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- Pacgold (PGO) receives high-grade gold results from drilling at its Alice River project in Queensland
- Drilling is focused on the F1a zone with all 10 holes completed intersecting mineralisation and extending the zone to over 700 metres of strike and a 400-metre depth
- Assays include 35.5 metres at two g/t gold and higher grades of up to 61.1 g/t gold over 0.3 metres
- The 17,500-metre program is ongoing, with 30 per cent completed to date
- PGO shares are down 4.48 per cent to trade at 64 cents each at 2:02 pm AEST
Pacgold (PGO) has received drill results for the first five holes completed at the F1a zone within its Alice River gold project in North Queensland.
The company’s 17,500-metre reverse circulation and diamond drilling program at Alice River is predominantly focused on the F1a zone.
Drilling at the zone is investigating the high-grade mineralisation intersected in last year’s drilling campaign. That initial program returned intercepts of six metres at 17.5 grams per tonne (g/t) gold and 17 metres at 9.3 g/t gold.
Highlighted results from the current program come from ARDH044 and include 35.5 metres at two g/t gold from 242 metres including two metres at 13.3 g/t gold from 255.8 metres, and 28.5 metres at 2.8 g/t gold from 321.4 metres including 0.3 metres at 61.1 g/t gold from 348.8 metres.
The company also identified visible gold in ARHD051 with assays pending.
So far, 10 holes have been completed — all of which have intersected the F1a zone which has been extended to over 700 metres of strike and to a depth of 400 metres.
Mineralisation at the F1a zone remains open both along strike and down dip.
Managing Director Tony Schreck said drilling has highlighted “excellent continuity” of the gold system extending to depth.
“Our enhanced understanding on the structural controls to the gold mineralisation from detailed studies earlier this year are being validated and will underpin continued expansion of both the F1a mineralisation and regional scale target generation,” he said.
The drilling program is continuing, with 30 per cent completed so far.
PGO shares were down 4.48 per cent to trade at 64 cents each at 2:02 pm AEST.
