Pacgold Limited Advances Alice River Gold Project Amid Record Gold Prices

 

Pacgold Limited (ASX: PGO) has unveiled its Half-Year Activities Report for the six months ending December 31, 2024, highlighting strong exploration progress at its flagship Alice River Gold Project in Northern Queensland. This update comes as gold prices surge to a record high of $3,085 per ounce, reflecting a 36.50% increase in the past year and an 88.03% rise over five years, as global investors seek safe-haven assets amid economic uncertainty.

The Alice River Gold Project spans a 30-kilometre gold-bearing shear zone within an Intrusion-Related Gold System (IRGS), a geological model known to host large multi-million-ounce gold deposits. Pacgold has identified over 12 kilometres of high-priority targets, with three key exploration zones—Central, Southern, and Northern—showing significant potential. Recent drilling at the Central Target’s F1A Zone returned exceptional gold intercepts, including 8 metres at 55g/t Au and 17 metres at 9.3g/t Au, reinforcing the project’s high-grade potential.

A regional aircore drilling program conducted in late 2024 identified a continuous 12-kilometre gold-arsenic-antimony (Au-As-Sb) geochemical anomaly, stretching from the Shadows Prospect to the Victoria Prospect. Follow-up Reverse Circulation (RC) drilling at Shadows confirmed a mineralised corridor extending 1.4 kilometres, while early results from the Atlantis Prospect suggest a promising parallel gold-bearing structure. Pacgold plans additional drilling in 2025, along with Induced Polarisation (IP) surveys, to refine targets and expand resource potential.

Corporate developments have also strengthened Pacgold’s position. The company raised $4.2 million in a September 2024 placement and an additional $157,800 through a Share Purchase Plan, funding ongoing exploration activities. Leadership changes include the appointment of Matthew Boyes as Managing Director, bringing over 25 years of mining experience, and the addition of industry veterans Michael Moore, Caoilin Chestnutt, and Bruce Kendall to the board.

Pacgold’s stock has gained momentum, rising 6.35% in the past month, with a market capitalisation of $8.54 million. With systematic drilling programs planned for 2025 and gold prices at all-time highs, the company is well-positioned to unlock the Alice River Gold Project’s full potential. As exploration success continues, Pacgold presents a compelling investment opportunity in a thriving gold market.

 


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