PACGOLD COMMENCES TRADING ON ASX
Pacgold Limited is an Australian gold exploration company, focused on progressing its key asset, the Alice River Gold Project in North Queensland
Pacgold today commenced trading on the ASX with the code “PGO”, following a fully subscribed Initial Public Offer (IPO) which raised $6 million
The IPO was supported by a strong mix of institutional investors, resource-focussed funds, sophisticated investors and retail investors
Pacgold will use the funds raised from the IPO to progress an exploration and drilling program at the Alice River Gold Project, initially focusing on three priority targets covering 7km of the gold bearing shear zone
Gold exploration company, Pacgold Limited (“PGO”, “Pacgold” or the “Company”), has commenced trading on the Australian Securities Exchange (ASX) following completion of a fully subscribed IPO which raised $6 million through the issue of 24,000,000 shares at an issue price of $0.25 per share.
Pacgold is focused on progressing its key asset, the Alice River Gold Project in North Queensland. Alice River comprises a portfolio of eight mining leases and five exploration permits in a highly prospective gold terrain that has been historically underexplored. These mining leases and exploration permits include new compelling high-grade gold targets along a 30km corridor centred on a historical producing goldfield. Recent application of the latest IRGS exploration models and modern reprocessing of historical geophysical data has created new opportunities and targets at Alice River.
Commenting on the successful listing, Pacgold Managing Director, Tony Schreck said:
“The listing of Pacgold on the ASX today is a significant milestone for our management team, employees and shareholders. We are excited about progressing the Alice River Gold Project in North Queensland and commencing drilling in the short-term.
“We wish to thank our team of advisers who have assisted us in achieving our successful ASX listing and our shareholders, for their continued support.”
Figure 1. Location of Alice River Gold Project, Queenland
The Company will use the funds raised from the IPO to progress an exploration and drilling programme at Alice River. The initial focus is on three priority targets covering 7km of the gold bearing shear zone:
Central Target: Strong geophysical targets along strike from open pit mine and down-plunge extensions to high-grade gold mineralisation. First phase drilling of 2,000m RC + 200m DD is planned.
Southern Target: Broad untested gold surface geochemical anomalies 1.7km x 200m in area. First phase drilling of 1,500m RC is planned.
Northern Target: 2km-long interpreted vein system under shallow cover; not previously recognised. First phase drilling of 500m RC is planned.
Pacgold’s Board of Directors consists of Non-Executive Chair Ms Cathy Moises, Managing Director Mr Tony Schreck, Non-Executive Director Mr Shane Goodwin and Non-Executive Director Mr Michael Pitt who together, have a strong track record in the mining industry from mineral discovery through to development and production and are well placed to ensure Pacgold delivers value to investors:
Ms Moises has extensive knowledge and experience within the resource industry, having held senior roles for a number of the most prominent stock broking firms within Australia including McIntosh (now Merrill Lynch), County Securities (now Citigroup), Evans and Partners, where she was a partner, and most recently worked as Head of Research for Patersons Securities (now Cannacord Genuity).
Mr Schreck is a geologist with 30 years’ experience in precious and base metal exploration, management, business development and discovery experience. He has co-founded and managed two junior exploration start-ups in the Solomon Islands and most recently in Queensland where he was the former Managing Director of Metal Bank Limited.
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