Pacgold Limited (ASX: PGO), a Queensland-focused gold explorer, has announced a farm-in agreement to acquire up to 100% interest in the St George Gold-Antimony Project, located 70km west of Mt Carbine in North Queensland. The agreement covers a significant land position with exploration tenements totalling 905 square kilometres within a developing antimony province. This strategic move provides Pacgold with exposure to a historically mined antimony asset near its flagship Alice River Gold Project.
The St George Antimony Mine has a history of production, with 60 tonnes grading 60% antimony reportedly produced from artisanal open-cut and underground workings. Pacgold’s due diligence rock chip sampling confirmed extremely high grades of antimony in gold-antimony rich, structurally controlled veins. Significant rock chip results included grades up to 66.6% antimony and 10.1g/t gold. Heritage clearance has been completed at the St George Mine, making over 500 metres of mineralised strike extent drill-ready.
Under the terms of the farm-in agreement with Hardrock Mineral Exploration Pty Ltd, Pacgold can earn up to a 100% interest in the project over three stages. The initial stage requires Pacgold to expend $250,000 within 12 months and $1,500,000 within 24 months to earn a 51% interest. Further stages involve completing a bankable feasibility study and an independent expert valuation. Upon acquiring an 80% interest, Pacgold will grant Hardrock a net smelter return royalty on antimony and gold.
Pacgold will immediately commence exploration, including mapping, geophysics, and soil geochemistry, with drilling planned before the end of Q4. Matthew Boyes, Pacgold’s Managing Director, noted that securing the St George Gold-Antimony Project is an exciting addition to the company’s portfolio, providing exposure to a highly prospective antimony asset at a time when antimony is considered a critical mineral with robust demand and prices at historic highs.
