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Pacgold Limited managing director Matthew Boyes said: “With clear analogies such as Mt Leyshon and anomalous gold values already delineated at surface, White Lion now represents a priority drill target for Pacgold over the coming months. All clearance processes and permitting are underway with the objective to drill test the area later this year.”
The company’s IP survey has also pinpointed multiple resistivity anomalies lining the Alice River fault zone, mirroring gold-bearing structures seen at Pacgold’s Central, Southern and Posie prospects to the northwest.
Pacgold is wasting no time trying to capitalise on its breakthrough, with heritage clearances now underway to unlock drilling across the 1.5km by 1km target zone.
To sharpen its aim, the company is running pole-dipole IP surveys over the central White Lion area, with results due by late July to further refine drill targets.
Meanwhile, a broader regional IP program is mapping an 8km stretch of the fault zone, hunting for structural jogs and dilation zones that could host more gold systems like the company’s 470,000 ounces of gold grading 1.0 grams per tonne (g/t) at Central.
The Alice River project sprawls across 377 square kilometres in the gold-rich North East Queensland province, which sits alongside multi-million-ounce monsters such as the Pajingo, Kidston and Ravenswood gold systems.
Management is eager to draw parallels between the project’s 854,000-ounce intrusion related gold system and its potential to rival global heavyweights, such as Fort Knox in the United States and DeGrey Mining’s 9.5-million-ounce Hemi discovery in Western Australia.
With only 5 per cent of the Alice River fault zone’s mineralised strike tested to date, Pacgold is chasing a district-scale prize that could redefine its place - and share price - in the gold exploration game.
The company was recently backed by a chunky $5.6 million capital raise that included the likes of resources heavyweights such as Acorn Capital, Resource Capital Funds and resources broker Argonaut.
The raise will power a 10,000m reverse circulation drilling program across Central, Posie, Southern and other regional targets, such as Victoria and Jerry Dodds.
The White Lion will have to wait for now, but if the Mt Leyshon analogy holds, Pacgold could be on the cusp of uncovering a multi-million-ounce system that lights up the ASX and Queensland gold exploration to rival the insatiable WA market.
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