Pacgold (ASX:PGO) hits bonanza-grade gold at Alice River, QLD

• 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.