Why are Argonaut, RCF and Acorn small-cap funds all punting Pacgold?
Pacgold Resources is onto a Hemi-style intrusive gold system in Queensland, showing surface and geophysical signs that stretch for kilometres, which has attracted some of the smartest small-cap exploration investors in the room.
When it comes to investing in small cap listed exploration companies, Acorn Capital, Resource Capital Funds (RCF) and mid-tier broker Argonaut's global gold fund are considered to be among the glitterati of high-risk, high-reward investment funds… and curiously, all have taken big positions in Pacgold, underlining the potential of its intrusive-style Alice River gold project in northern Queensland.
Hemi-style 'intrusive' gold mineralisation gained a massive following when DeGrey Mining discovered the Hemi deposit in WA in 2019. Hemi would eventually go on to give up a massive 9.5 million ounces of gold.
Intrusive deposits involve gold that has disseminated into granite that 'intruded' into older host or country rock. This differs from better-known Archean greenstone-hosted gold deposits that dominate much of WA's historic production.
Intrusives tend to be big, lower-grade bulk tonnage operations that, like Hemi, can throw up biblical-scale gold deposits. At first blush, Pacgold's massive target-rich intrusive environment, which hugs the Alice River fault in northern Queensland for 30km, might end up fitting the bill.
Over decades, Australian geologists have walked away from granites, preferring instead to focus on greenstones. Hemi changed that and Pacgold is now in the vanguard of seasoned players looking to replicate DeGrey's success with Hemi gold in granite.
At Alice River, Pacgold recently kicked off a 10,000-metre reverse circulation (RC) drilling blitz to target that 30km corridor, which is packed with gold hits, geophysical anomalies and historical production.
The project lies about 450km northwest of Cairns and already boasts a colourful past. Gold was discovered there in 1903 by prospector John Dickie.
Between 1903 and 1917, small-scale underground mining operations produced about 3000 ounces of gold from about 2420 tonnes of ore, with an average grade of just under an ounce to the tonne gold.
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