From Yahoo Finance: 2025-05-06 09:53:00

Australian gold exploration company Pacgold has announced a maiden indicated and inferred resource for the Alice River gold project in north Queensland. The project, acquired in 2020, is strategically located near the Carpentaria Basin’s boundary. Indicated resources total 250,000oz gold, with inferred resources at 474,000oz gold.

Pacgold is prioritizing a current drilling program to upgrade inferred resource category ounces. Approximately 2,000m of the planned 10,000m drilling has been completed, focusing on the Central Target area. The program aims to expand the known resource footprint and test high-priority targets within the next two quarters.

Drilling will continue on other deposits in the mineral resource estimate, including the Southern Target and Posie, before moving to regional targets like Jerry Dodds and Victoria. Pacgold plans over 10,000m of RC and Aircore drilling along with geophysical programs.

Pacgold managing director Matthew Boyes emphasized the significance of the maiden mineral resource estimate at Alice River, highlighting the large tonnages of gold mineralization close to the surface. The company aims for a bulk tonnage open-pit operation. The news was originally published by Mining Technology.

Read more: Pacgold announces new resource estimate at Alice River gold project in Australia