Pacgold Extends Gold Mineralization at Alice River Project

What's Happening?

Pacgold has announced the extension of gold mineralization at its Alice River Project in north Queensland, following a 13,000-meter reverse circulation drill program. The drilling results revealed significant gold deposits at various depths, with notable assays from the Southern and Central targets. The company conducted drilling across 83 drillholes, targeting extensions of the mineral resource estimate. Managing Director Matthew Boyes highlighted the promising results and the ongoing drilling at high-priority targets, including the Victoria and Jerry Dodds sites. The company is also preparing to test the White Lion geophysical target, which shows potential for substantial mineralization.

Why It's Important?

The extension of gold mineralization at the Alice River Project is a significant development for Pacgold, potentially increasing the project's resource base and enhancing its economic viability. This progress could attract further investment and support the company's growth strategy in the competitive gold exploration sector. The successful identification of new mineralization zones underscores the project's potential to contribute to the regional economy and the broader mining industry. The ongoing exploration efforts reflect the company's commitment to maximizing the project's value and securing its position in the market.

What's Next?

Pacgold plans to continue its exploration activities at the Alice River Project, with a focus on completing the current drilling campaign and testing the White Lion target. The results from these efforts will inform the company's future development plans and potential resource upgrades. The company is also conducting aircore drilling to identify additional targets for exploration in the coming months. Stakeholders, including investors and local communities, will be keenly observing the project's progress and its potential impact on the regional economy and employment opportunities.