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Gascoyne Resources Ltd.
Summary
| Project: | Dalgaranga | |
|---|---|---|
| Deposit: | Gilbeys, Golden Wings | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/7/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 7-9-2016: Gascoyne Resources Ltd. announces a Resource Estimation report for its Gilbeys, Golden Wings deposit at the Dalgaranga project. Updated mineral resource estimate, 40% increase in Gilbeys M+I resource. Gascoyne Resources Limited (“Gascoyne” “the | |
| Resources: | (Resource, Total): 25.7Mt @ 1.4g/t Au for 1.116Moz Au contained at Dalgaranga | |
| CP/QP: | [Resources]: Shaun Searle (RungePincockMinarco Ltd.) | |
| ABSTRACT: | Gascoyne Resources Limited (“Gascoyne” “the Company”) (ASX:GCY) is pleased to announce the updated Mineral Resource estimate for the Company’s 80% owned Dalgaranga Gold project in the Murchison region of Western Australia (see Figure 1 & 2). Importantly the new resource excludes the recent extensions to the Gilbeys deposit to the south. Drilling is ongoing at Gilbeys South with a further resource update expected to be completed by the end of 2016, incorporating this drilling. Mineral Resource updates for the Gilbeys and Golden Wings deposits have been completed to include recent infill drilling as part of the ongoing Feasibility Study. The drilling was a combination of diamond core and RC drilling and was aimed at increasing the confidence in the Mineral Resource to allow conversion to Ore Reserve as part of the Feasibility Study (FS). As previously announced the drilling was successful in identifying extensions to the mineralisation and confirming the width and grade of the mineralisation at the project. The drilling confirmed the continuity and grade of the ore body, allowing a significant amount of the Gilbeys deposit to be converted to Measured and Indicated Mineral Resource status. The Measured, Indicated and Inferred Mineral Resource now stands at 25.7Mt @ 1.4 g/t gold for 1,116,000 ounces of gold. The Measured and Indicated portion has increased to 16.4Mt @ 1.34 g/t gold for 708,000 ounces. This is comprised of an increase of 40% from the previous resource estimate at the Gilbeys deposit to 638,000 ounces and 70,000 ounces at the Golden Wings deposit (unchanged from the previous resource estimate). | |
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