Australian explorer Pacgold Limited (ASX: PGO) has this week signed a new farm-in agreement to acquire the St George Gold-Antimony Project in North Queensland from privately held Hardrock Mineral Exploration.
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Covering a huge 905km² land package across seven tenements, the deal gives Pacgold the right to earn up to 100% interest through three stages.
“Securing the St George Gold-Antimony Project is an exciting addition to our Queensland exploration portfolio, giving Pacgold exposure to a highly prospective, historically mined antimony asset in close proximity to our flagship Alice River Gold Project,” managing director Matthew Boyes said.
The project is centred on the St George Antimony Mine, a historically significant site that produced 60 tonnes grading 60% antimony from artisanal mining. No modern drilling has been carried out, making it a wide-open exploration play.
Antimony, classed as a critical mineral, is in the spotlight globally. With supply dominated by China and prices hitting US$60,000 per tonne, the timing presents an exciting opportunity for Pacgold to secure exposure.
“With the price of antimony and the extremely high grades confirmed from due diligence sampling, there is potential to unlock significant value at this underexplored project through systematic exploration,” Boyes highlighted.
Due diligence work at St George has already delivered some eye-catching results. Rock chip sampling confirmed extremely high-grade antimony in gold-antimony rich veins, with standout assays including:
- 66.6% Sb and 0.01g/t Au (HRX10212)
- 49.4% Sb and 0.05g/t Au (SG250704)
- 16.35% Sb and 10.1g/t Au (HRX10086)
- 51.9% Sb (HRX10208)
- 8.82% Sb and 2.05g/t Au (HRX10151)
And, it doesn’t stop there. Heritage clearance at the St George Mine has been completed, leaving more than 500 metres of mineralised strike drill-ready. Beyond the mine itself, there are multiple high-grade targets, including the nearby Poppy Prospect, where sampling has returned up to 112g/t gold and 17.5% Sb.
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Pacgold is wasting no time, with first-pass exploration, including mapping, geophysics, soil sampling, and drilling, all set to launch before the end of the fourth quarter.
PGO has been trading flat at 6.5cps in afternoon trade.
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