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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.

In the heart of Northern Queensland lies one of Australia's most compelling gold exploration frontiers — the Alice River Gold Project, Pacgold Limited’s flagship asset. With global gold prices soaring to historic highs, the project is perfectly positioned to benefit from both geological potential and market momentum. Spanning a vast 377 km² of granted exploration permits and eight mining leases, the Alice River Gold Project is located within a 30-kilometre-long gold-bearing shear zone—a structural corridor known to host significant mineralisation. The region’s rich history of gold production and its geological similarities to major deposits mark it as an exceptional location for discovery.

ShreyaSingh is an Author at Desidose where she writes about the lifestyle and clothing categories. She is a very improved author.