What's Happening?
Pacgold has commenced a maiden drilling program at the White Lion prospect within its Alice River Gold Project in North Queensland. The company plans to conduct 1,460 meters of drilling across 10 reverse circulation holes, targeting a high-intensity induced polarization chargeability anomaly concurrent with a bullseye magnetic anomaly. The drilling program includes four drill lines spaced 200 meters apart and is expected to take two weeks to complete, with assay results anticipated by late October. This initiative marks a significant milestone for Pacgold as it seeks to explore and develop its mineral assets.
Why It's Important?
The drilling program at White Lion represents a strategic effort by Pacgold to capitalize on previously identified geophysical anomalies, potentially leading to new mineral discoveries. Successful exploration could enhance the company's asset portfolio and contribute to its growth in the Northeast Queensland Mineral Province. The program's focus on untested targets underscores the potential for significant mineralization, which could attract further investment and bolster Pacgold's position in the mining industry.
What's Next?
Following the completion of the drilling program and the return of assay results, Pacgold will evaluate the need for further drilling. A diamond drill rig is available for deeper exploration if justified by the initial findings. The company aims to refine its exploration strategy based on the results, potentially leading to expanded drilling efforts and increased resource development.
