KEY HIGHLIGHTS

  • PC Gold shares traded at A$1.22 on May 1, 2026, up 320.69% over the prior 12 months.
  • The company reported strong resource definition drilling results at the Spring Hill Gold Project, including 10.0m @ 4.51 g/t Au and a high-grade intercept of 1.5m @ 30.44 g/t Au
  • Mineralisation at the Main Zone Southern Extension has been extended approximately 120 metres along strike beyond the current Mineral Resource Estimate boundary, with the zone remaining open along strike and down plunge — and a third drill rig now mobilised to accelerate infill and extension drilling
  • An updated Mineral Resource Estimate is targeted for June 2026, which will incorporate the new Main Zone South results; drilling is ongoing across three rigs targeting the Link and Main zones, with additional Link-style mineralisation targets under investigation

 

 

PC Gold Ltd (ASX:PC2) shares were trading at A$1.22 per share on May 1, 2026, representing a 320.69% gain over the preceding 12 months. This exceptional appreciation places PC2 among the top performers on the ASX over the period.

The latest drill results, released in early May 2026, confirm that the recently discovered Main Zone Southern Extension at Spring Hill continues to Yield significant gold intercepts, with mineralisation now extended approximately 120 metres along strike beyond the southern boundary of the current Mineral Resource Estimate. The results occur within the existing pit optimisation shell in areas with limited prior drilling — a finding that directly supports the potential for material additions to the resource in the June 2026 MRE update.

 

  MAIN ZONE SOUTHERN EXTENSION: DRILL RESULTS

 

Key Intercepts and Geological Significance

Six additional holes have been reported for the Main Zone Southern Extension target, with standout results demonstrating both the continuity and high-grade character of the mineralisation. The most notable intercepts include 10.0 metres at 4.51 g/t Au from 161 metres (hole MS-012), accompanied by 11.5 metres at 1.12 g/t Au from 227.5 metres and 4 metres at 2.30 g/t Au from 245 metres in the same hole. Hole MS-006 returned 6.1 metres at 2.94 g/t Au from 209 metres and a high-grade interval of 1.5 metres at 30.44 g/t Au from 237 metres — an exceptional grade for a diamond drill intercept that highlights the potential for very high-grade shoots within the broader mineralised system. Holes MS-010 and MS-004 further confirm the pattern, with 6.6 metres at 2.90 g/t Au from 199 metres and 6.9 metres at 2.19 g/t Au from 190 metres respectively.

Critically, these intercepts are occurring within the current pit optimisation shell, in areas previously classified as waste material in the pit wall due to limited prior drilling. This means the new results have the potential to convert previously assumed waste into mineralised resource tonnes directly within the planned open pit footprint — a particularly value-accretive type of resource addition because it requires minimal incremental Mining cost to access.

Strike Extension and Open Plunge

The Main Zone Southern Extension has now been extended approximately 120 metres along strike to the south of the current MRE boundary, with mineralisation remaining open both along strike and down plunge. Two diamond rigs remain active on this target as part of the approved resource definition drill program within the planned open pit footprint, targeting further extension and infill drilling to support the updated MRE. The scale of the extension — 120 metres beyond the current resource boundary — is meaningful in the context of an open pit resource, where each additional 10 metres of strike at consistent grade and width translates directly into incremental contained ounces.

 

  THREE-RIG CAMPAIGN AND UPCOMING MILESTONES

 

A third drill rig has been mobilised to increase drilling capacity across both the Main Zone and the Link Zone at Spring Hill. The RC rig is expected to arrive on site in mid to late May 2026, with bulk fuel Supply secured. This expansion of drilling capacity to three simultaneous rigs reflects PC Gold's confidence in the target pipeline and its intent to move quickly to capture the resource update potential identified by the current program.

Results for infill drilling on the Link Zone remain pending, and the company is also targeting additional Link-style mineralisation across the broader project — a category of target that, if successful, could represent an additional resource discovery beyond the current Main Zone focus. Resource modelling by Cube is ongoing, with the updated Mineral Resource Estimate targeted for June 2026. This MRE update represents the next definitive catalyst for the stock, as it will provide investors with a quantified picture of the resource additions generated by the 2026 drilling program.

 

  SPRING HILL PROJECT OVERVIEW AND STRATEGIC POSITIONING

 

The Spring Hill Gold Project is a development-stage gold asset where PC Gold has been executing a systematic resource definition and extension drilling program designed to improve geological confidence and expand the known resource envelope ahead of a development decision. The Main Zone Southern Extension represents a recent discovery of additional mineralisation beyond the southern boundary of the existing MRE, made possible by drilling into previously untested areas of the pit shell.

The combination of high grades — exemplified by the 30.44 g/t Au intercept in MS-006 and the 4.51 g/t Au zone in MS-012 — with meaningful intercept widths of up to 10 metres is significant because it suggests the project can support economically attractive Mining scenarios under a range of gold price and cost assumptions. The fact that intercepts are occurring within the existing pit optimisation shell, in areas that will already be exposed by planned open pit Mining, further enhances the economic attractiveness of the discoveries. With three rigs operating and an MRE update imminent, Spring Hill is moving through a phase of rapid geological definition.