Pacgold Limited (ASX: PGO) (“Pacgold” or “the Company”) has resumed Reverse Circulation (RC) drilling at its Alice River Gold Project. The project lies 300km northwest of Cairns in North Queensland and is 100% owned by the Company.
Drilling began on 15 April. The team has completed eight holes, totalling 1,118 metres. Pacgold has submitted 490 samples to ALS Laboratories in Townsville. Initial assay results are expected in late May.
Figure 1: Centurion Drilling recommences RC drilling at the Central Target
Central Target Focus and Regional Expansion
The 10,000m RC drilling programme will prioritise the Central Target area. This zone contains shallow, thick mineralisation within the upper 70 metres of the deposit. Pacgold has never drilled this specific area before.
Other targets include Jerry Dodds, Victoria, The Shadows, the Southern Target area, and the Posie Prospect. These were outlined during a 2024 air-core campaign. Infill and extension drilling will also occur at existing zones to refine the mineralised footprint.
Figure 2: Exploration team back on site at Alice River camp
Boyes: “Great to Be Back on the Ground”
Pacgold’s Managing Director, Matthew Boyes, stated:
“It’s great to be back on the ground and start to test the multitude of new targets as well as expand the known areas of mineralisation we have delineated at Alice River. The team now has eight full months of drilling and exploration ahead of them to really unlock the potential in what I believe is an outstanding exploration asset with truly exciting potential.”
Figure 3: Pacgold’s Managing Director, Matthew Boyes [LinkedIn]
The Company plans to drill throughout the entire field season. Diamond and air-core drilling will follow later, and these will be coordinated with upcoming geophysical work.
Geophysics to Map Subsurface Structures
Induced Polarisation (IP) geophysics will begin in May. This survey will focus on the Alice River Fault Zone (ARFZ), running southeast to White Lion. The Company will also investigate potential footwall repetitions of the ARFZ.
Drone-based magnetic surveys will assist in defining new targets. The White Lion magnetic anomaly, recently reinterpreted, will be a primary focus.
Figure 4: Regional air-core drilling map with Au-As-Sb anomaly and key targets across 12km strike
Mapping and Geochemical Surveys to Identify More Prospects
Pacgold will also commence regional exploration efforts. Mapping and geochemical surveys will assess new zones like White Lion and areas along the strike from Posie and The Shadows.
These activities aim to generate fresh drill targets and support the development of the RC, air-core, and diamond programmes.
White Lion Prospect Gains Attention
White Lion is at the southeast end of the project. Recent reprocessing of magnetic data highlighted a strong anomaly in this area, which aligns with the interpreted position of the ARFZ.
Drone magnetics will better define the structure and assist in prioritising drilling locations later in the season.
Figure 5: Magnetic survey showing White Lion anomaly and mineralised zones along the ARFZ
Camp Expansion Supports Increased Exploration Activity
The Company is expanding its camp infrastructure to support this intensive field season. Additional personnel and logistics are being mobilised to manage the scale of planned exploration.
The expanded camp will support continued RC drilling, upcoming diamond work, and geophysical crews arriving in May.
Long-Term Exploration Potential
Pacgold controls 377km² of tenements in the Alice River region, which host over 30km of gold targets. Despite its location in a known mineral province, the region remains largely underexplored.
The mineral system is comparable to Fort Knox in Alaska and Hemi in Western Australia. The Company sees strong potential for further discoveries across the 12km strike length of the project.
About Pacgold Limited
Pacgold is an ASX-listed gold exploration company (ASX: PGO). It focuses on high-grade gold discoveries in North Queensland. The Alice River Gold Project is positioned in the northern region of the Northeast Queensland Mineral Province. This area hosts several world-class gold deposits, including Pajingo, Mt Leyshon, Kidston, and Ravenswood.
Pacgold aims to deliver value through discovery and resource growth. The Company combines modern exploration methods with a deep understanding of regional geology.
Investor’s Outlook
Share Price and Market Sentiment
Pacgold Limited (ASX: PGO) reached AUD 0.066 today, gaining 0.3 cents or 4.761 per cent. This upward move reflects growing investor interest as the Company resumes drilling at the Alice River Gold Project.
Pacgold’s market capitalisation currently stands at AUD 8.28 million. Over the last week, the stock has risen by 8.20 per cent. While still trading below its 52-week high of AUD 0.18, the recent trend suggests improving sentiment. The stock remains above its 52-week low of AUD 0.053, indicating potential for further upside pending successful exploration outcomes.
Gold Market Performance
The broader gold market continues to strengthen, supporting resource-focused equities like Pacgold. Gold is trading at 3,382 US dollars per ounce. Over the past month alone, gold prices have increased by 351.30 US dollars, marking an 11.59 per cent rise.
Over a one-year period, the metal has climbed by 1,040 US dollars per ounce, a 44.41 per cent increase. This performance reflects ongoing demand for safe-haven assets amid macroeconomic uncertainty and geopolitical risk. In shorter timeframes, the trend remains positive: a weekly gain of 17.10 US dollars (0.51 per cent), a three-month rise of 611.10 US dollars (22.05 per cent), and a six-month increase of 620.40 US dollars (22.47 per cent).
Near-Term Catalysts
Pacgold’s 10,000-metre drilling program is now underway, with eight drill holes completed to date. The Company has submitted 490 samples for assay; results are expected by late May.
Additional exploration activity, including drone magnetics and IP geophysics, is scheduled to begin in May. The Company also plans to conduct further diamond and air-core drilling later in the field season. This extended exploration runway offers multiple news flow opportunities for investors.
Speculative Opportunity
With a modest market capitalisation, Pacgold may appeal to speculative investors seeking leveraged exposure to gold exploration. The strong gold price environment and renewed field activity provide a potentially favourable backdrop for share price appreciation.
The outcome of this year’s exploration program could be pivotal. Positive assay results may help define the scope of the mineralised system at Alice River and establish new resource potential.
