Highlights

  • This is a prioritisation of ideas based largely on historical data, not new drilling results.
  • PC Gold has not verified these results, most true widths are unknown, and several results lie near old workings.
  • Near-mine eastern targets are to be drilled towards the east-north-east, opposite the direction of historical holes.
  • PC Gold (ASX:PC2) has released the results of a regional targeting programme at its Spring Hill Gold.

PC Gold (ASX:PC2) has released the results of a regional targeting programme at its Spring Hill Gold Project in the Northern Territory. The desktop exercise, run from August to October 2026, ranks 37 targets outside the existing Interim Mineral Resource Estimate, along with additional prospectivity and spectral areas. The business states Tier 1 targets are ready for drilling. This is a prioritisation of ideas based largely on historical data, not new drilling results.

The Land Package And The Method

The project covers about 10,300 hectares, consolidated from mining lease ML 23812 and exploration licences EL 33234 and EL 31276, and includes recently acquired Terracore Gold tenements. A mining lease application was lodged on 8 October 2026, and PC Gold says it is acquiring three leases whose overlaps have been flagged.

The team reviewed 175 historical reports and compiled 658 drill holes, more than 1,100 rock chip and channel samples, 6,500 soil samples and historical mapping, alongside its own 2025-26 drilling. Targets were scored out of 100 on evidence, weighted towards drilling, then compared with a prospectivity model built from regional layers without assay data. Satellite spectral mapping of sericite-type alteration was used as supporting evidence. The company notes that historical positions carry precision of roughly 10 to 150 metres.

Outcomes

The programme produced 37 targets, eight prospectivity-only areas and seven spectral reconnaissance areas. Nine targets are Tier 1 (drill now), seven Tier 2 (field check, then drill), nine Tier 3 (field programmes), four Tier 4 (reconnaissance) and eight Tier 5 (low priority).

Historical results quoted from earlier reports include 16 metres at 4.12 grams per tonne gold from 63 metres at Steve's Gully, and 5 metres at 24.4 grams per tonne from 7 metres at First Bite. PC Gold has not verified these results, most true widths are unknown, and several results lie near old workings.

Channel sampling outside the resource at Macau Extended returned 10 metres at 17.5 grams per tonne gold, and the company says this will be included in its current reverse circulation drilling. Other channel results inside or adjacent to the resource, such as 5 metres at 27.2 grams per tonne at Middle Zone, will be assessed for the December 2026 resource update.

Drilling Plans

PC Gold says drilling at Steve's Gully is expected within about three weeks, with Vein Heaven drilling in early 2027 and an infill programme at Macau Extended already under way. Southern Adit, Main Lode North, Gentry's Chance and First Bite are to follow. Near-mine eastern targets are to be drilled towards the east-north-east, opposite the direction of historical holes.

Field work is also planned on Tier 2 and Tier 3 targets, including mapping, channel, rock chip and soil sampling, and first-pass reconnaissance on the spectral and prospectivity areas.

Resource Update And Permitting

An Interim Mineral Resource Estimate exists for Spring Hill, and an update is planned for December 2026 alongside pre-feasibility study workstreams. The company describes permitting as the critical path.

Conditions And Risks

PC Gold states that the programme is a targeting exercise and that forward-looking plans depend on permitting, pre-feasibility progress and the lease acquisitions. Some data remains to be captured, including Billiton Gentry's Chance drill holes and costean channels; third-party title status is also unconfirmed. Several Tier 1 targets rest on a small number of historical holes or old channel samples, and a target ranking does not itself indicate that mineralisation exists at depth.

Next Milestones

The confirmed timetable is Steve's Gully drilling within about three weeks, Vein Heaven drilling in early 2027, and the resource update in December 2026.