What's Happening?
Pacgold has commenced a reverse circulation drilling program at the St George Gold-Antimony Project in northeast Queensland. The program includes nine holes over 900 meters, targeting high-grade gold-antimony zones identified through rock chip sampling
and mapping over a 10km strike length. The drilling is expected to be completed within two weeks, with assay results anticipated in six weeks. This initiative follows Pacgold's farm-in agreement with Hardrock Mineral Exploration earlier this year, which involved a $200,000 cash payment and the issuance of 10 million shares to acquire the St George Project. The project covers 905 square kilometers and includes a historical antimony mine that has produced 60 tonnes of antimony at a 60% grade from artisanal workings. Pacgold's Managing Director, Matthew Boyes, highlighted the potential of the St George prospect as a compelling opportunity within the company's portfolio.
Why It's Important?
The drilling program at the St George Project is significant for Pacgold as it represents a strategic move to explore and potentially expand its resource base in high-grade gold-antimony zones. The successful identification and extraction of these resources could enhance Pacgold's market position and contribute to the economic development of the region. The historical antimony mine's high-grade output suggests promising prospects for future mining operations, which could attract investment and boost local employment. Additionally, the project aligns with global demand for antimony, a critical mineral used in various industrial applications, including flame retardants and electronics. The exploration efforts could also provide valuable geological data, contributing to the broader understanding of mineral deposits in Queensland.
