PC Gold Hits 74.8g/t Gold at Spring Hill’s Untapped Third High-Grade Zone

Southern Adit emerges as third high-grade domain at Spring Hill

PC Gold Ltd (ASX: PC2) has identified a significant new high-grade target at its 100%-owned Spring Hill Gold Project in the Northern Territory: the Southern Adit. This marks the third distinct high-grade mineralisation domain identified at the project, sitting entirely outside the current Mineral Resource Estimate (MRE). Channel sampling has returned a composite result of 20.35m at 13.04g/t Au along the mineralised strike, with a peak individual 1m sample of 74.8g/t Au, and drilling of the target is planned to commence in late September 2026.

What the channel sampling results show

Standout results from outside the MRE

The headline individual 1m channel sample results, all situated outside the current MRE, include:

• 74.8g/t Au (Sample 51135)
• 61.2g/t Au (Sample 51122)
• 40.45g/t Au (Sample 51130)
• 37.3g/t Au (Sample 51137)
• 15.7g/t Au (Sample 51134)

The composite result of 20.35m at 13.04g/t Au represents an along-strike measurement of the mineralised vein and does not represent true width. This is an important JORC-compliant qualification: drill testing is required to confirm the true width of mineralisation, and the composite should be interpreted in that context.

Inside the MRE — grades beating the block model

Channel sampling from areas inside the existing MRE also returned grades materially higher than those in the corresponding areas of the block model. That is a positive signal for resource grade confidence, suggesting the model may be conservative in those zones.

The Southern Adit itself extends 190m of development. LiDAR imagery indicates a further approximately 150m of strike trending north toward the Main Adit and Middle Zone of the MRE, suggesting the mineralised system continues well beyond what has been directly sampled to date.

Why the Southern Adit matters — understanding high-grade domains in gold exploration

A “high-grade domain” in gold exploration refers to a zone of mineralisation where gold grades are substantially elevated compared to the surrounding deposit. Identifying one outside an existing MRE is significant because the ounces it contains have not yet been counted in the resource. That represents genuine resource growth potential, not just a reinterpretation of what is already known.

Channel sampling is the method used here to measure grade along the adit. It involves cutting a continuous channel along a rock surface and collecting the material to determine how gold grades vary along that line. Think of it as reading the grade signature of the rock face at regular intervals. The technique is well-suited to underground workings like adits, where the exposed rock walls provide direct access to the mineralised vein.

The important caveat to keep in mind is the distinction between an along-strike result and a true width. When sampling runs parallel to the vein rather than cutting across it, the measured length overstates the width of the mineralised zone. The 20.35m at 13.04g/t Au composite tells you about grade continuity along strike — not how wide the vein is. Drilling will resolve that question.

The broader context makes the grade profile genuinely interesting. Spring Hill’s current MRE stands at 43.6Mt at 1.1g/t Au for 1.5Moz Au (at a 0.5g/t cut-off grade). Higher-grade ounces discovered outside that resource base have the potential to lift the blended feed grade to the processing plant. The historical precedent is instructive: the Main Adit, located 262m along strike to the north, produced 21,170oz at approximately 30g/t Au, suggesting the structural setting is capable of hosting very high-grade gold in these adit domains.

Executive Chairman Ashley Pattison

“The Southern Adit represents our third high-grade domain of mineralisation at Spring Hill, with historical channel sampling returning 20.35m at 13.04g/t Au entirely outside the current MRE… this along-strike drilling to the north and south of the current MRE is aimed at adding ounces at both open pit and underground scale, with the higher-grade domains offering the potential for a higher blended grade to the plant and a stronger production profile.”

Three fronts, one project — what comes next for PC Gold

Testing three high-grade domains simultaneously

PC Gold is now actively working three high-grade domains concurrently across the Spring Hill project:

1. Main Adit refurbishment
2. Link Zone extension drilling
3. Southern Adit — newly identified and drill-ready

The next steps disclosed in the announcement are:

1. Targeted drill testing of the Southern Adit Target Area (outside the MRE), expected to commence late September 2026
2. Assessment of the underground refurbishment potential of the Southern Adit and its possible interaction with the Main Adit
3. Regional assessment across the expanded landholding and targeting

Spring Hill’s broader development pathway

The Southern Adit discovery sits within a broader strategy aimed at advancing Spring Hill toward a Pre-Feasibility Study (PFS). Environmental approvals are already in place to commence open-pit mining and underground refurbishment, providing a clearer pathway through development milestones.

PC Gold’s approach runs multiple workstreams in parallel: infill drilling to upgrade resource confidence, extensional exploration to grow the global resource inventory, underground development, and PFS progression. The strategic logic behind identifying higher-grade domains outside the MRE is straightforward. If drilling confirms that the Southern Adit hosts high-grade mineralisation at depth and along strike, those ounces could potentially improve the blended feed grade to the plant and strengthen the overall production profile.

The grade improvement story at Spring Hill extends beyond exploration drilling: PC Gold’s photon technology grade uplift work has already demonstrated a 55% improvement in recovered gold grade at the project, reinforcing the strategic logic of identifying higher-grade feed sources like the Southern Adit to further lift blended plant throughput.

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