Pacgold set to drill Alice River gold targets

Newly-listed Pacgold has kicked off an exploration program at its Alice River gold project including a high-resolution IP geophysics survey, geological mapping and rock chip sampling. An initial drilling program of at least 4000m is planned from this week on the project's Central, Southern and Northern Targets. The flagship project, about 400km north-west of Cairns, comprises 30km of prospective gold targets within 377sq km of granted exploration permits and eight granted mining leases. Rock chip sampling has returned assay results up to 28.2g/t gold and 2.7g/t silver from NW-SE trending veins immediately west of the historical AQ open pit on the Central Target. Epithermal quartz veining inoutcrop (0.5m channel sample, results460g/t Au, 82g/t Ag), Southern Target. Pacgold reported results up to 460g/t Au and 82g/t Ag from a 0.5m channel sample from veining exposed on the site's Southern Target. “Our initial program has focused on the Central and Southern Targets and has provided strong indications that these targets are located in the upper levels of a large-scale epithermal gold system, which provides enormous scope for the ‘boiling zone’ or ‘bonanza gold zone’ to be potentially preserved beneath," Pacgold managing director Tony Schreck said. "IP geophysics completed so far has been highly successful, mapping in detail the 3D geometry of the known gold-mineralised structures as resistivity lows. "Importantly, the geophysics confirms that the Central and Southern Targets are located on one continuous regional-scale structural zone, with greater than 3.8km of strike defined for the gold system. "The extent of this gold system has not been previously recognised or drilled due to the wide-spread shallow sediment cover. "Drilling is planned to commence immediately with initial focus on the Central Target, where the current highest priority drill targets have been defined.” Historical drill intersections include 5m at 67.3g/t gold from 43m and 6m at 40.7g/t gold from 6m at the Central Target and 8m at 55.9g/t gold (including 4m at 111g/t gold) from 18m at the Southern Target. Related: Early Gilberton gold results promising Pacgold last month announced the appointment of experienced geologist Geoff Lowe to manage exploration for the Alice River gold project. His previous positions included principal geologist at Newmont Corporation, managing director at White Rock Minerals, technical director at Valentis and Cape Clear Minerals, and exploration manager of Rex Minerals and Leviathan Resources.

Pacgold set to drill Alice River gold targets

Industry Queensland

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