Company Delivers Strong Mineralisation Across Multiple Targets
Pacgold Limited (ASX: PGO) (‘Pacgold’ or ‘the Company’) announced significant drilling results from its Alice River Gold Project on 22nd August 2025. The Queensland-focused gold explorer completed 45 reverse circulation drill holes as part of its 13,000-metre drilling programme. The project sits 300 kilometres northwest of Cairns in North Queensland.
Southern Target Delivers Strong Intersections
The Southern Target drilling programme returned several significant gold intersections, and assays received for holes completed to test extensions of the Mineral Resource Estimate:
- STDH030 – 20m @ 0.5g/t Au from 96m incl. 3m @ 1.0g/t Au from 99m, and 6m @ 1.3g/t Au from 132m
- STDH031 – 54m @ 0.5g/t Au from 21m incl. 4m @ 2.7g/t Au from 21m and 2m @ 2.7g/t Au from 64m
- STDH033 – 3m @ 2.7g/t Au from 59m incl. 1m @ 6.0g/t Au from 59m
- STDH036 – 18m @ 0.7g/t Au from 42m incl. 5m @ 1.3g/t Au from 52m• STDH037 – 15m @ 1.5g/t Au from 101m incl. 1m @ 18.5g/t Au from 108m
Figure 1: Southern Target Plan View Showing Recently Completed RC Collars and Previous Drill Sites
Central Target Shows Continued Promise
Central Target drilling yielded strong results from outstanding reverse circulation holes:
- ARDH122 – 2m@ 4.2 g/t Au from 55m incl. 1m @ 7.6g/t Au from 54m
- ARDH130 – 10m @ 0.8g/t Au from 121m incl. 4m @ 1.6g/t Au from 121m
- ARDH132 – 17m @ 0.3g/t Au from 76m
Figure 2: Long Section Showing Contoured Gold Grade Metre Intervals Over The Central Resource Area
Regional Programmes Advance Exploration
Pacgold completed regional reverse circulation drilling programmes across multiple prospects. The Company finished drilling at Posie and The Shadows prospects. These programmes tested strike and depth extensions of the Mineral Resource Estimate.
The drilling also followed up on gold anomalies from the 2024 Aircore drilling programme. The reverse circulation rig now tests priority targets at Victoria and Jerry Dodds. Pacgold completed 10,912 metres of reverse circulation drilling from the planned 13,000-metre programme.
Diamond Drilling Programme Completed
The Company finished diamond drilling on structural targets. The programme confirmed the northern extension of the F1A footwall lode. Diamond drilling also tested depth extensions at Posie. Results are expected within four weeks.
Diamond drilling comprised 4 holes totalling 616.9 metres. The programme provided the core for structural information and future metallurgical test work. All cores have been processed on-site and submitted for assay.
White Lion Target Receives Heritage Clearance
Heritage clearance over the White Lion Geophysical target reached completion. Reverse circulation drilling will commence by 7th September. Geophysical pole-dipole surveys have been completed, with results currently under processing. Results are scheduled for release next week.
Figure 3: White Lion Prospect IP Chargeability and Magnetic Surveys
Aircore Programme Reaches Completion
The regional extension of the Aircore programme finished with impressive scope. Pacgold completed 432 holes with 4,608 metres of Aircore drilling. All samples have been submitted with assays scheduled within three weeks.
Management Commentary
Pacgold Managing Director Matthew Boyes commented on the drilling results.“This second batch of RC holes from The Shadows, Southern and Central targets has now successfully extended the broad zones of mineralisation previously encountered in the last year’s RC programme.”
Boyes highlighted upcoming priorities. “The highest priority targets of Victoria and Jerry Dodds are now being drilled before we close out the campaign with our maiden programme testing the White Lion geophysical target from the 6-7th of September.”
He described White Lion’s potential. “White Lion is the most compelling target I have seen developed to date with a chargeable body measuring up to 1.2km in strike and 500m in width some 50-80m below surface.”
Figure 4: Pacgold Managing Director, Mr Matthew Boyes
Technical Programme Details
The reverse circulation drilling programme commenced in mid-April. Pacgold completed 83 holes totalling 9,538 metres by 9th August. The Step out drilling was completed in May 2025 for the Mineral Resource Estimate. This covered Central Target with 33 holes and Southern Targets with 19 holes. Posie Prospect received 20 holes of drilling. Assay results returned for Central and Southern targets. Results provide strong support for the definition of extensions to the Mineral Resource Estimate.
Next Steps and Timeline
Completion of reverse circulation programmes at Jerry Dodds and Victoria is expected within ten days. The Company will then mobilise the rig to White Lion after pad clearance. Heritage monitors plan to arrive on site on 4th September.
Drilling at White Lion commences on 7th September. Geophysics completed at White Lion, with processed results expected within one week. The final drill programme expects approximately 1,000 to 1,500 metres across magnetic and pole-dipole anomalies.
Figure 5: Status Plan for 2025 Drilling and Geophysics Programme
Geological Context
The Alice River Gold Project comprises 30 kilometres of gold targets. The project covers 377 square kilometres of granted exploration permits and mining leases. Mineralisation sits within a large intrusion-related gold system in North Queensland.
The system shows similarities to the Fort Knox deposit in the United States. It also resembles the Hemi deposit in Western Australia. The project lies within the Northeast Queensland Mineral Province. This province contains several multi-million-ounce gold deposits.
Figure 6: Regional setting of Alice River Gold Project
Project Background
Pacgold focuses on the Alice River Gold Project at the northern end of the Northeast Queensland Mineral Province. The province contains deposits including Pajingo, Mt Leyshon, Kidston, and Ravenswood. Historical production from the project includes 3,244 ounces of gold at 38 grams per tonne between 1903 and 1917.
Pacgold Limited wholly owns the project. The drilling results demonstrate continued expansion of known mineralisation zones. Results support potential for resource growth across multiple targets. The comprehensive drilling programme positions Pacgold for continued exploration success at Alice River.
Gold Market Overview
Gold prices have maintained strong momentum in 2025, supported by ongoing trade uncertainty and heightened geopolitical tensions. The push toward higher tariffs under President Trump has added further upward pressure, sending the metal to new peaks. Looking ahead, forecasts suggest prices will average around USD 3,675 per ounce in the fourth quarter of 2025, with the potential to approach USD 4,000 by mid-2026. Robust demand from both central banks and investors is expected to sustain this strength, with quarterly purchases projected at roughly 710 tonnes throughout the year.
Figure 7: Gold Price Forecast by J.P. Morgan Commodity Research $/Oz Quarterly and Annual Average
“Central Banks aren’t done with gold yet, with added political uncertainty likely helping to stoke a continued revival in 2025.” Gregory Shearer, Head of Base and Precious Metals Strategy, J.P. Morgan
Investor’s Outlook
As of August 22, 2025, the share price was trading at A$0.062 per share, reflecting an 18.9% gain from the 52-week low of A$0.053 set earlier this year. The market capitalisation is approximately A$16.28 million, with the stock moving within a 52-week range of A$0.053 to A$0.150.
Pacgold’s upcoming White Lion drilling programme places this geophysical target at the centre of near-term investor attention. The target’s impressive scale of 1.2km strike length and 500m width at shallow depth, combined with the company’s systematic exploration success across multiple prospects, positions it as a potential transformational discovery within Queensland’s proven Northeast Gold Province.
