Pacgold (ASX:PGO) has identified a magnetic anomaly at its White Lion prospect, part of the Alice River Gold Project in North Queensland, signaling a potentially significant gold target. The company plans to initiate a drilling program in early Q4 2025 to further assess the find. Reprocessing of airborne magnetic data revealed an anomaly characterized by a magnetic annulus with a non-magnetic core, similar in scale to the Mt Leyshon gold deposit, which produced 5 million ounces of gold. No drilling has previously been conducted in the immediate vicinity of the newly identified magnetic target.
Pacgold will prioritize follow-up geophysics, including induced polarization (IP) and airborne drone magnetic surveys, to refine targeting. Heritage surveys are underway to secure drilling clearance. Managing Director Matthew Boyes highlights the potential for a multi-million-ounce tier one gold asset discovery. He draws parallels between the Alice River prospect and the Mt Leyshon deposit, located 500km to the south, noting similar geological settings. The Alice River Gold Project encompasses 30km of gold targets within 377km² of exploration permits and mining leases, positioning Pacgold as a key explorer in the Northeast Queensland Mineral Province.
