Pacgold (ASX:PGO) detects golden district
March 2, 2023Pacgold IP interpretation has identified multiple gold targets along a significantly extended fault zone at its Alice River Gold Project northwest of Cairns in North Queensland.
The survey completed late last year has extended the fault corridor 2km to the southeast below shallow sand cover, which now defines a tempting target that extends more than 3.8km.
$0.07The Southern Target is located 2km south of the Central Target and is a comprehensive gold system coincident with IP geophysics (resistivity low), reflecting the system’s alteration and mineralisation character.
The compelling southern end survey was one of three completed on the Project in Q4 2022, including the northern strike extension of the Central Target covering the Northern Target, the Posie Prospect (located 5km to the north-northwest of the Central Target).
IP completed on the Posie, and White Lion prospects confirm strong resistivity and low structural corridors closely associated with known gold mineralisation.
A long regional section along the Alice River fault zone, with a plan of the IP geophysics located above to illustrate the resistivity low (blue) defining the main structures.
Extensions to the Posie prospect defined over >2km as part of a new structure parallel to the central Alice River fault zone. Limited historical drilling at Posie includes results of 4.5m @ 16.6g/t Au and 4m @ 11.5g/t Au1, with no drilling completed in over 25 years.
Pacgold Managing Director Tony Schreck said the IP geophysics represents one of our most successful exploration tools for identifying regional and prospect-scale gold targets, particularly in areas concealed by the shallow sand cover.
“The latest IP survey data demonstrates a compelling, district-scale gold opportunity that extends over 30km and has been completely overlooked by modern exploration,” Mr Schreck said.
“These new prospects (including the priority Southern-Central-Northern Targets) provide a strong pipeline to build on the high-grade discovery success achieved by Pacgold at the Central Target in less than 18 months.”
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