ML 23812 and EL 33234 PC Gold Pty Ltd Spring Hill Gold Project: Hong Kong Zone Sheeted Vein System Deeps Round 15 Brownfields Diamond Drilling Collaborations Report

Abstract

This report presents the findings of a deep drill hole (958.18m), drilled on behalf of PC Gold Pty Ltd with assistance provided by the Northern Territory Government under the Resourcing the Territory Initiative, under the Geophysics and Drilling Collaborations Program, Round 15, 2022-2023. The title of the Brownfields Diamond Drilling Proposal was 'PC Gold Spring Hill Gold Project Hong Kong Zone Sheeted Vein System Deeps'. The field component of the project, the drilling of Hole 22HK008, was completed between 3rd August 2022 and 30th September 2022. The hole was cored from collar, and in the final hole PQ3 Core was drilled to 308m, HQ3 core to 753m, and NQ2 to final depth. Core recovery and quality, and overall service provided was of the usual high standard of the contractors, AMWD. An initial hole attempting to reach the target was drilled PQ3 size to 90.46m, then changed to HQ3, was terminated at 273m, as it was clear that this hole would rise too quickly to reach the proposed target positions. The final hole was drilled by cutting a PQ3 lip from the same collar from 90.46m, which, because of the size and rigidity of the PQ rods, cut a fresh path below the HQ hole. This PQ3 drilling to 308m provided a relatively straight hole from which the smaller diameter core sizes could be used successfully to achieve the hole aims and reach even deeper target depths than those initially proposed. The Hong Kong Zone Sheeted Vein System was intersected essentially as expected, from 509m to 580m down hole, and returned an average grade of 0.59g/tAu over the 71m. The Hong Kong Zone ('HK Zone') therefore will correlate with other intersections from PC Gold?s recent drilling and lead to significant additional Mineral Resource and add to the Exploration Target despite the fact that the intersection was 235 metres from the closest 2021 intersection and is still 175m from the closest 2022 intersection. Despite the relatively low average grade, the mineralisation does have good continuity over large volumes which invites consideration of bulk mining and processing methods that may make extraction economically feasible even at these considerable depths. The HK Zone intersection does not however indicate that the HK Zone is strengthening to the south, and with depth. Grades and widths are like, not better than, those in the nearest holes. However analysis of the total data from the HK Zone reveals that the relatively few existing intersections are now sufficient to provide additional targeting vectors to better intersections. The Collaboration Hole 22HK008 provides an important new data point to drive this. The results of this work also demand a review of the at least four other sheeted vein systems that occur on the western limb of the Spring Hill Anticline.