Pacgold maps monster 30km gold-antimony strike in Queensland

Pacgold Limited has substantially expanded its exploration footprint at its St George gold-antimony project in Far North Queensland, with recent surface sampling defining a mineralised corridor stretching more than 30 kilometres.

The company says its latest results from a systematic soil and rock chip program have extended anomalism within the prospective Fence structural zone, whilst unveiling a suite of high-grade rock chips at the newly defined Limestone prospect.

First-pass sampling of outcropping veins at Limestone returned impressive values, including an impressive 18.5 grams per tonne (g/t) gold. Other noteworthy results from the same area included a 5.37g/t rock chip, a 4.96g/t sample and one of 4.86g/t, outlining a compelling target for follow-up targeting work.

Pacgold’s structure is now mineralised over a massive strike length of 30km from its Big Watson prospect in the south up to the Limestone prospect in the north, with soil anomalies stacking up and a strong pipeline of targets ready for the upcoming exploration season.

The company says the regional Fence structure now hosts seven major anomalies, with six of them yet to see any modern drilling, presenting a series of priority targets for the company’s next drilling campaign.

The St George project lies in the historical Hodgkinson Province, a region dominated by both gold and antimony production since the late 1800’s.

To date, Pacgold’s exploration has focused on seven main prospects, with five of them, including Limestone, sitting within the major north-northwest trending Fence structural zone.

The company says new soil anomalies were also delineated at the Big Watson prospect at the southern end of the structural trend, with soil sampling defining a substantial 700m-by-400m anomaly with elevated arsenic and mercury, along with whiffs of gold and antimony.

Management interprets the anomaly as a high-level hydrothermal system, suggesting it could be sitting above a more substantial body of gold-antimony at depth.

The number of fertile structures and extent of the mineralisation on this ground package continues to increase rapidly. The discovery of high-grade gold at surface at the Limestone project is particularly exciting, with multiple outcropping veins returning high-grade gold numbers over a large area.

The systematic exploration approach at St George appears to be paying dividends for Pacgold. The exploration progress in Queensland complements the company’s core activities at its White Dam gold operation in South Australia, where it is working towards near-term production from a low-cost historic heap-leach operation.

White Dam is already home to established open pits, a heap leach facility and a fully operational gold extraction plant, providing a relatively low-capital pathway to near-term cash flow.

The South Australian gold mining operation has a solid production pedigree. In a previous life, the mine processed an impressive 7.5 million tonnes of ore at an average grade of 0.94 g/t gold, producing roughly 180,000 ounces from its two pits.

Notably, a nearby White Dam North resource remains unmined, underscoring its credentials for future growth.

Today, the operation still hosts a 4.6-million-tonne resource grading a solid 0.7g/t gold for 102,000 ounces. That number excludes the gold resources still sitting in the existing heap leach pads, which Pacgold believes represents a compelling near-term value opportunity.

With the northern wet season coming to a close, Pacgold is now armed with a swag of freshly defined targets at St George. If the high grades seen at surface can be repeated at depth, the company could be in for an exciting year with the drill bit, funded by its South Australian heap leach gold production.

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