Pacgold Limited provided an update on the Alice River drilling programme. A total of 22 drill holes (diamond (DD) and reverse circulation (RC)) have been completed on the Central Target in the current programme, with assays results pending for 12 drill holes targeting the F1a zone. The current drilling programme of 17,500m is approximately 50% advanced with 4,805m RC and 4,408m DD completed.

Approximately 80% of the drill programme will focus on the F1a zone (Central Target) with the remaining 20% to investigate other areas, within the Southern and Northern Targets. Central Target Drilling Update - F1a Zone drill hole ARDH061: Drillhole ARDH061 was completed this week and intersected a 16.4m wide zone (downhole width) containing over 200 visible gold occurrences 3 from a depth of 242m associated with several zones of intense, multiphase quartz veining and hydrothermal brecciation. The most spectacular zone of visible gold occurred over a 5m interval from 242m.

This drill hole represents an 80m step out hole targeting the down plunge extension of high-grade intersection of 17m @ 9.3g/t Au incl. 3m @ 25.3g/t Au 4 (ARDH026, drilled in 2021). The zone containing these intercepts remains open at depth.

Importantly, the visible gold zone intersection in ARDH061 provides strong support for the interpretation of the geometry of potential high-grade gold zones on the F1a zone having a steep southerly plunge. This represents a critical step forward in the understanding of the high-grade gold geometry, allowing further drilling to focus on defining these potential high-grade shoots. The interpretation, based on the wide-spaced drilling by Pacgold to date, is that there will likely be multiple, stacked high-grade gold shoots developed along the 1.5km long F1a zone.

The application of the Donlin gold model (Tier 1 gold deposit in Alaska) to the project is proving to be very successful. An important aspect of this model is the potential for the high-grade zones to have a very extensive vertical depth extent, as demonstrated in the Donlin gold deposit. At Alice River the high-grade zones are now defined over 420m vertical extent and are open at depth.

Recent drilling by Pacgold has intersected veining and alteration associated with the F1a zone 500m below surface in ARDH050 with results pending. Spectacular intersection from the newly drilled ARDH061, with over 200 occurrences of visible gold over a 16.4m wide downhole interval (from 242m), representing the best intersection of visible gold drilled to date at Alice River. ARDH061 is a wide-spaced step-out drill hole on the F1a zone, 80m along the targeted down plunge extension from the previously identified high-grade gold zone of 17m @ 9.3g/t Au, including 3m @ 25.3g/t Au 1 (ARDH026, completed 2021).

The early success of this step-out drilling provides excellent indications for the discovery of multiple potential high-grade shoots along the F1a zone, which has now been encountered over a 1.5km strike and to a depth of over 500m (open along strike and at depth). Assay results are pending for 12 drill holes within the F1a zone, all of which intersected strong veining and alteration Step-out and definition drilling on the F1a zone continues with two diamond rigs and one RC rig over the next three months.