In a significant boost for Queensland's resources sector, Pacgold Limited has announced a series of spectacular rock chip assay results from its St George project, uncovering exceptionally high-grade antimony and gold mineralisation across multiple vein systems.
Exploration Success in Untouched Ground
The company has moved swiftly since acquiring the ground, completing an intensive six-week program of mapping and sampling. This work has successfully traced a substantial five-kilometre corridor of gold and antimony mineralisation, identifying several high-priority hotspots.
Since farming into the project in August, Pacgold has collected more than 2,000 soil samples across its key prospects: Fence-Ridgeline, Big Watson South, and Zebs. All this activity has taken place on previously unexplored territory.
Spectacular Assay Results Revealed
Results from the Fence and Ridgeline targets have been particularly extraordinary, delivering some of the most impressive grades seen in the region.
One rock chip sample returned a staggering 52.7 per cent antimony along with 2.93 grams per tonne (g/t) gold.
A second sample proved equally remarkable, assaying at 9.35 per cent antimony and 10.2g/t gold, while a third registered 0.49 per cent antimony and 8.42g/t gold.
All samples have been dispatched to ALS Laboratories in Townsville for further analysis, with results anticipated shortly.
Accelerating Towards Drilling
Pacgold has not rested on its surface sampling success. The company has now completed an induced polarisation (IP) geophysical survey over historical workings at the project. This survey aims to identify gold-antimony bearing structures lying at depth.
Adding to the momentum, heritage clearance has been secured over a 500-metre strike length. This critical approval clears the path for a first-pass reverse circulation (RC) drilling program, which is scheduled to commence this week.
The initial rock chip samples have yielded outstanding antimony and gold values from surface structures with considerable mapped extents. The Ridgeline and Fence prospects have been sampled over 3km and 2km in strike length respectively.
Rich History and Promising Geology
The St George project covers a massive 900 square kilometres within Queensland's legendary Hodgkinson Province. This mineral-rich belt was a cornerstone of Australia's early gold rush history, with the Palmer River and Hodgkinson fields alone producing nearly 1.6 million ounces of gold in the late 1800s and early 1900s.
According to Pacgold management, the company's ground contains some of the most well-developed antimony-rich quartz veins in the entire Hodgkinson Province.
The geology at St George shows striking similarities to the nearby Tregoora and Northcote deposits, which were mined by Republic Gold in the 1980s. Those deposits collectively yielded more than 550,000 ounces of gold before being exhausted by open pit operations.
Building a Multi-Project Portfolio
This exploration push at St George complements Pacgold's ongoing work at its nearby Alice River project, which already hosts a global resource of 854,000 ounces of gold.
In a strategic move towards near-term production, the company has also acquired the White Dam gold operation in South Australia. This turnkey project includes an operational heap-leach facility and processing plant.
As the RC rig begins its work, the industry's focus will be firmly on what lies beneath the high-grade surface veins. If the drill cores mirror the spectacular rock chip results, Pacgold could be on the verge of a major new gold and antimony discovery in the heart of North Queensland.
