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Gascoyne Resources Ltd.
Summary
| Project: | Dalgaranga | |
|---|---|---|
| Deposit: | Gilbeys, Gilbeys South | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/1/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 1-8-2016: Gascoyne Resources Ltd. announces an Exploration/Drilling Update report for its Gilbeys, Gilbeys South deposit at the Dalgaranga project. Drilling results incl. 28m @ 3.5g/t Au from 105m at Gilbeys South. Gascoyne Resources Limited (“Gascoyne” o | |
| Resources: | (Reserve, P+P): 10.1Mt @ 1.4g/t Au for 442000oz Au contained at Dalgaranga | |
| CP/QP: | [Overall Report]: Julian Goldsworthy (Internal) | |
| ABSTRACT: | Gascoyne Resources Limited (“Gascoyne” or “Company”) is pleased to report on further assay results received from exploration drilling activities at its 80% owned Dalgaranga Gold Project in the Murchison region of Western Australia. The Dalgaranga Gold Project contains a Measured, Indicated and Inferred Resource of 23.7Mt @ 1.4 g/t gold for 1.05 million ounces of contained gold including an initial Proved and Probable Ore Reserve of 442,000 ounces of gold. As previously announced, Gascoyne is conducting an ongoing multi-rig programme of RC and diamond core resource drilling, geotechnical and metallurgical drilling at the Gilbeys and Golden Wings Deposits, and RC and aircore exploration drilling at the Hendricks, Beefeater, Vickers, Caorunn and Gilbeys South prospect. Two RC rigs are currently testing the Gilbeys South area where recently announced Aircore results (ASX release 7 July 2016) demonstrated that gold mineralisation extends a further 550 metres South of the current Gilbeys 949,000 ounce Resource. Importantly the mineralisation in this area is shallow, with many of the intersections starting in the highly weathered oxide zone within 15 metres of the surface. The first RC results reported from this programme (see Table 1 below) are very encouraging as they occur some 150 metres South East of the historic Gilbeys open pit, on the southern edge of the current Gilbeys Resource. Pleasingly, these first RC results have indicated that the gold mineralisation is between 20-30 metres wide and well above the average grade for the deposit, which remains open to the south and at depth and as descibed, remains the focus of the current drill program. | |
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