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The Market Online - At The Bell

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  • Pacgold (PGO) hits bonanza-grade gold at its Alice River gold project in North Queensland
  • The latest results come from step-out drilling in the area, with one hole intersecting 24 metres at 8 g/t gold, including 1.9 metres at 87 g/t gold and 1.1 metres at 136.5 g/t gold
  • The company says the results extend high-grade mineralisation at the project a further 120 metres vertically to over 520 metres deep
  • PGO is continuing step-out and definition drilling on the F1a zone, with assays pending for 13 drill holes
  • Shares in the company last traded at 53 cents on September 16

Pacgold (PGO) has hit bonanza-grade gold at its Alice River gold project in North Queensland.

The latest results came from step-out drilling in the area, with one hole intersecting 24 metres at 8 grams per tonne (g/t) gold, including 1.9 metres at 87 g/t gold and 1.1 metres at 136.5 g/t gold.

Another highlight from the program was a four-metre hit at 10.3 g/t gold, including one metre at 32.8 g/t gold.

The company said the results extended high-grade mineralisation at the project a further 120 metres vertically to over 520 metres deep. What’s more, mineralisation still remains open along-strike and at depth.

Pacgold Managing Director Tony Schreck said he expected the high-grade zones to continue to extend at depth for a “significant” vertical distance.

“Our drilling strategy to date has been focused on the Central Target, where we have achieved exceptional results that provide an excellent opportunity to potentially define a material-sized JORC resource,” Mr Schreck said.

According to the company, the Central Target now contains multiple south-plunging high-grade zones identified along 400 metres of the known 1.5-kilometre strike.

PGO is continuing step-out and definition drilling on the F1a zone, with assays pending for 13 drill holes.

Shares in the company last traded at 53 cents on September 16.

PGO by the numbers
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