PACGOLD LIMITED (ASX: PGO)
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First 2023 drilling at Alice River Southern Target intersects broad zones of veining within a targeted IP anomaly. New IP anomaly extends >400m, potentially linking Southern Target gold zones over a strike of >1.8km. Several similar, high-priority IP geophysics anomalies occur under shallow cover, representing targets for the next phase of drilling.
Diamond drilling recommenced on Central and Southern Targets with two rigs in a 5,000m programme. Resource step-out drilling on Central Target will focus on extending high-grade gold zones and defining new ones. Southern Target drilling aims to investigate depth extensions of the broad gold system defined by shallow historical drilling.
Significant extensions to the Alice River fault zone and new parallel structures identified using gradient array Induced Polarisation (IP) geophysics over a 30km corridor. Infill IP geophysics on the Northern Target has identified several new priority targets with strong similarities to the Central Target high-grade gold discovery. Recommencement of resource step-out drilling planned for April 2023, with initial drilling of priority regional targets in Q3 2023.
Excellent gold recoveries achieved with gravity separation and cyanidation on two composite drill samples of high-grade gold mineralisation from the F1a zone 45.6% of gold recovered via simple gravity separation Conventional Carbon-in-Leach processing shows good recoveries, with encouraging sighter test results for continued metallurgical test work in parallel with ongoing drill program
Pacgold have received highly positive results from IP geophysics survey and initial shallow diamond drilling program me at Alice River Project in QLD. Results have delineated a 2km extension of the Southern Target IP resistivity low structural corridor, open for further extension. Shallow historical drilling provides Pacgold with opportunity for exploration success at depth as per 2021/22 Central Target drilling program me.
Continued expansion of high-grade gold mineralisation on the F1a Zone and discovery of a northern high-grade gold zone. Four high-grade gold shoots identified within granted mining leases over 800m strike and 500m depth. Initial metallurgical test-work underway, results expected mid-February 2023.