공고 • Jan 12
Pacgold Limited Provides an Update on Drilling Assay Results Following Completion of the Diamond and Reverse Circulation Drill Programme At Its Alice River Gold Project in North Queensland
Pacgold Limited provided an update on drilling assay results following completion of the diamond (`DD') and reverse circulation (`RC') drill programme at its Alice River Gold Project in North Queensland, where a total of 39 holes were completed. Pacgold has received results for 25 holes with results pending for the remaining 14 holes, including 7 holes targeting the newly discovered high-grade gold zone. New assay results from drilling of the F1a zone approximately 100m to 175m below and along strike of the historical open pit have extended the high-grade gold zone reported in late 2021; with results including: 17m @ 9.3g/t Au from 192m incl. 3m @ 25.3g/t Au from 195m (ARDH026), 6m @ 6.5g/t Au from 218m incl. 1m @ 26.1g/t Au from 223m (ARDH006)The high-grade intersection in ARDH026 is drilled 60m below the recent PGO drill intersection of26m @ 3.6g/t Au from 104m incl. 3m @ 21g/t Au from 126m and shows a strong increase in gold grade and width of mineralisation from surface to a depth of atleast. Pacgold has engaged Dr. Gregg Morrison to work with PGOgeologists to refine and develop the exploration model for the project. This work highlights strong similarities between the Alice River gold system and the mineralisation model for the tier-1 Donlin gold deposit in Alaska. The application of this model, combined with new interpretations of the mineralisation controls at AliceRiver, is currently driving the rapid exploration success PGO is achieving via drilling deeper into the goldsystem. A core part of the exploration model is the potential for gold grades to significantly increase with depth, as transition deeper into the gold system beneath the shallow upper gold zones targeted byprevious explorers. F1a Zone Gold grades increasing with depth The quartz vein outcrop has a width of 3m at surface, withthe drill section located 60m south of historical open pit. Rock chip sampling completed by PGO in July 2021returned up to 0.3g/t Au from this location. Importantly, interpretation of quartz vein textures in this outcropby PGO geologists highlighted potential for the system to improve with depth. A shallow historical drill hole tested the vein 5m below surface on the ARDH026 section, intersecting 2m @0.1g/t Au from 10m (ARRC-73). Drilling by PGO since July 2021 has systematically followed the vein to depth with results showing a compelling grade increase with depth, combined with a transition in quartz veintextures and metal association in line with the Donlin gold model. At 35m vertical depth, the vein returned an intersection of 6m @ 0.7g/t Au (ARDH003) and at 110m vertical depth, the vein returned 26m @ 3.6g/tAu (ARDH007). At 175m below surface, drilling has now intersected a downhole intersection of17m @ 9.3g/t Au (ARDH026). Drilling success to date and confirmation of PGO's mineralisation model unlocks enormous scope on theProject, with significant potential for the system to define a large-scale resource. Shallow gold mineralisationis now clearly defined over >3.5km of strike, encompassing the Central and Southern targets, which lie withina 30km-long, highly prospective structural corridor containing several regional gold prospects withencouraging limited historical scout drilling.Recent drilling by PGO now underpins a robust interpretation that the F1a zone could extend over 700m instrike from greater than 100m depth below surface and remains open in all directions. Scout drilling by PGO300m south of the ARDH026 drill intersection has intersected mineralisation considered to be typical of theupper low-grade shallow portion of the F1a zone, returning 9m @ 0.7g/t Au from 89m. Also supporting this interpretation, the mineralisation is located on the eastern margin of the IPresistivity low similar to ARDH026 section. Pacgold completed first-pass diamond drilling into the northern section of the F1a zone (350m north of theintersection in ARDH026), with drill hole ARDH006 returning a highly significant gold intersection containingthe high grades in the limited drilling of this section of the Central Target to date: 6m @ 6.5 g/t Au from 218m incl. 1m @ 26.1 g/t Au from 223m (ARDH006). The gold mineralisation associated with the F1a zone shows an excellent correlation with the IP resistivitygeophysics completed in 2021. As previously reported, an intense resistivity low `corridor' represents thestrong shearing and hydrothermal alteration of the Alice River shear zone within the older granitic host rock.Initial observations from drilling indicate the F1a zone dips steeply to the west and occupies the easternlower footwall position of the structure as defined by the resistivity low, with reduced alteration on thefootwall, below the high-grade mineralisation. The hanging wall, on the western side of the high-grademineralisation contains broad pervasive alteration, sheeted veining and is also gold mineralised. Results are pending for an additional 7 drill holes completed into the F1a zone. All holes intersected strong alteration and quartzveining associated with the F1a zone.Strong visible gold was noted within a 1m interval,contained within a wide zone of veining and alteration (downhole width from 213m to 254m). Pacgold completed a first-pass shallow RC drilling program, representing the first drill programme in morethan 30 years on the Southern Target, along 1.7km of strike in late 2021, with 10 holes for 1,488m completedon several IP geophysical targets. Results have been received for 9 of the 10 holes, with all results presentedin Table 1.Anomalous initial results reported include: 4m @ 3.5g/t Au from 89m (ARDH018), 9m @ 1.0g/t Au from 45m and 8m @ 1.1g/t Au from 73m (ARDH017), 9m @ 1.7g/t Au from 74m incl. 1m @ 9.2g/t Au from 80m (ARDH022). These results significantly enhance the prospectivity of the Southern Target, which represents the largestarea containing widespread gold mineralisation intersected in shallow drilling (historical and PGO) to date onthe Alice River Project. The gold mineralisation intersected in this programme also confirms themineralisation in the Alice River shear zone is closely associated with IP Resistivity lows, and importantly themineralisation is defined over 2km of strike (over the Southern Target) and up to 400m wide.An important additional aspect of the latest drilling was to provide multi-element geochemistry across theSouthern Target, as there is no historical data from previous drilling. The multi-element data will provide critical targeting information which will guide deeper drilling into the system, using a similar strategy to thedrilling completed to date on the F1a structure of the Central Target. Pacgold will complete a detailed review of the drill data in early 2022 with further drilling planned inconjunction with PGO's improved understanding of the mineralisation model on the F1a zone.
