Pacgold Limited (ASX: PGO, “the Company”) has unveiled a compelling new geophysical discovery at its 100%-owned White Lion Prospect, part of the broader Alice River Gold Project in North Queensland. In a detailed announcement to the ASX on 10 July 2025, the Company confirmed the delineation of an extensive, high-intensity IP chargeability anomaly directly coinciding with a previously identified “bullseye” magnetic target.
This finding elevates the White Lion Prospect to one of the most promising new drill targets in the Alice River Gold Project. The combined geophysical signature exhibits similarities to the well-known 5Moz Mt Leyshon gold deposit, giving investors and geologists alike cause for optimism.
“This is an excellent result for the team… White Lion now represents a priority drill target for Pacgold over the coming months.” – Matthew Boyes, Managing Director, Pacgold
Figure 1: 200 metres below the surface, magnetic inversion with boundaries of IP chargeability and resistivity anomalies superimposed from the expanded IP survey area.
Targeting Intrusion-Related Gold at Scale
Pacgold identified a significant 1.0km x 1.5km target area at White Lion. The recently completed Induced Polarisation (IP) survey confirmed a strong chargeability anomaly co-located with the bullseye magnetic feature, while adjacent resistivity anomalies track known gold-bearing structural zones within the Alice River Fault Zone (ARFZ).
This unique geophysical profile indicates the potential for pyrite-altered breccia-hosted gold, a mineralisation style consistent with large intrusion-related systems such as Mt Leyshon and Fort Knox in Alaska.
The geological setting is ideal. The White Lion target sits only 500 metres south of the major NW-SE trending Alice River Fault Zone, where surface mapping has exposed quartz breccias over 250 metres. Historic shallow drilling in the 1980s yielded anomalous gold, but the central magnetic anomaly remains entirely undrilled.
Figure 2: The location of the recently reprocessed anomaly and the Alice River Fault Zone with mineralised zones are depicted in this regional scale magnetic image.
Advanced Survey Work Points to Depth and Continuity
The new IP survey extended the gradient array coverage both along strike and directly over the magnetic anomaly. Results confirmed:
- A donut-shaped magnetic inversion at ~200 metres depth, suggesting alteration surrounding an intrusion core
- High-intensity chargeability zones interpreted as sulphide-rich breccias
- Coincident resistivity lows, possibly indicating alteration and interconnected sulphides
The Company will now complete Pole-Dipole IP (PDIP) lines over the central target to refine drill targeting and depth modelling. This work should conclude by late July, setting the stage for drill testing in Q4 2025, pending heritage and environmental approvals.
Figure 3: IP and magnetic geophysical anomalies overlaid with the final pit boundary (shown in black) at the Mt Leyshon gold deposit in Queensland, which hosts 5 million ounces of gold. (Source: Terry Hoschke)
Regional Scale Upside: White Lion to Victoria Corridor
White Lion is not an isolated target. The broader Alice River Project spans 377km² across 30km of strike along the ARFZ. Pacgold’s regional gradient array IP program is now in progress, aiming to connect White Lion with its Victoria Prospect located northwest along the same structure.
This larger campaign seeks to:
- Identify new dilation zones and jogs along the ARFZ
- Pinpoint resistivity and chargeability anomalies related to sulphide alteration
- Define continuity between White Lion and historical gold targets like Posie and Central
Final IP data is expected within 4–6 weeks, offering further exploration catalysts in the near term.
About the Project and Exploration Model
The Alice River Project sits within the mineral-rich Northeast Queensland Mineral Province, host to several multi-million-ounce deposits including Pajingo, Mt Leyshon, Kidston, and Ravenswood.
Pacgold targets an intrusion-related gold system (IRGS) model, defined by large breccia complexes, pyrite-sericite alteration and structural controls—features mirrored at Fort Knox (USA) and De Grey’s Hemi (WA).
At White Lion, similarities to Mt Leyshon include:
- Intense magnetic lows adjacent to the anomaly
- Pyritic chargeability halo
- Surrounding magnetite-destructive alteration
With strong regional analogues and underexplored terrain, Pacgold aims to uncover the next significant IRGS discovery in Queensland.
Investor’s Outlook: Trading Momentum Builds Ahead of Drilling
Pacgold’s share price sits at $0.062, giving the Company a modest market capitalisation of $9.72 million as of 10th July, 2025. Despite the Company’s early stage, trading activity surged sharply after the announcement:
5-Day Trading Volume Snapshot:
- 04 Jul: 8,000 shares
- 08 Jul: 220,900 shares
- 09 Jul: 81,000 shares
- 10 Jul (Announcement Day): 470,600 shares
This fourfold increase in volume on the day of the release suggests that investors are beginning to appreciate the scale of the White Lion opportunity and the alignment with proven gold systems.
Figure 4: 5-Day trading volume of Pacgold Limited stock, with highest trading volume on the day of the announcement [Credit: ASX]
While the share price remained stable at $0.062, the market appears to be consolidating before the next value inflection point—likely when drill results emerge later this year.
Pacgold’s approach mirrors that of successful junior explorers: define clear targets, de-risk through geophysics, and drill with purpose. By advancing a well-structured IRGS play with historical gold, strong analogues and untested depth, the Company presents a clear exploration upside.
The Next Step
Pacgold now turns its focus toward:
- Finalising heritage and permitting for drill access
- Completing PDIP surveys to refine depth targeting
- Receiving final data from the regional IP program
- Preparing for a Q4 2025 drill program
If drilling confirms mineralised breccias beneath the geophysical anomalies, White Lion could become a new centrepiece in Queensland’s gold exploration story.
