Pacgold (ASX:PGO) is expediting the growth of its Alice River Gold Project in Queensland following the declaration of a maiden indicated and inferred resource. The resource totals 12.2 million tonnes at 1.2 grams per tonne, containing 474,000 ounces of gold. This forms part of a global resource of 26.7 million tonnes at 1.01g/t for 854,000 ounces of gold. With a market capitalization of $10.5 million, Pacgold sees this resource as validation of the project’s upside potential and prospects for near-term resource expansion.
Managing Director Matthew Boyes highlighted the significance of the maiden resource, stating it is the culmination of four years of exploration. The company believes the continuous gold zones support the possibility of a large tonnage open pit operation. Currently, Pacgold is conducting a 10,000m reverse circulation drilling program, initially focusing on the Central target area to expand the known resource footprint. Future drilling will target other deposits, including the Southern target and Posie, followed by regional targets like Jerry Dodds, The Shadows, and Victoria. Geophysical surveys are scheduled to begin later this month to further refine targeting for geochemical and drilling programs.
