- Pacgold (PGO) shares surge as the company extends newly discovered high-grade zone at its Alice River gold project in North Queensland
- The company has received assay results from diamond and reverse circulation drilling, with results pending from 14 of 39 holes
- At the project’s Central Target, gold mineralisation was intersected below and along strike of a historical open pit including an assay of 17 metres at 9.3 g/t gold from 192 metres
- The company also says drilling of geophysical targets confirms the Central and Southern Targets are linked and cover about 3.5 kilometres of strike
- PGO shares hike 42.9 per cent to 70 cents
Pacgold (PGO) shares surged after the company unveiled a “significant expansion” of a newly discovered high-grade zone at its Alice River gold project in North Queensland.
The company has so far received assay results for 25 of the 39 holes in the recently completed diamond and reverse circulation drilling program.
Latest reported stand-out intersections from the project’s Central Target were 17 metres grading 9.3 g/t gold from 192 metres including 3 metres at 25.3 g/t from 195m and 6 metres at 6.5 g/t from 218 metres including one metre at 26.1 g/t from 223 metres.
The high-grade mineralisation was encountered below and along strike of a historical open pit.
Pacgold said that of the 14 holes awaiting results, seven targeted the newly discovered high-grade gold zone at the Central Target called F1a.
One of the holes pending results intersected multiple visible gold occurrences in drilling 130 metres along strike.
The company said drilling of geophysical targets indicates the Central Target and Southern Target are linked and cover a strike length of about 3.5 kilometres.
PGO shares were trading 42.9 per cent higher at 70 cents at 11:24am AEDT.