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Highlights
- 10,000m drilling program underway at Alice River
- Multiple new and existing targets being tested
- Initial assay results expected by late May
Pacgold (ASX:PGO) has launched a substantial new phase of exploration at its Alice River Gold Project in North Queensland, initiating a 10,000-metre reverse circulation (RC) drilling program aimed at uncovering further gold mineralisation and evaluating several promising targets. This initiative underscores the company's ambition to explore untapped potential within its expansive 377-square-kilometre tenement package.
The latest campaign will cover both established and newly identified zones. Among the key targets scheduled for testing are Jerry Dodds, South target area, Victoria, and The Shadows. These were originally identified through exploration efforts over the past year. Additionally, the program includes infill and extension drilling at the Posie and Central areas to further delineate mineralisation zones.
In particular, the Central target area has become a focal point due to thick, shallow mineralisation present within the upper 70 metres of the deposit. Remarkably, this section has never been drilled before by Pacgold (PGO), making it a high-priority area for the ongoing campaign.
According to Managing Director Matthew Boyes, the company is entering an exciting phase of exploration. With eight months of planned drilling and exploration activities ahead, the team is preparing to significantly advance the project’s geological understanding and resource potential.
So far, eight drill holes totaling 1,118 metres have already been completed as part of the initial phase. From this batch, 490 samples have been submitted to ALS Laboratories in Townsville for geochemical analysis, with results expected to begin arriving in late May. These findings are anticipated to provide early insights into the mineralisation extensions.
The field season is expected to be active throughout the year, with additional aircore and diamond drilling campaigns scheduled to commence as the program progresses. Once regional access is fully restored, the company plans to implement geophysical surveys, including induced polarisation and drone-based magnetics. Preparations are currently underway to mobilize crews for these activities starting next month.
Located at the northern tip of the Northeast Queensland Mineral Province, the Alice River Gold Project hosts a 30-kilometre stretch of prospective gold-bearing structures. With a growing number of exploration targets and strong geological indicators, the project remains a key asset in Pacgold’s (PGO) portfolio, and the upcoming months are likely to be pivotal in uncovering its full potential.
