PC Gold Drills Grades Up to 33x Block Model as December Resource Update Looms
Key Takeaways
- Hole SDH26-016 returned 29.65m @ 4.32 g/t Au from 332.35m — more than double the block model's predicted grade of 2.12 g/t Au for the same interval.
- Hole SDH26-019 hit 13.18 g/t Au in the Link Zone against a modelled grade of just 0.40 g/t Au, approximately 33 times the predicted value.
- SDH26-013 confirmed Link Zone mineralisation 30 metres down dip of the current model boundary, extending the known resource envelope beyond what the existing MRE captures.
- Assays remain pending on significant sections of three holes, meaning the full picture of this drill program has not yet been disclosed to the market.
- All results feed into an updated Mineral Resource Estimate targeted for December 2026, with the existing resource standing at 43.6Mt @ 1.1 g/t Au for 1.5Moz Au.
New diamond drilling pushes high-grade gold beyond Spring Hill’s block model
PC Gold (ASX: PC2) has reported further assay results from 12 diamond drill holes at its 100%-owned Spring Hill Gold Project near Pine Creek in the Northern Territory, with 10 holes drilled for a combined 3,690.2 metres. The headline result is striking: hole SDH26-016 returned 29.65m @ 4.32 g/t Au from 332.35m, more than double the predicted block model grade of 2.12 g/t Au for the same interval.
These are partial results, with assays still pending on significant sections of three holes and further results to be reported as received. Crucially, grades are consistently beating the model across multiple holes and zones, and all results feed into an updated Mineral Resource Estimate (MRE) targeted for December 2026.
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Drilling results at a glance — what the holes returned
| Hole ID | Zone | Key Intercept | Grade (g/t Au) | vs Block Model |
|---|---|---|---|---|
| SDH26-016 | Hong Kong – Link | 29.65m from 332.35m (incl. 4.75m from 350m) | 4.32 / 8.60 | BM: 2.12 g/t — actual more than double |
| SDH26-017 | Hong Kong – Link | 33.38m from 156.62m; 8m from 195m | 2.17 / 3.69 | Link zone intersected further east than modelled |
| SDH26-019 | Link Zone | 3.24m from 240.76m | 13.18 | BM: 0.40 g/t — actual ~33x modelled |
| SDH26-012 | Hong Kong – Link | 34m from 301m (incl. 10m from 320m) | 2.07 / 4.17 | Assays pending 0–242m |
| SDH26-021 | Link Zone | 10.8m from 306.2m | 3.64 | Assays pending 317–390.3m |
| MS-027 | Main Zone South | 38m from 13m; 4m from 218m | 1.32 / 5.39 | BM: 0.57 g/t for broad interval |
| MS-030 | Main Zone South | 5m from 87m | 4.29 | No modelled grade near surface in this area |
| SDH26-013 | Hong Kong – Link | 19m from 402m (incl. 1.7m from 413.3m) | 1.70 / 7.87 | Link extends 30m down dip of current model |
Three results stand out as particularly significant from this program:
- SDH26-016 returned a grade more than double the block model prediction for the same interval, confirming the model is conservative at depth in the Hong Kong–Link Zone
- SDH26-019 returned 13.18 g/t Au in the Link Zone against a modelled grade of just 0.40 g/t Au, approximately 33 times the predicted value
- SDH26-013 confirmed Link Zone mineralisation 30m down dip of the current model boundary, representing a structural extension of the known resource envelope
What is the Link Zone, and why does it matter for investors?
The Spring Hill deposit contains several distinct gold-bearing lode systems. The Link Zone is a high-grade structure associated with the Hong Kong lode, and it tends to host concentrated, higher-grade gold mineralisation.
When the announcement refers to a “down dip extension,” it means drilling has confirmed that gold mineralisation continues deeper along the structure than the existing model anticipated. Think of it as the ore body being taller than the map suggested. This expands the potential resource envelope, meaning there may be more gold in the ground than the current estimate captures.
The block model is the three-dimensional grade model that underpins the MRE. When actual drill grades consistently beat the modelled grades, the current MRE may be understating what is actually there. Spring Hill’s existing MRE stands at 43.6Mt @ 1.1 g/t Au for 1.5Moz Au (at a 0.5 g/t cut-off grade), reported in accordance with the JORC Code. These new drill results will be incorporated into the December 2026 MRE update, and the pattern of grade outperformance across multiple holes suggests that update could reflect upward revisions to the resource.
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What comes next — December MRE update and ongoing drilling
The near-term catalyst pipeline for PC Gold investors is clear and concrete. Four key milestones are expected over the coming months:
- Assay results for the outstanding intervals in SDH26-021 (317–390.3m) and SDH26-012 (0–242m) are expected over coming weeks and will be reported as received
- Assay results for SDH26-016 remain outstanding for the 0–285m interval, with the already-returned deeper section already delivering the program’s standout intercept
- Diamond drilling continues at Spring Hill, testing further extensions to known mineralisation
- All results will be incorporated into the updated MRE targeted for December 2026, capturing all drilling completed post the April 2026 cut-off date used for the July 2026 Interim MRE
The strategic significance here is cumulative. The April 2026 Interim MRE was the baseline. Every drill result since that cut-off date — now showing consistent grade outperformance across the Hong Kong lode, Link Zone, and Main Zone South — feeds directly into the December update. With three holes still returning partial assays, the full picture of this program has not yet been disclosed.
Executive Chairman Ashley Pattison framed the results and their implications directly:
Ashley Pattison, Executive Chairman, PC Gold
“The diamond drilling is consistently reporting grades exceeding the estimated block model grades. Progressive step outs of the high grade Link Zone are providing further confidence in the continuity and extent of mineralisation…
These results will be incorporated into the updated MRE targeted for December 2026. Our aim with this update is to include all the drilling completed post the April 2026 cut off date for the Interim MRE released in July 2026.
With assays still pending for significant sections of two of these ten holes, we look forward to reporting further results to the market as they are received.”
Beyond the December MRE, PC Gold is advancing Spring Hill across a broader development strategy. The project sits within granted mining leases, with environmental approvals already in place to commence open-pit mining and underground refurbishment. The company is actively progressing toward a Pre-Feasibility Study (PFS), with modifying factors including mining, metallurgy, infrastructure, and permitting being developed in parallel.
Spring Hill’s development pathway also encompasses processing advances on-site, with photon technology grade uplift results showing a 55% improvement in recovered gold grade, adding a further dimension to the project’s economics beyond what drilling intercepts alone capture.
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