Join our daily newsletter At The Bell to receive exclusive market insights
- Pacgold (PGO) intersects up to 21.4 g/t gold from the F1a Zone within its Alice River Gold project in North Queensland
- Results have been received for four holes in the area and define the continuity of a high-grade zone that spans a strike of 100 metres and remains open to the south and at depth
- Diamond drilling is set to continue at F1a, with initial diamond holes planned at the Southern Target later in the month
- The company is also planning to take on induced polarisation geophysics work on the Northern Target and to the northwest and southeast of current IP coverage
- Pacgold is down 5.88 per cent on the market, with shares trading at 48 cents at 1:49 pm AEDT
Pacgold (PGO) has intersected up to 21.4 grams per tonne (g/t) gold from the F1a Zone within its Alice River Gold project in North Queensland.
To date, Pacgold has drilled 30 reverse circulation (RC) and diamond holes at the project, with a focus on the F1a Zone.
Results have been received for a further four holes and are pending for 13.
The best new results include a 14.9-metre intersection at 10.3 g/t gold from 242.1 metres, including 4.9 metres at 21.4 g/t gold from 242.1 metres.
Results for the other holes include one metre at 4.6 g/t gold, 16 metres at 1.3 g/t gold from 48 metres, and 10.6 metres at one g/t gold.
The company said the results defined the continuity of a high-grade gold zone that spanned a strike of 100 metres and remains open to the south and at depth.
“Recent drill results on the F1a zone indicate a vertical transition as we progress deeper into the gold system, with more robust high-grade shoots being defined and displaying excellent continuity,” Pacgold Managing Director Tony Schreck said.
“Previous open-pit mining and shallow historical drilling has only just ‘clipped’ the upper portions of one of the high-grade shoots, and our recognition of this important vertical transition in the gold system now provides an enormous opportunity for Pacgold, not only at the F1a zone but also along the >30-kilometre under-explored regional trend.”
Diamond drilling is set to continue at F1a, with initial diamond holes planned at the Southern Target later in the month.
Induced polarisation (IP) geophysics has also been planned on the Northern Target and to the northwest and southeast of current IP coverage with work scheduled to begin mid-October.
Pacgold was down 5.88 per cent on the market, with shares trading at 48 cents at 1:49 pm AEDT.
