Pacgold Limited managing director Matthew Boyes said: “With these results, we are building a strong foundation for continued discovery at both the Alice River Gold and St George gold-antimony projects in Queensland, while concurrently advancing our phase one production restart at the White Dam project in South Australia.”
However, it was the Jerry Dodds prospect, southwest of the Southern target, which produced the headline-grabbing proof of scale that appears to come with the territory. The hotspot sits on a major regional structure running parallel to the Alice River Fault Zone, about 400m southwest of Pacgold’s Southern Target.
Early mapping showed only slivers of quartz veining and breccia sticking out of the ground, although even those scattered outcrops hinted at a structure stretching more than 2 kilometres. Old-timers clearly saw the potential too – always a very promising sign – leaving behind small, sporadic workings dating back to the early 1900’s.
Cyprus took a swing at the area in the 1980s, sampling the old diggings and pulling rock chips up to 17g/t gold. Shallow RAB drilling over a 400m slice had also produced an impressive 4m at 12g/t from just 12m depth.
Pacgold revisited Jerry Dodds in 2023 with systematic rock chip sampling and immediately lit up a two kilometre-long trend, including a standout 47.4g/t gold sample. Four RC holes drilled into the northwestern end of the lode confirmed shallow mineralisation, delivering hits such as 16m at 0.6g/t from 16m, including 1m at 2.6g/t, and 4m at 1.3g/t from 26m.
The latest campaign has now pushed things much further. Eight RC holes were fired into a 1.2-kilometre stretch on the southeastern side of the prospect, with five of them hitting the mark confirming shallow gold across a 1.5-kilometre corridor – still open in both directions and at depth.
Standout hits included 4m grading 0.6g/t gold from 5m, 8m running at 0.2g/t gold from 29m and a solid 24m at 0.3g/t from 45m including a 1m slice at 2.4g/t gold.
Pacgold says the latest drilling at Jeremy Dodds, which was about continuity, now appears to have been proved up in spades. For a company that has only scratched the top of a 1.5 kilometre system with 12 holes across wide sections, the upside potential is clearly still very much in play.
Meanwhile, Pacgold has stepped well beyond its Queensland hunt, recently picking up the keys to the historic White Dam heap-leach gold operation in South Australia in a move that positions the company for near-term production and cashflow.
The deal, worth up to $3.3 million in cash and 15 million shares, delivered Pacgold a fully-fledged operation just 80 kilometres southwest of Broken Hill that has already churned out about 180,000 ounces of gold.
The acquisition came complete with a processing plant, camp, leach pads and all supporting infrastructure plus a 4.6-million-tonne JORC resource running at 0.7g/t for 102,000 ounces. The real prize, however, sits in the existing leach pads. By simply re-crushing and retreating that stockpiled material, Pacgold aims to fire up gold production and early cashflow as soon as February.
With rigs set to roar back to life in March next year, Pacgold looks ready to hit the ground running. The company has now outlined a remarkable 15-kilometre run of gold-arsenic-antimony anomalism along the Alice River Fault Zone – a geochemical highway brimming with targets and potential for serious resource growth.
And when drilling resumes, White Lion and Jerry Dodds will likely be first in line as two fresh gold corridors now squarely in Pacgold’s sights.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
