Pacgold (ASX:PGO) has announced promising results from its reverse circulation drilling program at the Alice River Gold Project in Queensland. The drilling at the Central target yielded broad, low-grade gold intersections with assays up to 29 grams per tonne. Notable results include 48 meters at 2.1g/t gold, including 2 meters at 29g/t gold from 76 meters, and 50 meters at 1g/t gold, including 1 meter at 13.7g/t gold from the surface. The company anticipates further results from the Southern target within the next two weeks, with the program scheduled for completion by early August.
With a market capitalization of $9.9 million, Pacgold is concentrating on step-out and regional drilling to define additional gold mineralization along the Alice River fault zone. Over the next two months, the focus will be on five major target areas, with 70 holes planned before designing a follow-up program. According to Managing Director Matthew Boyes, drilling will target The Shadows, Posie, Jerry Dodds, and Victoria, in addition to new targets identified through last season’s aircore program. A diamond rig is scheduled to arrive in July for metallurgical sampling and structural data collection, while an aircore rig will conduct regional geochemical drilling next month. An induced polarization electrical geophysics program covering the Alice River Fault Zone’s southern extensions began in early June and will continue through late July, with preliminary data expected in late June. The Alice River Project encompasses 30 kilometers of prospective gold targets within 377 square kilometers of granted permits and mining leases.
