PC Gold has significantly expanded its Spring Hill gold resource to 1.51 million ounces, unveiling a new high-grade Link Zone that could underpin a long-life mining operation in the Northern Territory.
- 84% increase in global resource to 43.6Mt at 1.1g/t Au for 1.51Moz
- 136% rise in Indicated resource to 28.8Mt at 1.1g/t Au for 1.0Moz
- New Link Zone domain delivers 193.5koz at 5.37g/t Au
- Mineralisation remains open at depth and along strike
- Pre-Feasibility Study on track for late 2026 completion
Resource Expansion Highlights Spring Hill's Growing Scale
PC Gold Ltd (ASX:PC2) has revealed a substantial 84% increase in its Spring Hill gold resource, now totalling 43.6 million tonnes at 1.1 grams per tonne gold (g/t Au) for 1.51 million ounces (Moz) at a 0.5 g/t cut-off. The Indicated portion surged 136% to 28.8Mt at 1.1 g/t Au for 1.0Moz, marking a significant upgrade in resource confidence and scale since the company’s IPO in October 2025.
A standout feature of this update is the maiden Mineral Resource Estimate (MRE) for the newly identified Link Zone, which boasts a high-grade 1.12Mt at 5.37 g/t Au for 193.5koz, including 114.5koz classified as Indicated. This discovery could provide a valuable underground feed to complement the planned open-pit operations, potentially extending the mine’s life and improving project economics.
Drilling Momentum and Open Mineralisation
The updated MRE incorporates approximately 25,900 metres of drilling completed since listing, including infill and extensional programs. Despite this, the resource covers less than 15% of the known geological strike, with mineralisation remaining open both at depth and along strike. Multiple broad, high-grade intercepts outside the current resource footprint hint at further upside potential.
PC Gold is actively drilling with a 40,000-metre reverse circulation (RC) and diamond drilling campaign underway, targeting extensions at the Link Zone, Main Zone, Hong Kong, and other priority targets such as Lasagne, Steve’s Gully, Vein Heaven, and the Eastern Zone. A further updated MRE is scheduled for late Q4 2026, expected to incorporate drilling beyond the current cut-off date.
Advanced Modelling and Mine Planning Integration
The company has adopted Localised Indicator Kriging (LIK) for bulk mineralisation estimation, a method that preserves local grade variability at the Selective Mining Unit scale. This approach aligns the resource model closely with mine scheduling and open-pit optimisation, enhancing the reliability of future reserve estimates.
For the narrower, high-grade Link Zone, Ordinary Kriging was used to better capture its grade distribution. The combination of these methods reflects a sophisticated approach to resource modelling, supporting the progression towards a Pre-Feasibility Study (PFS) on track for completion late in Q4 2026.
Geological Context and Historical Work
Spring Hill sits within the Pine Creek Orogen, a prolific Paleoproterozoic gold province in the Northern Territory known for its 20Moz gold endowment. The mineralisation is structurally controlled, associated with fold structures and quartz vein systems within the Mount Bonnie Formation.
The project has a rich exploration history, with significant work by Billiton and Ross Mining in the late 1980s and 1990s, including drilling, metallurgical testing, and resource estimation. PC Gold has since advanced the project with extensive drilling and modern assay techniques, including photon assays that better capture coarse gold, leading to a higher confidence in grade estimates.
Metallurgical Insights and Mining Outlook
Historical metallurgical testwork indicates the ore is free milling with excellent gold recoveries, including gravity recoveries up to 70.6% and overall recoveries exceeding 96% in some tests. Bulk sampling in 2017 confirmed coarse gold presence and positive grade uplift relative to conventional assays.
Mining is expected to be a combination of bulk open-pit methods for the main resource and underground mining targeting the Link Zone’s higher grades. The project benefits from granted mining leases and existing environmental approvals, positioning PC Gold to advance swiftly through development milestones.
Management Perspective and Next Steps
Executive Chair Ashley Pattison highlighted the rapid resource growth since the IPO, noting the Link Zone’s potential to provide a second high-grade feed source alongside the open pit. He emphasised the ongoing drilling and modelling improvements that enhance alignment between resource estimates and mine planning.
Looking ahead, PC Gold plans to incorporate drilling results from ongoing programs into the late 2026 MRE update and complete the PFS to outline development plans and financial metrics. The company’s strategy includes infill drilling to upgrade resource confidence, aggressive extensional exploration, underground refurbishment, and bulk sampling to support a transition to production.
Bottom Line?
PC Gold’s robust resource growth and high-grade discovery at Spring Hill set the stage for a pivotal late-2026 PFS, but investors should watch how ongoing drilling and economic studies refine project viability.
Questions in the middle?
- How will the upcoming PFS balance open pit and underground mining economics at Spring Hill?
- What impact will further drilling outside the current resource footprint have on the total resource and mine life?
- How might evolving assay and metallurgical data influence reserve conversion and production profiles?