Pacgold Limited managing director Matthew Boyes said: “Initial rock chip sample assays have produced some outstanding antimony and gold values from structures at surface with considerable mapped strike extents with both Ridgeline and Fence prospects sampled over 3km and 2km in strike length respectively.”
Covering a massive 900 square kilometres of ground, the St George project lies within Queensland’s storied Hodgkinson Province – a mineral-rich belt that helped shape Australia’s early gold rush history.
The rugged terrain was once alive with the sound of tapping hammers and the glow of campfires as gold, tin and tungsten miners chased their fortune through its hills. The famed Palmer River and Hodgkinson fields alone yielded nearly 1.6 million ounces of gold during the boom years of the late 1800’s and early 1900’s.
According to management, Pacgold’s ground hosts some of the most well-developed antimony-rich quartz veins across the Hodgkinson Province.
Notably, the rocks at St George appear to display striking similarities to the nearby structures mined by Republic Gold in the 1980’s at its Tregoora and Northcote deposits, which together, produced more than 550,000 ounces of gold before being exhausted by open pit operations.
Pacgold’s exploration push at St George builds on the company’s exploration program at its nearby Alice River project, which already hosts a global resource of 854,000 ounces of gold.
The company has also taken a major step towards near-term production through the acquisition of the White Dam gold operation in South Australia, which is a turnkey project complete with an operational heap-leach facility and processing plant.
As the RC rig fires up, all eyes will be on what lies beneath the high-grade surface veins at St George. If the rig cores mirror the spectacular rock chip results, Pacgold may soon find itself sitting on a brand new high-value gold and antimony discovery in the heart of Queensland’s mineral-rich north.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
