PLC Resources has completed its first RC drilling at Rochefort, revealing anomalous gold and identifying a new structural corridor at Abbotts North. The company also raised $1.8 million to fund exploration at its Yalgoo and Abbotts North projects.
- Maiden RC drilling at Rochefort returns anomalous gold up to 0.4 g/t
- High-resolution airborne survey reclassifies key structural fold as a syncline
- New VMS mineralised corridor identified at Yalgoo’s Carlisle prospect
- $1.8 million raised via placement to fund exploration
- Three new tenements acquired at Abbotts North, expanding tenure
Rochefort Drilling Uncovers Signs of a Larger Gold System
PLC Resources Limited (ASX:PLC) has wrapped up its maiden Reverse Circulation (RC) drilling program at the Rochefort Gold Prospect, part of its Abbotts North Project in Western Australia’s Murchison region. The five-hole campaign, totaling 1,020 metres, delivered encouraging geological signs including quartz veining, sulphide mineralisation, and potassic alteration, hallmarks of gold-bearing hydrothermal systems common in the district.
Assays returned anomalous gold values up to 0.4 g/t Au in three holes, linked to albite alteration and sulphidation. Notably, geochemical trends suggest the presence of a more substantial gold system to the northwest and at depth, beyond the current drill footprint. This early indication points to a promising target for follow-up drilling, which is planned under existing environmental and heritage approvals.
Airborne Survey Redefines Structural Targets at Abbotts North
Complementing the drilling, PLC completed a high-resolution airborne magnetic and radiometric survey over 4,500 line kilometres at Abbotts North, co-funded by a $35,888 grant from the Western Australian Government. The survey has reshaped the company’s geological understanding by reclassifying a key eastern margin fold from an antiform to a syncline. This crustal-scale fold, intersected by deep east-west structures including a Proterozoic dyke, forms a significant north-south structural corridor ripe for exploration.
The syncline hosts over 14 kilometres of prospective strike within PLC’s tenure, with no historical drilling along its eastern margin. An additional structural corridor extending onto neighbouring New Murchison Gold’s tenure aligns with known historical gold mineralisation, offering a second regional target. These findings set the stage for a regional aircore drilling program, with approvals now secured and planning underway.
Yalgoo Project Reveals New VMS Corridor and High-Grade Gold
At the Yalgoo Gold Project, drilling at the Carlisle prospect intersected high-grade gold mineralisation outside the existing Wadgingarra Inferred Mineral Resource. Highlights include 4 metres at 1.88 g/t Au (including 1 metre at 5.28 g/t) and 14 metres at 0.84 g/t Au. Multi-element geochemistry points to a volcanogenic massive sulphide (VMS) affinity, defining a new mineralised corridor extending north towards the Cumberland and Olive Queen prospects.
Drilling at Mt Kersey confirmed a large hydrothermal system with broad gold and pathfinder element anomalism, including 10 metres at 0.25 g/t Au. Planned follow-up includes EM/IP geophysics and further drilling to test both the VMS trend and extensions of the Mt Kersey system.
Capital Raise Supports Aggressive Exploration Push
To fund these exploration initiatives, PLC raised $1.8 million through a placement of 225 million shares at 0.8 cents each to sophisticated and institutional investors. The proceeds are earmarked primarily for drilling at Yalgoo ($900,000) and Abbotts North ($650,000), with the remainder allocated to working capital. The company also exercised options to acquire three tenements at Abbotts North, consolidating its position in the region.
Exploration expenditure for the quarter totaled $635,000, covering drilling, airborne surveys, site preparation, and project management. PLC reported no health or safety incidents during the period, maintaining a focus on sustainable exploration practices.
Strategic Shift and Next Steps
Reflecting its pivot towards gold and copper, the company formally changed its name from Premier1 Lithium Limited to PLC Resources Limited during the quarter. Looking ahead, the company plans follow-up RC drilling at Rochefort to test vectors towards the interpreted mineralised system, further geochemical analysis, and expanded geophysical surveys to refine drill targets. At Yalgoo, ground EM/IP surveys and additional drilling will probe the newly identified VMS corridor and hydrothermal systems.
With a cash position of $2.47 million and an estimated 3.3 quarters of funding available at current expenditure rates, PLC is well positioned to advance its exploration agenda. The evolving structural interpretations and early drilling results at Abbotts North and Yalgoo underscore the potential for significant discoveries in underexplored greenstone belts.
Bottom Line?
PLC Resources is staking its claim in Western Australia’s gold belts with promising early drilling and structural insights, backed by fresh capital and strategic tenement acquisitions.
Questions in the middle?
- Will follow-up drilling at Rochefort confirm a commercially viable gold system?
- How will the revised syncline model at Abbotts North influence regional exploration targeting?
- Can the newly identified VMS corridor at Yalgoo translate into a significant resource upgrade?