Australian gold exploration company Pacgold has revealed a maiden indicated and inferred resource for the Alice River gold project located in the southern Savannah Province in north Queensland.
Acquired by Pacgold in 2020, the project is strategically positioned at the south-western margin of the Savannah Province, near the Carpentaria Basin’s boundary and at the southern end of the Coen Inlier.
Pacgold has reported indicated resources of 5.6 million tonnes (mt) at 1.4 grams per tonne (g/t) gold for 250,000oz gold.
The inferred resources stand at 12.2mt at 1.2g/t gold for 474,000oz gold, which form part of a global resource totalling 26.7mt at 1.01g/t gold for 854,000oz gold.
The current reverse circulation (RC) drilling programme is a priority for Pacgold, aiming to upgrade the inferred resource category ounces.
Approximately 2,000m of the planned 10,000m drilling programme has been completed, initially focusing on the Central Target area.
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By GlobalDataThe programme is expected to expand the known resource footprint and test high-priority targets within the next two quarters.
Pacgold is targeting large-scale, high-grade gold deposits, with the main mineralisation style being intrusions.
Drilling will continue on other deposits in the mineral resource estimate (MRE), including the Southern Target and Posie, before moving on to multiple regional targets such as Jerry Dodds, the Shadows and Victoria.
The company has also planned more than 10,000m of RC and Aircore drilling in conjunction with regional induced polarisation and magnetic geophysical programmes.
Pacgold managing director Matthew Boyes said: “The maiden MRE at Alice River for Pacgold is a major milestone for the company and is the culmination of some outstanding exploration done by the exploration team over the last four years.
“Having now confirmed the mineralisation style is robust, utilising an interpretation of broader more continuous gold zones, we have been able to demonstrate very large tonnages of gold mineralisation with approximately 500,000oz gold contained within the first 400m from surface making a bulk tonnage open-pit operation an obvious first option.”
