Pacgold Farm In Agreement to acquire St George Gold-Antimony Project
Pacgold Limited (ASX: PGO)
Announced a farm in agreement on the “St George Antimony” Project , 70km west of Mt Carbine, North Queensland.
The tenement package consists of 7 tenements comprising of 5 granted and 2 tenements in application for a total area of 905km2 within a developing Antimony province in the Hodgkinson Province.
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Map courtesy of Pacgold Ltd.
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| Pacgold | ASX : PGO | |
| Stage | Exploration | |
| Metals | Gold | |
| Market cap | A$15 m @A$ 6.6c | |
| Location | Queensland, Australia | |
| Website | www.pacgold.com.au/ |
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Pacgold Farm In Agreement to acquire St George Gold-Antimony Project North Queensland
Widespread high grade outcropping Au-Sb mineralisation
Pacgold Limited (ASX: PGO) (‘Pacgold’ or ‘the Company’) is pleased to announce a farm in agreement on the “St George Antimony” Project (‘the Project’), 70km west of Mt Carbine, North Queensland. The tenement package consists of 7 tenements comprising of 5 granted and 2 tenements in application for a total area of 905km2 within a developing Antimony province in the Hodgkinson Province.
HIGHLIGHTS
• FARM IN AGREEMENT SIGNED – Pacgold has the right to earn up to 100% interest in the St George Gold-Antimony Project in northeast QLD over three-stage farm in agreement, significant land position with exploration tenements totalling 905Km2
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• ST GEORGE ANTIMONY MINE – Historical antimony mine with reported production of 60T grading 60% of Antimony1 produced from artisanal open cut and underground workings; no modern drilling undertaken.
• CRITICAL MINERAL EXPOSURE – Antimony classed as critical mineral, with robust
demand and limited global supply growth leading to metal prices at historic highs
• HIGH-GRADE ANTIMONY IN ROCK CHIPS – Due diligence rock chip sampling and
mapping confirmed extremely high grades of Antimony in Au-Sb rich structurally controlled veins on the St George Mine, significant rock chips reported included;
• SG250704 returned 49.4% Sb and 0.05g/t Au
• HRX10212 returned 66.6% Sb and 0.01g/t Au
• HRX10086 returned 16.35% Sb and 10.1g/t Au
• HRX10161 returned 28.1% Sb and 0.01g/t Au
• HRX10208 returned 51.9% Sb, NSA for Au
• HRX10151 returned 8.82% Sb and 2.05g/t Au
• HERITAGE CLEARANCE COMPLETED – St George Mine heritage clearance now
completed and in excess of 500m of mineralised strike extent drill ready.
• MULTIPLE TARGETS – Multiple high-grade Gold and Antimony occurrences on extensive regional structures within the tenement package including Poppy Prospect located approx. 2km to the west of St George Mine reported up to 112g/t Au and 17.5% Sb2
• FIRST PASS EXPLORATION COMMENCING – Pacgold will immediately commence
exploration on the land package with first pass mapping, geophysics, soil geochemistry
and drilling to be planned and completed before end of Q4.
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Pacgold’s Managing Director, Matthew Boyes, commented:
“Securing the St George Gold-Antimony Project is an exciting addition to our Queensland exploration portfolio, giving Pacgold exposure to a highly prospective, historically mined antimony asset in close proximity to our flagship Alice River Gold Project.
“Antimony is a critical mineral with a growing demand profile and an increasingly sharp geopolitical importance due to a supply structure dominated by China.
“With the price of Antimony recently reaching US$60,000/tonne and the extremely high grades confirmed from due diligence sampling, there is potential to unlock significant value at this underexplored project through systematic exploration, which we will commence immediately across the multiple high-grade targets already identified.
“With heritage clearance recently completed by the Hardrock Team, we’re looking forward to working with the local stakeholders and traditional owners to create a partnership that benefits all parties as we move into full scale exploration.
“Pacgold remains committed to advancing its flagship Alice River Gold Project and is now adding the complimentary St George Project to the Company’s growth strategy.”
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To read the full news release, please click HERE
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The Spot gold price can be found HERE
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Disclosure
At the time of writing the author holds shares in Pacgold
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