Pacgold Limited (ASX:PGO) Releases Quarterly Activities Report
Alice River Gold Project Developments
Pacgold Limited (ASX: PGO) successfully completed a 7,185-metre aircore drilling programme at its Alice River Gold Project. The programme involved 749 holes and covered 14 km of strike, contributing to a detailed geochemical map to optimise future drilling efforts. Initial assay results highlight a coherent high-grade Au-As anomaly at The Shadows Prospect, with grades reaching up to 1.5 g/t Au. A new geochemical zone named “Apache” was also identified, further expanding the prospecting potential of the area.
Drilling Campaign Details
The aircore drilling was conducted over 34 days, facilitating vital data collection for prospective drillhole targeting. The company also completed a Reverse Circulation (RC) drilling campaign of 3,191 metres, which is set to continue in 2025. Encouraging findings from the RC drilling show significant quartz veining, indicating favourable conditions for future mineral extraction.
Corporate Developments
Prominent changes in leadership include the appointment of Caoilin Chestnutt as Chair, following Cathy Moises’s retirement. Richard Hacker joined as a Non-Executive Director, while Shane Goodwin transitioned into an executive role as Sustainability Manager. The company reported a cash balance of $3.33 million at the end of December 2024, bolstered by a completed Share Purchase Plan (SPP) raising $157,800 to support continued exploration.
Financial Overview
During the quarter, the company focused on exploration, with expenditures reaching $1.2 million. Pacgold continues to maintain a robust cash position while preparing for future activities and advancements in mining operations at the Alice River site.
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