have intersected consistent shallow gold zones above the main MRE, suggesting potential for additional tonnage in the upcoming resource upgrade.

Highlights from recent assays include intersections such as 11 metres at 1.0 grams per tonne (g/t) gold and 0.03% copper from 13 metres depth, and multiple higher-grade intervals with gold grades exceeding 3 g/t and copper up to 1.06%. These results reinforce the project's potential to enhance its resource base, which currently stands at approximately 4.6 million ounces of gold across the White Dam tenements.

Operational Milestones and Production Outlook

In parallel with drilling, Pacgold has made strides in operational readiness by commissioning a Metso screen and cone crusher at the heap leach pad. This mobile crushing equipment is now onsite and undergoing ramp-up, with full crushing capacity expected by mid-April. The company plans to initially leach 50,000 tonnes of re-crushed material, scaling up to 100,000 tonnes in late Q3, marking a critical phase in restarting production at White Dam.

Managing Director Matthew Boyes expressed pride in the team's efforts, highlighting that the plant refurbishment and crushing capacity achievement represent key milestones since the mine's closure in 2017. The next quarter is poised to be pivotal as Pacgold aims for consistent monthly production, leveraging freshly re-crushed ore and a fully operational processing circuit.

Future Drilling and Resource Development Plans

Drilling at Vertigo will pause temporarily due to onsite diesel consumption management amid supply uncertainties, with plans to resume at the Hannaford Pit MRE in mid-April and White Dam North MRE in June. Pacgold intends to mobilise an additional RC rig in May to accelerate resource definition and explore priority regional targets around White Dam.

Following completion of drilling, updated block models and revised Mineral Resource Estimates will inform mine planning activities scheduled for Q3 2026. Additionally, metallurgical test work on samples from the heap leach pad is underway to optimize processing strategies.

Context and Strategic Significance

White Dam represents a strategic asset for Pacgold, acquired from GBM Resources, providing a near-term production pathway with established open-pit mines and a heap leach facility. The ongoing drilling and operational upgrades are critical to unlocking value from this asset, supporting Pacgold’s transition from explorer to producer. The combination of promising drill results and operational readiness positions the company well to capitalize on improving market conditions for gold and copper.