The Conversation (0)
Pacgold Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Pacgold
Investor Insight
Pacgold is one of Australia’s most compelling gold exploration opportunities, backed by a strong technical team, offering investors exposure to a large-scale, underexplored gold system with significant resource growth potential.
Overview
Pacgold (ASX:PGO) is an Australian gold exploration company focused on the systematic advancement of the Alice River gold project in Northern Queensland. The company is led by a technically driven and highly experienced team of geologists and mining professionals, with demonstrated success in exploration, resource development and capital markets.
Pacgold team on site at Alice River gold project
With a dominant land position in the region, Pacgold holds 377 sq km of exploration permits and eight mining leases across the prospective Alice River Fault Zone (ARFZ). This structure is interpreted as part of a large-scale intrusion-related gold system, with characteristics analogous to major global deposits such as Fort Knox (USA) and Hemi (Western Australia).
The company has validated its model through drilling success at the Central Zone, culminating in a maiden mineral resource of 474,000 oz of gold. This comprises both open pit and underground components, with resource grades averaging 1.2 grams per ton (g/t) gold, and zones open in all directions. Less than five percent of the strike length has been tested, and much of the prospective corridor is obscured by thin sand cover, highlighting strong potential for blind discoveries.
With extensive infrastructure already in place, including an airstrip, accommodation camp and road access within 100 km, Pacgold is positioned to rapidly scale exploration and accelerate resource growth. The 2025 campaign, which includes more than 10,000 metres of RC drilling and new IP surveys, aims to unlock the full regional potential of the ARFZ.
Company Highlights
- District-scale Discovery Potential: Pacgold controls more than 377 sq km of tenure and more than 30 km of strike length across the Alice River Fault Zone (ARFZ), a fertile, underexplored structural corridor in Northern Queensland.
- Maiden Resource: In May 2025, the company published a 474,000 oz gold mineral resource estimate (MRE), covering just five percent of the total strike, confirming high-grade mineralization and strong potential for expansion.
- Aggressive Exploration Strategy: More than 10,000 metres of RC drilling campaign is underway, complemented by air-core and diamond programs, aimed at growing the Central Zone resource and testing multiple regional targets.
- Attractive Valuation Entry: With a market capitalization of just ~AU$10 million and an EV of AU$8.5 million (as of Q1 2025), Pacgold provides a low-cost entry into a potentially Tier 1 gold system.
- Experienced Leadership: The board includes proven mine developers and discovery geologists with prior success at Chalice, AngloGold Ashanti, BHP and Sibanye-Stillwater.
Key Project
Alice River Gold Project
The Alice River gold project is a large-scale, greenstone-hosted gold system centred on the regional ARFZ, located in Northern Queensland. The project area comprises 377 sq km of contiguous tenure, including eight granted mining leases. Pacgold controls over 30 km of strike length along the ARFZ, a major crustal-scale structure that has only recently been systematically explored with modern techniques.
The deposit style is interpreted as an intrusion-related gold system, a highly attractive deposit type known for hosting long-life, large-tonnage gold mines. Examples include the Fort Knox gold mine in Alaska and the Hemi gold project in Western Australia. The Alice River system features sheeted quartz-sulfide veining, extensive sericite-altered zones, and strong IP chargeability responses coincident with surface gold anomalism.
Pacgold’s 2024 and 2025 drilling campaigns have focused on the Central Zone, which yielded the maiden MRE totaling 474,000 oz gold across both open pit and underground resources. The pit-constrained resource includes 10.6 Mt at 1.2 g/t gold (404,000 oz), with a further 1.5 Mt at 1.4 g/t gold (71,000 oz) defined for underground potential. High-grade zones remain open at depth and laterally, with drill spacing still relatively broad (~80 x 80 metres), leaving significant scope for resource expansion.
Beyond the Central Zone, the company has delineated multiple high-priority regional targets along the ARFZ. These include:
- White Lion: A compelling target with surface gold anomalism and a coincident IP chargeability anomaly. A gradient and dipole-dipole IP survey is being extended in Q2 2025, with drilling expected in Q4.
- Victoria and The Shadows: Emerging prospects to the south with limited historical drilling but strong geophysical responses.
- Posie and Southern Target Area: Additional areas along the southern ARFZ strike that exhibit strong structural preparation, geochemical responses and potential for concealed mineralization.
Drilling recommenced in April 2025, with RC drilling underway and air-core and diamond drilling scheduled through Q3 2025. The program aims to increase drill density in resource zones and test underexplored regional anomalies. Pacgold expects up to 15,000 metres of total drilling during the 2025 campaign, coupled with ongoing geophysical targeting, including IP and drone magnetics.
The project is fully permitted, with strong access and logistics, and is located in a low-risk jurisdiction with significant precedent for gold development. With limited historical exploration and clear mineralizing controls now defined, Alice River represents a transformative opportunity to uncover a Tier 1 discovery in an overlooked Australian belt.
Management Team
Matthew Boyes – Managing Director and CEO
Matthew Boyes is a geologist with over 28 years of international experience across mine geology, exploration, corporate leadership and capital markets. He has managed exploration teams and development projects across Western Australia, the Americas and Europe. His technical oversight and commercial strategy guide Pacgold’s resource growth and investor engagement.
Caoilin Chestnutt – Non-executive Chair
A former head of business development at BHP and currently head of technical services at Thiess, Caoilin Chestnutt brings nearly 30 years of experience in global exploration strategy, M&A and deal structuring across multiple commodities. She is also deputy chair of Critical Minerals at the Queensland Exploration Council.
Michael Pitt – Non-executive Director
Michael Pitt is the co-founder of New Century Resources (ASX:NCZ), and former VP of business development at Sibanye-Stillwater (JSE:SSW). He currently leads development at Broken Hill Mines. His expertise in mine redevelopment and business strategy supports Pacgold’s long-term operational execution.
Richard Hacker – Non-executive Director
Former CFO and GM commercial at Chalice Mining (ASX:CHN), Richard Hacker played a key role in the Julimar discovery. He has held leadership roles at Liontown Resources and DevEx. Hacker contributes deep experience in financial oversight and strategic planning for discovery-stage companies.
Bruce Kendall – Non-executive Director
Bruce Kendall is an award-winning exploration geologist with over 30 years in exploration management at AngloGold Ashanti, Chalice Mining, Jabiru Metals and IGO. He was a key contributor to the Tropicana, Julimar and Coyote discoveries, and brings essential geological insight to Pacgold’s targeting and evaluation.
Geoff Lowe – Exploration Manager
As a Competent Person and seasoned exploration geologist, Geoff Lowe is responsible for executing Pacgold’s field campaigns. He has played a central role in resource modeling, target generation and drill program design for the Alice River project.
Advancing the Alice River Gold Project in Northern Queensland with Tier 1 discovery potential
Gold Price Closes in on US$3,900 as US Government Shuts Down
The yellow metal is up over 10 percent in the last month, and about 44 percent year-to-date.
Gold price, June 30 to October 1, 2025.
Chart via the Investing News Network.
Gold's latest rise comes after US Congress failed to reach an agreement on a spending bill ahead of the new fiscal year on Tuesday (September 30), triggering a government shutdown.
Democrats and Republicans had been at loggerheads as Democrats pushed for changes to the bill, including an extension to billions of dollars in subsidies for Obamacare, and as President Donald Trump threatened thousands of permanent layoffs — not just temporary furloughs — in the event of a shutdown.
Beyond current events, gold's rise is underpinned by factors like strong central bank buying, global geopolitical uncertainty, concerns about the US dollar and other fiat currencies and expectations of lower interest rates.
Those factors have many experts predicting a rise beyond US$4,000, potentially before the end of the year, although a correction is widely expected beforehand.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
End of Barrick Alliance Sends Japan Gold Shares Plummeting
News of the termination rattled investors, with Japan Gold plunging over 40 percent to C$0.12 on Monday (September 29), wiping out roughly C$30 million in market cap and leaving the company valued at about C$40.3 million. The stock was trading at C$0.13 as of Wednesday (October 1), roughly a third of where it stood in 2020 when the alliance began.
Japan Gold performance, September 25 to October 1, 2025.
Chart via Google Finance.
Despite the setback, Japan Gold’s leadership emphasized that Barrick’s exit does not change the company’s core view of Japan as a promising gold exploration frontier.
“Barrick's involvement with Japan Gold over the last five years reflects the growing international interest in Japan as an emerging country with the potential for the discovery of new gold deposits, and we thank Barrick for their participation in this journey,” said John Proust, Japan Gold’s chairman and CEO. “Japan Gold remains well-funded and committed to advancing its projects, and the geological prospectivity of Japan remains unchanged."
Under the alliance, Barrick narrowed its focus to three priority assets: Hakuryu, Togi and Ebino. Early survey work identified the three as holding the strongest potential.
As part of Monday's announcement, Japan Gold released details from its most recent campaign at Ebino, located in Southern Kyushu’s Hokusatsu district. The company notes that the results confirm extensions of a regional alteration system in an area that hosts the Hishikari mine, currently Japan’s only active large-scale gold operation, as well as multiple historic mines that together have produced more than 12 million ounces of gold.
With Barrick relinquishing all rights to the alliance projects, Japan Gold will regain full control of its entire Japanese portfolio. The company plans to advance two district-scale areas in Kyushu and Hokkaido, in addition to the three former alliance properties, either on its own or through fresh joint ventures.
Management said it is already in discussions with other parties interested in its projects.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Pacgold Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects