Pacgold Limited provided an update of recently received drilling assay results from the Company's Alice River Gold Project. During the 2022 programme, 40 drill holes (diamond (`DD') and reverse circulation (`RC')) have been completed on the Central Target, with assay results still pending for four drill holes targeting the F1a & F1b zones within the Central Target. Additionally, two DD holes were completed on the Southern Target with assay results pending for both holes.

A total of 5,785m RC and 6,832m DD (40 holes) were completed on the Central Target and 407m DD (2 holes) completed on the Southern Target during the recent programme. Drilling has currently paused on the Project, to allow for data compilation, technical assessment and planning for the next phase of drilling, expected to recommence in late First Quarter 2023 (following the wet season). An expanded IP geophysics survey is currently 50% complete on the Project, aimed at defining an additional 7 km of extensions along the Alice River shear zone.

F1a Zone Drilling Update; Assay results for 17 drill holes targeting the F1a zone (Central Target) are reported with results providing several key advances for the Project: Discovery of a fourth high-grade gold shoot, 200m north of the historical open pit based on wide-spaced drilling (open). Latest results include: 4m @ 4.9g/t Au from 234m incl. 1m @ 14.4g/t Au from 237m (ARDH063); 1m @ 61.2g/t Au from 116m (ARDH073).

These results represent wide-spaced step-out drill holes from a previously reported PGO drill result of 6m @ 6.5g/t Au from 218m incl. 1m @ 26.1g/t Au from 223m (ARDH006) 2. Results now provide early definition of a potentially large-scale, high-grade shoot greater than 200m strike extent and over 250m vertical extent (open). The top of the shoot is developed approximately 80m below surface with an historical drill hole intersection of 80m @ 0.6g/t Au from 10m (ARRC-58) 3 interpreted to represent the upper halo to the new high-grade shoot.

Step-out drilling on the southernmost of the four shoots has extended the high-grade gold mineralisation to a depth of 250m below surface with results pending on deeper drilling (ARDH065) to potentially extend the shoot an additional 125m down plunge to 375m below surface. Step-out drill results include: 4.1m @ 7.6g/t Au from 265.8m incl. 1.1m @ 16.0g/t Au from 265.8m (ARDH072).

The high-grade intersection of 1.1m @ 16.0g/t Au was contained within a multiphase hydrothermal breccia with a quartz matrix containing fine disseminated gold . The high-grade breccia intersected in ARDH072 has many similarities to the breccia intersected in ARDH061 (approximately 50m south of ARDH072) containing an interval of 4.9m @ 21.4g/t Au 4 with both holes containing fine gold and quartz as matrix to the breccia. The high-grade breccia remains open at depth.

The location of latest drilling results are; 23m @ 1.0g/t Au from 322m (ARDH046); 54m @ 0.7g/t Au from 127m (ARDH057); 26m @ 1.1 g/t Au from 200m (ARDH067); 33m @ 1.0g/t Au from 86m (ARDH069); 21.2m @ 0.8g/t Au from 345.8m (ARDH070); 8m @ 1.3g/t Au from 218m (ARDH028); 9m @ 1.0g/t Au from 402m (ARDH053); 16m @ 1.1g/t Au from 308m (ARDH058) 14m @ 0.7g/t Au from 226m (ARDH064); 14.5m @ 0.8g/t Au from 362m (ARDH066); 8m @ 2.6g/t Au from 211 (ARDH068). The F1a zone (Central Target) is a robust gold mineralised structure with a true width varying from 2m to 40m wide which extends over >1.5km strike (open to the north and south) and remains open at a depth of 520m below surface. The entire gold system is contained with the Alice River Shear Zone, which is clearly identified as an IP resistivity low over >7km in strike encompassing the Northern-Central-Southern Targets.