Pacgold (ASX: PGO) has its sights set on ‘Unlocking an Entire Gold Corridor’ in North Queensland to underpin an outstanding 2022 exploration programme that is building on the Company’s early drilling success.
The Company was the gold sector’s best performing Initial Public Offering (IPO) on the Australian Securities Exchange (ASX) in 2021 and in the 2022 financial year, thanks to a high-grade gold discovery at its 100% owned Alice River Gold Project.
Alice River is centred on an overlooked historical goldfield, with Pacgold’s initial drill programme in 2021 intersecting high-grade gold as part of the F1a zone on the Central Target.
The rapid exploration success on Alice River now has Pacgold poised to ascend the exploration discovery growth curve. The Company’s major discovery within granted mining leases represents an enormous opportunity for it to move towards high-grade gold resource development in the coming years.
With experienced management, a strong cash position and multiple rigs on site, ‘How big could this be?’ is the question Pacgold plans to answer.
To find out, Pacgold is progressing an aggressive exploration programme in 2022 as it moves towards its target to declare a maiden JORC resource for Alice River. The programme comprises 80% exploration growth and step-out drilling to expand the F1a zone discovery at Central Target, as well as 20% regional pipeline drilling.
Now midway through the 2022 programme, Pacgold’s latest drilling campaign continues to provide strong indications the F1a zone represents the upper levels of a large-scale, high-grade gold system at Alice River that is expanding in width at depth.
Pacgold Managing Director Tony Schreck said the Company is well advanced on the 2022 drilling programme with the initial focus to test the extent and tenor of the F1a zone at the Central Target.
“The wide-spaced, step-out drilling completed so far highlights excellent continuity of the gold system extending to depth (open), with early definition of the gross geometry of high-grade gold zones emerging,” Mr Schreck said.
“Our enhanced understanding on the structural controls to the gold mineralisation from detailed studies earlier this year is being validated and will underpin continued expansion of both the F1a mineralisation and regional scale target generation.”
The foundation of Pacgold’s success at Alice River to date has been the application of modern IP geophysics combined with a revised geological interpretation and new exploration model for the Project.
Encouragingly, the F1a zone represents just one target within a much larger under-explored structural corridor containing historical mineralised prospects over a potential strike length of 30km and largely overlain by shallow sand cover.
The Alice River Gold Project comprises a portfolio of eight mining leases and five exploration permits in a highly prospective gold terrain. In addition to the Central Target, Alice River has two further priority targets (Southern Target and Northern Target), with the three combining to cover 7km of the gold bearing shear zone.
With new ideas, modern exploration and an exciting yet overlooked exploration opportunity, Pacgold is well placed to unlock a new era for the Australian gold sector in North Queensland.