In a significant leap forward for its exploration strategy, Pacgold Limited has identified a large, doughnut-shaped magnetic anomaly spanning over 1 kilometre in diameter. This remarkable discovery could mark the beginning of a new chapter in the search for a Tier-1 gold deposit in Queensland. The newly identified anomaly exhibits a distinctive non-magnetic core, believed to be caused by intense phyllic alteration—a type of hydrothermal alteration often linked with major gold systems. This geological feature strongly resembles the magnetite destruction zone at the Mt Leyshon deposit, which historically yielded over 5 million ounces of gold.