Latest news with #HardrockMineralExploration
Sydney Morning Herald
10 hours ago
- Business
- Sydney Morning Herald
Pacgold snaps up Queensland gold-antimony project
ASX-listed Pacgold Limited has added some serious sparkle to its exploration portfolio after locking in a farm-in agreement to acquire up to 100 per cent of the St George gold-antimony project in northern Queensland's Hodgkinson Province. Pacgold now holds the reins to a massive 905-square-kilometre patch 450 kilometres northwest of Cairns, which has barely been touched by modern exploration despite old-time miners hauling out stibnite – the host rock for antimony - running at a jaw-dropping 60 per cent from shallow pits and adits. Adding to the project's credentials, and as part of the company's own due diligence, Pacgold has also picked up several rock chips, including one running at 66.6 per cent stibnite, a second grading 49.4 per cent stibnite and a third standout sample clocking in at 16.35 per cent stibnite with 10.1 grams per tonne (g/t) gold. A nearby prospect, Poppy, coughed up a jaw-dropping rock chip grading 112g/t gold and 17.5 per cent stibnite, suggesting the system has more than a little firepower left in the tank. 'Pacgold is advancing its flagship Alice River gold project and is now adding the complimentary St George gold and antimony project to the company's growth strategy.' Pacgold Limited managing director Matthew Boyes Under the terms of the agreement, Pacgold will gain full ownership of the project through a staged pathway. To get the ball rolling, the company has paid $200,000 in cash and 10 million shares to vendor Hardrock Mineral Exploration. Stage one will be completed and 51 per cent of the project will change hands when Pacgold has spent $250,000 on the ground in the first 12 months and $1.5m within 24 months. The stage two milestone to boost the company's holding to 80 per cent will be met if Pacgold completes a bankable feasibility study on a resource of at least 200,000 ounces gold equivalent before August 2031. Pacgold can then elect to go to full ownership within one year of the feasibility, after an independent valuation determines a suitable payment for the remaining 20 per cent. Hardrock will retain a 2.5 per cent net smelter return royalty on antimony and 1.5 per cent on gold, with Pacgold able to buy back half at fair value.
The Age
10 hours ago
- Business
- The Age
Pacgold snaps up Queensland gold-antimony project
ASX-listed Pacgold Limited has added some serious sparkle to its exploration portfolio after locking in a farm-in agreement to acquire up to 100 per cent of the St George gold-antimony project in northern Queensland's Hodgkinson Province. Pacgold now holds the reins to a massive 905-square-kilometre patch 450 kilometres northwest of Cairns, which has barely been touched by modern exploration despite old-time miners hauling out stibnite – the host rock for antimony - running at a jaw-dropping 60 per cent from shallow pits and adits. Adding to the project's credentials, and as part of the company's own due diligence, Pacgold has also picked up several rock chips, including one running at 66.6 per cent stibnite, a second grading 49.4 per cent stibnite and a third standout sample clocking in at 16.35 per cent stibnite with 10.1 grams per tonne (g/t) gold. A nearby prospect, Poppy, coughed up a jaw-dropping rock chip grading 112g/t gold and 17.5 per cent stibnite, suggesting the system has more than a little firepower left in the tank. 'Pacgold is advancing its flagship Alice River gold project and is now adding the complimentary St George gold and antimony project to the company's growth strategy.' Pacgold Limited managing director Matthew Boyes Under the terms of the agreement, Pacgold will gain full ownership of the project through a staged pathway. To get the ball rolling, the company has paid $200,000 in cash and 10 million shares to vendor Hardrock Mineral Exploration. Stage one will be completed and 51 per cent of the project will change hands when Pacgold has spent $250,000 on the ground in the first 12 months and $1.5m within 24 months. The stage two milestone to boost the company's holding to 80 per cent will be met if Pacgold completes a bankable feasibility study on a resource of at least 200,000 ounces gold equivalent before August 2031. Pacgold can then elect to go to full ownership within one year of the feasibility, after an independent valuation determines a suitable payment for the remaining 20 per cent. Hardrock will retain a 2.5 per cent net smelter return royalty on antimony and 1.5 per cent on gold, with Pacgold able to buy back half at fair value.
