Pacgold Limited (ASX: PGO) has received “highly positive” results received from IP geophysics survey and an initial shallow diamond drilling programme on the Southern Target gold system, located 2km south of the Central Target at the Alice River Project in Queensland, Australia.
“We are thrilled by the success of the latest IP geophysics survey in extending the IP resistivity low that is directly associated with the large-scale Southern Target gold system a further two km to the southeast, doubling the potential strike of the system,” Managing Director, Tony Schreck, said.
“In a regional sense, the large southern strike extent of the IP resistivity low corridor, now extending >3.8km, represents one of the most compelling and underexplored targets on the Alice River Gold Project.
“Two initial shallow diamond drill holes completed by Pacgold confirm strong geological correlations between the Central Target and the Southern Target, particularly the potential of the high-grade zones to develop >100m below surface, a model that has underpinned Pacgold’s discovery success over the past 18 months.
“Remarkably, the Southern Target has been overlooked by modern exploration with Pacgold’s drilling the first to be undertaken in 30 years. This represents a significant opportunity to apply the successful exploration model and strategy that has been implemented at the Central Target to the Southern Target.”
The Southern Target is located 2km south of the Central Target with shallow historical drilling (average hole depth 39m) defining a broad gold system extending over an interpreted strike in excess of 1.8km and closely associated with IP geophysics (resistivity low) reflecting the system’s alteration and mineralisation character.
IP geophysics completed in Q4 2022 has extended the resistivity low ‘corridor’ at the Southern Target an additional 2km to the southeast (below shallow sand cover), now defining a compelling target which extends over greater than 3.8km.
Historical drilling over the northern half (~1.8km) of the resistivity low has defined several shallow coherent gold zones at the Southern Target. These are interpreted to represent the upper haloes above potential high-grade gold shoots which occur in a similar geological and structural setting to the shoots discovered by Pacgold on the Central Target (confirmed from latest diamond drilling).
The results of the IP geophysics survey provide enormous potential to expand the Southern Target which already is recognised as the largest shallow gold system on the Alice River gold project.
Diamond drilling was completed on the Southern Target in Q4 2022 with an initial two holes completed for 407m. Results provide strong encouragement for the definition of a second high grade gold system on the project located south of the Central Target.
Both holes intersected significant widths of quartz veining and breccia, representing the historic Peninsula King – Big Blow lodes, along with several other mineralized subsidiary quartz veins which were mined on surface using small-scale methods in the early 1900’s. As reported previously, visible gold was noted in drillhole PKDH002 in one of the main lodes. Assay results include:
• 10.4m @1.9g/t Au from 33.6m
• 3m @3.1g/t Au from 68m
• 1m @4.4g/t Au from 32m
• 15m @2.0g/t Au from 64m, incl. 3m @6.9g/t Au from 66.8m
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