Wedoany.com Report-May 10, Pacgold Limited, an Australian gold exploration company, announced the maiden indicated and inferred resource estimate for its Alice River Gold Project in the southern Savannah Province, North Queensland. Acquired in 2020, the project is located near the Carpentaria Basin’s boundary and the southern end of the Coen Inlier, covering a 30km gold-bearing corridor.

Pacgold reported indicated resources of 5.6 million tonnes at 1.4 grams per tonne (g/t) gold, totaling 250,000 ounces. Inferred resources amount to 12.2 million tonnes at 1.2 g/t gold, equating to 474,000 ounces. Together, these contribute to a global resource of 26.7 million tonnes at 1.01 g/t gold, yielding 854,000 ounces. The company’s managing director, Matthew Boyes, stated: “The maiden MRE at Alice River for Pacgold is a major milestone for the company and is the culmination of some outstanding exploration done by the exploration team over the last four years.”

A reverse circulation (RC) drilling program is underway, with 2,000 meters of a planned 10,000-meter campaign completed, focusing initially on the Central Target. This effort aims to upgrade inferred resources to the indicated category and expand the resource footprint. Pacgold plans to drill additional targets, including the Southern Target and Posie, before exploring regional prospects like Jerry Dodds, Shadows, and Victoria. Boyes noted: “Having now confirmed the mineralisation style is robust, utilising an interpretation of broader more continuous gold zones, we have been able to demonstrate very large tonnages of gold mineralisation with approximately 500,000oz gold contained within the first 400m from surface making a bulk tonnage open-pit operation an obvious first option.”

The company has scheduled over 10,000 meters of RC and aircore drilling, alongside geophysical surveys, to test high-priority targets within the next two quarters. The project’s primary mineralization style involves intrusion-related gold systems, with potential for large-scale, high-grade deposits. The Alice River project, spanning 377 square kilometers, remains largely underexplored, with only 5% of the mineralized strike tested, offering significant growth potential.

Pacgold’s exploration efforts are supported by a robust geological model and a seasoned team, positioning the Alice River Gold Project as a promising venture in North Queensland’s mineral-rich province.