Pacgold Limited provided an update on drilling assay results for an initial five diamond (DD) and reverse circulation (RC) drill holes on the F1a zone (Central Target) at its Alice River Gold Project in North Queensland. Ten holes have been completed with a further eight RC precollars completed and awaiting DD tails to extend to target depth. The current drilling programme of 17,500m is approximately 30% advanced with 2,638m RC and 2,048m DD completed.

Approximately 80% of the drill programme will focus on the F1a zone (Central Target) with the remaining 20% to investigate other targets, within the Southern and Northern Targets. Wide-spaced, step-out drilling on the high-grade F1a zone is aimed at investigating the broad geometry of the high-grade mineralisation intersected in Pacgold's initial drill programme (2021) including 6m @ 17.5g/t Au (ARDH027) and 17m @ 9.3g/t Au (ARDH026). All drill holes completed as part of the current drill programme have intersected the F1a zone (including hanging-wall mineralisation), which now extends over a strike length of greater than 700m and to a depth of 400m.

The width of mineralisation varies from 10m (true width) to approximately 40m (true width). Importantly, the entire F1a mineralised structure and hanging wall vein zone remains open, along strike and down dip. A summary of latest drill results includes: ARDH044: 35.5m @ 2.0g/t Au from 242m incl.

2m @ 13.3g/t Au from 255.8m (etw 15m); 2.1m @ 19.0g/t Au from 294.5m (etw 0.9m); 28.5m @ 2.8g/t Au from 321.4m Incl. 0.9m @ 35.0g/t Au from 342.6m and Incl. 0.3m @ 61.1g/t Au from 348.8m (etw 14m).

ARDH040: 6m @ 1.8g/t Au from 155m, incl. 2m @ 3.9g/t Au and 28.5m @ 0.7g/t Au from 403.4m incl. 1m @ 10.2g/t Au from 406m.

ARDH043: 4.5m @ 2.0g/t Au from 462.5m, incl. 0.7m @ 6.5g/t Au from 462.5m. The multiple high-grade intersections within ARDH044 are located approximately 80m below the previously released Pacgold intersection of 17m @ 9.3g/t Au (ARDH026) and demonstrates excellent continuity of the high-grade zone.

Further drilling is required to better define the detailed geometry of the high-grade gold zone and it is possible that the zone has a moderate southerly plunge. Additional drilling will be undertaken in the short-term to better constrain the geometry, which is currently defined by wide-spaced drilling (80m to 160m spaced centres). Greater understanding on the geometry and plunge will allow deeper drilling to be more focused.

Multiple visible gold occurrences were noted in drill hole ARDH051 completed in the past week, noted at a depth of 167.5m downhole and within a 40m zone (downhole width) containing intense veining and alteration. The visible gold in drill hole ARDH051 is located midway between two wide-spaced, high-grade gold intersections (ARDH001 and ARDH027) approximately 160m apart (down dip), which also contained visible gold. Results from ARDH001 included3 16m @ 3.3g/t Au incl.

1m @ 19.2g/t Au and ARDH027 intersected 43m @ 3.0g/t Au incl. 6m @ 17.5g/t Au. ARDH051 is currently being processed and will be dispatched to the assay lab in the coming week.