PC Gold’s March quarter drilling at Spring Hill unearthed a new high-grade Link Zone and extended the Main Lode south by 120 metres, underpinning a resource update due in June. A $24 million placement funds ongoing feasibility and exploration.
- Discovery of high-grade Link Zone between Hong Kong and Macau lodes
- Main Lode southern extension confirmed, adding 120m strike length
- 6,610m diamond drilling completed despite wet season challenges
- A$24 million institutional placement to fund MRE update and PFS
- Spring Hill underground adit reopened for low-cost drilling and bulk sampling
New High-Grade Link Zone Emerges at Spring Hill
PC Gold (ASX:PC2) delivered a robust March quarter at its Spring Hill Gold Project, highlighted by the discovery of a high-grade “Link Zone” bridging the Hong Kong and Macau lodes. This newly identified zone returned standout intercepts including 25 metres at 36.83 grams per tonne (g/t) gold from 283 metres, a result that significantly outpaces grades in the existing Mineral Resource Estimate (MRE). The Link Zone is shaping up as a shallow underground target, potentially boosting head grades and enhancing early mine scheduling in the upcoming Pre-Feasibility Study (PFS).
Follow-up drilling has expanded the Link Zone to 18 diamond holes, with assays pending for eight recent holes that infill the domain on a 50 by 50 metre grid over 225 metres of strike and 300 metres down dip. This comprehensive drilling program aims to better define the zone’s continuity and grade distribution, which could materially uplift the resource model expected in June.
Main Lode Southern Extension Adds 120 Metres of Strike
Alongside the Link Zone, PC Gold confirmed a significant southern extension to the Main Lode, adding 120 metres of strike beyond the roughly 400 metres previously defined in the MRE. This extension lies largely within the current open pit optimisation shell but was modelled as waste in prior estimates. High-grade intercepts such as 14.9 metres at 3.84 g/t gold from 143 metres and multiple mineralised intervals from drillhole MS-011 reinforce the potential for resource growth.
PC Gold has ramped up a 7,800-metre diamond drilling program targeting this southern extension, with two rigs active and assays pending from eight recently completed holes. The company’s efforts to extend the Main Zone strike are consistent with earlier results that identified up to 500 metres of additional untested strike potential southward, a development that could enhance project economics. This progress follows the company’s earlier report on thick high-grade gold intercepts extending Main Zone by 120m.
Operational Resilience Amid Challenging Conditions
Despite a particularly heavy wet season that hampered reverse circulation drilling and caused lightning-related delays, PC Gold completed 6,610 metres of diamond drilling across 21 holes using two rigs. The company also reopened the Spring Hill underground adit, enabling low-cost underground drilling and bulk sampling, which are critical for targeting high-grade zones for potential early production.
Operational upgrades included expanded site accommodation to house all personnel on site, eliminating daily travel and improving productivity. The core processing facility was also enhanced to increase throughput and efficiency, allowing core logging to keep pace with drilling activities.
Funding Secured to Advance Feasibility and Resource Updates
PC Gold successfully completed an institutional placement raising approximately A$24 million at A$0.65 per share to fully fund ongoing drilling, the June 2026 MRE update, and the PFS targeted for October 2026. The placement was supported by Tier 1 investors and managed by Wallabi Group, Euroz Hartleys, and Canaccord Genuity. Concurrently, major shareholder RIVI PC Gold LLC reduced its stake to around 17% through a partial share sale.
The company ended the quarter with a strong cash position of A$25.7 million, underpinning its capacity to maintain exploration momentum and development activities. The PFS is progressing across key workstreams including metallurgical drilling, engineering design for a 3 Mtpa carbon-in-leach processing plant, and environmental studies. Metallurgical testwork is ongoing with Bureau Veritas and JT Metallurgical Services, aiming to confirm processing parameters that support a simple and efficient flowsheet.
Environmental and Regulatory Progress
PC Gold paid a $1.48 million environmental bond to facilitate early mining works and notified relevant authorities of mining commencement at Spring Hill. Two minor hydrocarbon spills were reported and promptly remediated with no lasting environmental impact. A variation to the Environmental (Mining) Licence is under review, expected to approve additional drill holes and access tracks to support resource definition.
Community and heritage engagement remained smooth, with no concerns raised during the quarter. The project’s tenements predate native title, simplifying land access and permitting processes.
Bottom Line?
PC Gold’s high-grade discoveries and robust funding position set a solid stage for the June resource update and October feasibility milestones, though pending assays and environmental approvals remain key near-term watchpoints.
Questions in the middle?
- How will pending assays from recent Link Zone and Main Lode infill drilling impact the June MRE update?
- What are the timelines and challenges expected for environmental licence variation approval?
- How might the new underground drilling platform influence early production scheduling and cost profiles?