Pacgold has been in the thick of a drilling blitz across a 30km fault zone dotted with multiple deposits for nearly six months. The company has already chalked up a global resource of 854,000 gold ounces grading 1.01g/t, which it is likely to expand based on its latest results.
The company is now at a critical juncture in its evolution, as the drill bits plunge into its potentially massive White Lion gold target in the project’s south.
Pacgold says its White Lion prospect has all the makings of a major intrusive-related gold system (IRGS), including a newly revealed intense bullseye anomaly spanning an 800m by 500m area.
The maiden 1500m reverse circulation program, targeting both the geophysical anomalies and nearby outcropping gold-bearing veins, is poised to test whether White Lion can turn out another IRGS akin to recent Aussie gold success stories such as Zenith Minerals and Waratah Minerals.
Other notable strong structural IRGS have produced many of the world’s largest gold discoveries, including the Fort Knox mine in the United States and De Grey Mining’s – now Northern Star’s – 10-million-ounce Hemi discovery in Western Australia.
The new high-grade vein discovery remains open in all directions and will, no doubt, see Pacgold’s follow-up, thanks to plenty of cash remaining in the bank from a $5.6 million capital raise in May.
Drilling campaigns are set to continue through to December with White Lion posing a critical catalyst for the company. With its Mt Leyshon-like signature raising hopes of a multi-million-ounce discovery, could this $16 million market cap junior be the next darling of the Queensland gold market?
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
