This article is 3 years old. Images might not display.
The project comprises two high grade lodes separated by a large-scale central zone containing mineralisation in the order of 0.8-1.5 grams per tonne gold.
Two drill rigs are on site and additional units are being sought ahead of a restart toward the end of the wet season - around March/April.
The final assays from drilling in the second half of last year reported today included a standout hit of 43m at 3gpt below the historical pit, with Pacgold currently of the opinion the true width of the mineralisation its been targeting is about half the reported intervals.
"These excellent results from Pacgold's first drill programme at Alice River provide compelling evidence that we have reached the tipping point on the path to a potentially large-scale gold discovery," Pacgold managing director Tony Schreck said.
"The wide-spaced drilling is revealing large robust high-grade zones, which is precisely what we expected in this style of high-grade gold system."
Pacgold started the current quarter with about A$3.2 million cash.
Shares in Pacgold were down 10.5% to 80.5c in late trade, capitalising the company at $40 million.
The stock is up more than 200% over the past year.
