Pacgold’s Alice River project reveals spectacular find

Brisbane company Pacgold has discovered “spectacular” gold intersections at an exploration project in north Queensland with more than 200 occurrences of visible gold.

Sep 09, 2022, updated Sep 09, 2022
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The company said it was the best intersection of visible gold and it occurred over 16 metres of intersection at the Alice River project.

The announcement sent the shares up 25 per cent to 52 cents yesterday.

It said the early success of this step-out drilling provided excellent indications for the discovery of multiple potential shoots along one zone.

A previous drill result showed 17 metres at 9.3 grams per tonne of gold and included three metres at 25.3 g/t.

Managing director Tony Schrek said the intersection of visible gold over a 16-metre zone was a “stunning outcome” and represented the first of what the company believed could be a potential high-grade zone.

The Alice River project is within a known high-grade system with bonanza grades and long-life gold mines that included Pajingo and Mt Wright mines.

In the 1900s there were several underground mines in the area which produced 3000 ounces of gold at 30 g/t.

Pacgold bought the project from a deceased estate in 2020, but there had been limited exploration in the past 20 years.

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