Pacgold (ASX:PGO) step-out to high-grades at the Alice
October 5, 2022Pacgold will proceed with targeted drilling at the southern end of a high grade zone following an instance of 21.4g/t of gold within a 14.9-metre stretch at 10.3g/t at the F1a Zone in the Alice River Gold Project in North Queensland.
The three-quarters complete advancing 6,778m reverse circulation and 6,009m diamond drilling on the F1a zone (Central Target), with the balance targeting the Southern Target in October.
To date, 30 diamond and reverse circulation holes have been completed at the Central Target, with 13 assays or the F1a zone pending.
The wide-spaced step-out-drillholes (ARDH061) had previously returned high-grade gold assays from ARDH061 80m down-plunge a recorded high-grade gold zone of 17m at 9.3g/t Au (ARDH026) – located about 160m south of recently reported 24m @ 8.0g/t Au (ARDH051).
The latest results build upon the F1a zone as containing multiple high-grade shoots defined by wide-spaced drilling over a 1.5km strike and to a depth of over 500m (open along strike and depth).
The Company will continue drilling while anticipating assay results for 13 drill holes – all of which intersected strong veining and alteratio
“Recent drill results on the F1a zone indicate a vertical transition as we progress deeper (100m to >300m) into the gold system, with more robust high-grade shoots being defined and displaying excellent continuity,” Managing Director Tony Schreck said.
“Previous open-pit mining (~30,000oz Au @ 5.6g/t Au) and shallow historical drilling (<100m deep) has only just ‘clipped’ the upper portions of one of the high-grade shoots, and our recognition of this important vertical transition in the gold system now provides an enormous opportunity for Pacgold, not only at the F1a zone but also along the >30km under-explored regional trend.”
Next Steps
Diamond drilling to continue at the Central Target with initial diamond holes planned to commence at the Southern Target in late October 2022.
IP geophysics is planned on the Northern Target and extensions along the Alice River Shear Zone to the north-west and south-east of the current IP coverage. This work is currently scheduled to commence mid-October 2022.
The Company’s ASX shares are 49c.
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