PC Gold uncovers thicker stacked gold zones at Spring Hill

Stacked Spring Hill intercepts strengthen resource growth case

PC Gold Limited (ASX:PC2) has produced one of its more substantial batches of Spring Hill drilling results, with five of eight diamond holes returning a best single intercept of roughly 70 gram-metres or more. The strongest package came from SDH26-018, which cut three mineralised zones across 70.8 metres downhole, including 33m at 2.23g/t gold, 14.85m at 3.63g/t and 5.8m at 3.64g/t.

The headline numbers are supported by a series of broad intersections rather than one isolated high-grade hit. SDH26-014 returned 28m at 2.52g/t from 258m, while SDH26-015 delivered 16m at 4.33g/t from 197m and repeated mineralised zones over 154m of the hole. SDH26-018 also included a sharper 2m at 19.46g/t within its deeper Link Zone interval.

PC Gold’s two strongest holes on a whole-hole basis were SDH26-015 and SDH26-018, at 167.0 gram-metres and 166.1 gram-metres respectively. The company said the consistency of width and grade across the Hong Kong and Link zones is expected to support resource growth, although the reported lengths are primarily downhole intervals and do not necessarily represent true widths.

Link Zone intercept doubles after final assays

Final assays from SDH26-021 materially changed the picture for the Link Zone. The interval, previously reported as 10.8m at 3.64g/t gold, now extends to 21.19m at 3.39g/t from 306.21m, including 7.34m at 6.82g/t. That equates to 71.8 gram-metres for the principal intercept.

The result follows PC Gold’s September Link Zone drilling, which extended mineralisation about 30 metres beyond the existing model and left further assays outstanding. The company says most of the 14 diamond holes still awaiting assays were designed to test the Link Zone, though access to optimal surface drill positions is becoming more limited.

PC Gold expects underground cuddies planned for early 2027 to provide a more suitable platform for defining the zone. That is a future drilling approach, not yet a reserve or mine-development outcome, and the current release does not establish the economic significance of the newly reported intersections.

Coarse gold creates both opportunity and assay uncertainty

The company is also changing how it measures Spring Hill’s gold. Photon assay optimisation work with Chrysos indicated that single 500-gram jars could potentially under-call grades in the project’s coarse-gold mineralisation. PC Gold now uses two 500-gram jars, or a 1kg sample, for each interval.

Most intervals in this release used the larger sample size, but some sections of SDH26-012 and SDH26-018 were assayed using a single jar. PC Gold said duplicate jar results showed the variability typical of a coarse-gold system, while laboratory repeats and certified standards supported assay accuracy. For investors, the larger samples may improve representativity, but they also underline why individual high-grade results can be less straightforward to interpret.

Mineralisation extends beyond the 1.51Moz resource

Exploration is moving beyond the current 1.51Moz Mineral Resource. Recent RC drilling north of the resource has extended Macau Extended to 950m of strike, with mineralisation outcropping at surface, and identified the North Link zone. The result adds to the company’s North Link discovery, which previously returned high-grade assays while leaving the scale and continuity of the extension unresolved.

PC Gold also points to the Southern Adit as another high-grade target outside the current resource. These targets could broaden the project’s exploration inventory, but their contribution to a future resource will depend on further drilling, continuity and the treatment of coarse-gold sampling in the geological model.

Pending assays set up December resource milestone

The immediate news flow is substantial: assays are pending for 14 diamond holes and 10 RC holes, while drilling continues. PC Gold is targeting an updated Mineral Resource Estimate in December 2026 that will incorporate drilling completed since the April 2026 cut-off, alongside a progressing Pre-Feasibility Study.

The central test is whether the latest broad intercepts translate into additional tonnes, higher confidence categories or improved project economics in the updated studies. Until that work is complete, Spring Hill remains an exploration and development story with encouraging drill results, rather than a project with a declared Ore Reserve or established production profile.