Pacgold Uncovers High-Grade Gold and Copper Sulphide Mineralisation Below White Dam North Oxide Deposit in South Australia

Previous Oxide-Focused Drilling Overlooked Deeper Sulphide Potential at White Dam

Historically, exploration and development at White Dam North concentrated on shallow oxide gold and minor copper mineralisation found roughly 10m to 45m below surface. Earlier drilling was predominantly vertical and focused on oxide zones, limiting investigation to the transition between oxidised and fresh basement rock. This approach left the deeper sulphide mineralisation in fresh basement rock largely untested, despite limited historical drillholes beneath other oxide pits like Vertigo and Hannaford indicating its presence.

Since acquiring the White Dam Gold Project in late 2025, Pacgold has shifted strategy to systematic infill drilling aimed at upgrading the largely Inferred Resource to Indicated status. To date, 71 holes totaling 4,158 metres have been completed. Several holes in the current program were designed to penetrate beyond the transition zone into fresh basement rock, creating a geological "buffer" of unmineralised material to aid orebody modelling. This methodical approach has yielded success, with three holes (WNRC006, WNRC009, and WNRC010) intersecting notable disseminated visible copper sulphides hosted within magnetite-pyrite altered metasediments approximately 5m to 15m below the oxide gold-copper mineralisation.

Confirmed High-Grade Gold and Copper Intervals Define Sulphide Zone

Assay results from three drillholes confirm high-grade gold and copper mineralisation within the newly identified sulphide alteration zone. Drillhole WNRC006 delivered the standout interval: 20 metres grading 2.5g/t gold and 0.5% copper from 58 metres depth. Within this, a 6-metre section graded 7.5g/t gold and 1.2% copper, including a 3-metre sub-interval with 12.5g/t gold and 1.8% copper from 68 metres. The company did not specify true width relative to downhole width for this intersection.

Drillhole WNRC010 returned 10 metres at 3.4g/t gold and 0.7% copper from 54 metres, including 5 metres at 5.0g/t gold and 1.0% copper from 56 metres. Drillhole WNRC009 showed mineralisation in two zones: an upper 6 metres at 0.8g/t gold and 0.5% copper from 45 metres, and a lower 5 metres at 0.5g/t gold and 0.2% copper from 61 metres to the hole's end. All assays were conducted by fire assay for gold and 4-acid digest with ICP-AES for copper. These results confirm the sulphide mineralisation contains economically significant gold and copper grades.

Extensive Visible Copper Mineralisation Awaiting Assay Confirmation

In addition to the three holes with assay results, eight of the ten RC holes extended so far have intersected visible chalcopyrite (copper sulphide), consistent with the mineralisation seen in WNRC006 and WNRC010. Significant downhole widths have been observed, including 59 metres of sulphide mineralisation from 58 metres in WNRC007, 38 metres from 68 metres in WNRC016, and 26 metres from 67 metres in WNRC009. Holes WNRC005 and WNRC011 intersected 25 metres and 24 metres respectively.

Samples from these visually mineralised intervals have been submitted to Bureau Veritas Laboratory in Adelaide, with results anticipated within 4 to 6 weeks from the 23 July 2026 announcement date. The company cautions that visual estimates should not replace laboratory analyses when assessing economic grade or concentration. The widespread occurrence of visible sulphides across multiple holes suggests the sulphide zone has significant lateral and vertical extent, pending assay confirmation before resource upgrades.

Magnetic Anomaly Alignment Indicates Large-Scale Exploration Potential

The sulphide mineralisation coincides with a magnetic anomaly extending up to 1 kilometre in strike length, associated with folded stratigraphy. Limited deep drilling has previously been conducted over this anomaly, making this discovery particularly notable. All holes extended into the magnetic anomaly have intersected sulphide mineralisation, demonstrating a strong geophysical and geological correlation. This relationship offers a valuable tool for outlining deposit extent and identifying further drill targets along strike.

The magnetic anomaly aligns with magnetite-pyrite alteration seen in drill cores, where magnetite, a ferrous iron oxide mineral, generates strong magnetic signatures. Geological interpretation suggests the sulphide mineralisation is part of a folded stratigraphic package potentially extending beyond current drill coverage. The alteration zone remains open in all directions and at depth, with ongoing drilling testing the sulphide gold-copper zone's extent and grade.

Additional Untested Magnetic Anomalies at Rolling, White Dam East, and Hannaford West

Beyond White Dam North, the White Dam Gold Project includes several other prospective areas with similar structural settings and magnetic anomalies yet to be tested by deep drilling. Prospects such as Rolling, White Dam East, and Hannaford West share geological characteristics with White Dam North, indicating potential for analogous sulphide-hosted gold-copper mineralisation. These untested zones represent significant exploration upside for Pacgold, which can apply the geological model developed at White Dam North to these targets.

This discovery is particularly important given the Curnamona Province's classification as an Iron-Oxide-Copper-Gold (IOCG) terrain known for hosting very large mineral deposits. Nearby significant IOCG systems include the Kalkaroo Project 40 kilometres north and the Portia Project 75 kilometres north of White Dam, reinforcing the regional potential.

Curnamona Province IOCG Classification Highlights Large Deposit Potential

Located within the Curnamona Province, spanning northeastern South Australia and western New South Wales, the White Dam Gold Project lies in a terrain known for Iron-Oxide-Copper-Gold (IOCG) style mineralisation, recognized globally for forming large deposits. Nearby projects such as Kalkaroo and Portia exemplify this potential.

The discovery of primary sulphide-hosted gold-copper mineralisation at White Dam, combined with its IOCG province location, suggests the potential for substantially larger mineralisation than previously considered. Earlier exploration and mining focused solely on shallow oxide gold, with production limited to heap leach and processing plant treatment. The deeper sulphide mineralisation was not previously evaluated as a viable target despite similar sizeable sulphide-hosted orebodies nearby. This marks a significant shift in the project's perceived potential.

Drillhole Extensions Confirm Mineralisation Beyond Initial Depths

Extending drillholes beyond initial termination depths has effectively confirmed the sulphide zone's extent. Drillhole WNRC009 was extended from 66 metres to 102 metres, intersecting strong magnetite-pyrite alteration with visible chalcopyrite from 66 to 93 metres, confirming significant sulphide mineralisation at depth. Drillhole WNRC006, initially terminated at 78 metres, will also be extended to better define mineralisation depth.

These extensions demonstrate that mineralisation at White Dam North remains open at depth, supporting continued drilling to delineate the mineralised zone's true boundaries. Pacgold plans ongoing RC drilling to assess the sulphide gold-copper zone's extent and grade. The presence of wide chalcopyrite intervals within a broad magnetite-pyrite alteration zone, open in all directions and depth, indicates substantial further drilling is needed. The announcement does not specify drilling meters or timing for current program completion.

Resource Upgrade Prospects and Strategic Impact

Pacgold initially aimed to upgrade the predominantly Inferred 2020 Mineral Resource Estimate (MRE) of 102,000 ounces of gold at White Dam North to Indicated status through current drilling. The sulphide mineralisation discovery expands the program's scope, requiring incorporation of sulphide zones into an updated resource model after assay completion and further drilling to define spatial extent.

Following drilling completion, the company intends to update the Resource model and conduct open pit optimisation studies, though no timeline or expected resource size or grade has been disclosed. Incorporating sulphide mineralisation could materially affect the project's economic outlook and development strategy. The presence of significant in-situ sulphide ore may necessitate different processing methods than historical heap leach approaches, potentially influencing economics and timelines.

Caution on Visual Mineralisation and Pending Assays

Pacgold includes cautionary notes emphasizing that visual mineral estimates are not substitutes for laboratory assays, which are critical for determining economic grade and concentration. Visual observations also do not account for impurities or deleterious properties affecting valuation. This caution is vital as eight of ten extended holes show visible copper sulphides, but only three have confirmed assay results.

While assays from WNRC006, WNRC009, and WNRC010 confirm high grades within visual mineralisation, there is no guarantee remaining visually mineralised intervals will assay similarly. Factors such as grain size, mineral distribution, and deleterious elements may impact economic viability. Samples have been sent to Bureau Veritas Laboratory in Adelaide, with results expected within 4 to 6 weeks from the 23 July 2026 announcement. Investors are advised to await these results before drawing definitive conclusions on the sulphide mineralisation's extent and quality at White Dam North.