Coming of age time for Pacgold

Another round of drilling scheduled to start next week at its Alice River site, halfway to the coast west of Cooktown in Cape York Peninsula, will help Pacgold build the case for district-scale gold potential. The company outlined the scenario at the Queensland Exploration Council investment showcase last night in Brisbane. Related: Drilling on Alice River comes up trumps It is the culmination of work carried out since the first drilling program two years ago which yielded 17m at 9.3g/t gold from 192m and 24m at 8g/t gold from 166m on the Central target. Shares in the company peaked in February last year reaching $0.93 after debuting at $0.24 in July 21. Another drilling campaign scheduled to start this month (October 2023) was set to help validate the high-grade prospectivity along 30km of strike, managing director Tony Schreck said. Pacgold MD Tony Schreck Related: Pacgold reports successful funds raising effort It followed a successful oversubscribed $3.2m capital raise, Mr Schreck said. “We've learned so much from the original discovery on the Central target,” he said. “Particularly with the geology and geophysics which has allowed us to fine-tune our exploration targeting strategy.” “We're now at a point where we can apply that successful targeting strategy along strike on a district scale and we’ve identified several other targets that we believe are repetitions of the high-grade Central target. “The drilling commencing next week will focus on these district-scale targets, each having the potential to be the next game changer for Pacgold.” The drilling program would help put together a JORC-compliant resource definition, Mr Schreck said. The company was looking to a Pajingo or Cracow-style underground development, he said. “The high-grade gold zones are vertical, with true widths of three to six metres which would be amenable to underground mining,” he said. “Additional drilling will focus on defining resource ounces along strike as part of a maiden resource and then moving towards a scoping study. A significant part of this strategy is the potential for high-grade gold along the 30km trend that has been overlooked by past exploration. This is where we see the real opportunity for Pacgold and what has attracted the strong institutional investment support.” IP geophysical surveys had proven extremely effective in the conditions, Mr Schreck said. “We've had some great initial success, so now we're applying that across the whole trend and we'll be the first company to do that. Some really compelling targets have been identified undercover, and we'll be drilling those in the next program. “No one's ever used geophysics on this project. For Pacgold it has allowed us to identify and focus our drilling on the main structure which we can trace for 30km. "The last drilling on the project was 30 years ago and it didn’t have that focus, which really support a unique first mover opportunity on a district scale.” Pacgold shares closed yesterday at $0.18.

Coming of age time for Pacgold

Industry Queensland

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