Pacgold Limited has reported high-grade gold intercepts from its Alice River gold project in Far North Queensland, with visible gold intersected at the Posie prospect. Diamond drilling returned grades as high as 42.3 grams per tonne (g/t) gold from a 20-hole extensional campaign that expanded the project's existing resources.
The Posie prospect, located within Pacgold's 30-kilometre Alice River fault zone, delivered standout hits including 1.46 metres at 25.2 g/t gold from 70.5 metres downhole, 5 metres at 3.2 g/t, and 10 metres at 1.3 g/t in a previously undrilled parallel vein system. The new discovery is hosted in quartz veins within the Imooya granite, suggesting a stacked vein system beyond the main fault zone.
Following these results, Pacgold has commenced drilling at the White Lion prospect, targeting a high-intensity geophysical anomaly similar to the 5-million-ounce Mt Leyshon deposit. The company is also conducting over 13,000 metres of regional reverse circulation and air core drilling across multiple targets in Queensland's Northeast Mineral Province.
The Alice River project covers 377 square kilometres and sits near significant deposits such as Pajingo, Kidston, and Ravenswood. Pacgold currently holds a global resource of 854,000 gold ounces grading 1.01 g/t, which is expected to expand based on the latest results. The company completed a $5.6 million capital raise in May and plans to continue drilling through December.
