PC Gold has reported compelling new gold assay results from its Spring Hill project, alongside a strategic tenement acquisition that expands its landholding by 68km². The company is ramping up exploration with four rigs and a $22 million cash buffer, setting the stage for resource growth beyond the imminent update.
- Strong new gold intercepts from Macau Link and Footwall zones
- Four-rig, ~20,000m drilling campaign underway
- Latest results excluded from current Mineral Resource Estimate
- Strategic acquisition increases landholding by ~68km²
- Over $22 million cash supporting active exploration
Robust Drilling Results Highlight Resource Upside
PC Gold Ltd (ASX:PC2) has delivered a fresh tranche of encouraging assay results from its flagship Spring Hill Gold Project in the Northern Territory. Recent diamond drilling in the Macau Link Zone returned multiple significant intercepts, including 9.5 metres at 3.04 g/t gold and 6 metres at 5.16 g/t gold from hole SDH26-007, alongside other strong hits such as 5.2 metres at 3.12 g/t and 5 metres at 2.86 g/t in SDH26-009. These results reinforce the high-grade nature of the Link Zone mineralisation and suggest that the deposit’s potential remains underexplored.
Adding to the excitement, the newly identified Macau Footwall Zone has produced a standout intercept of 22 metres at 2.60 g/t gold from 164 metres depth in SDH26-007, with additional narrower but higher-grade intervals such as 2.8 metres at 9.99 g/t in SDH26-009. This zone lies outside the current resource footprint, highlighting fresh growth avenues.
Four Rigs Drive Aggressive 2026 Exploration Campaign
Spring Hill’s exploration momentum is accelerating with a four-rig program now active: three diamond rigs are targeting extensions to the Main, Link, Hong Kong, and Macau zones, while a reverse circulation rig is executing a ~20,000-metre campaign focused on resource growth and conversion across multiple targets. This multi-pronged approach aims not only to extend known high-grade zones but also to test deeper mineralisation and regional targets across the project area.
Importantly, the latest drilling results reported in this update are not incorporated in the Mineral Resource Estimate currently being finalised by CUBE, underscoring the potential for further resource expansion beyond the imminent update.
Strategic Tenement Acquisition Bolsters Land Position
In a significant move to consolidate its regional footprint, PC Gold has entered a conditional agreement to acquire Terracore Gold Pty Ltd, securing two exploration licences totaling approximately 68 square kilometres immediately east and along strike from Spring Hill. The key tenement, EL 31276, is largely underexplored by modern methods but sits within the prolific Pine Creek Orogen, a geological corridor that has historically yielded over 6 million ounces of gold and hosts major deposits including Union Reefs and Enterprise.
The acquisition consideration is $450,000 payable in shares at a deemed price of $1.28 each, with no royalties or liabilities assumed. Completion is expected by August 2026, subject to regulatory approvals. This strategic landholding enhances PC Gold’s exploration pipeline with prospective targets that could complement the existing resource base.
Strong Financial Position Supports Active Exploration
Executive Chair Ashley Pattison emphasised the company’s readiness for an active year ahead, noting the $22 million cash balance and the deployment of four rigs as key enablers. He highlighted that ongoing and planned drilling will focus on both resource conversion and aggressive extensional targets, including testing newly identified structural zones like the Macau Footwall and deeper mineralisation at Hong Kong and Macau.
With environmental approvals in place and a Mineral Resource Estimate of 25.6 million tonnes at 1.0 g/t gold underpinning development plans, PC Gold is advancing Spring Hill toward production readiness while aggressively expanding its resource inventory.
Bottom Line?
PC Gold’s latest drilling and strategic land acquisition position Spring Hill for meaningful resource growth, but investors should watch for assay results from pending holes and regulatory progress on the tenement deal.
Questions in the middle?
- Will pending assay results from SDH26-008 and SDH26-010a confirm further resource upside?
- How will the expanded landholding influence exploration priorities and potential resource additions?
- What impact will deeper drilling at Hong Kong and Macau zones have on resource confidence and grade?