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Gascoyne Resources Ltd.
Summary
| Project: | Dalgaranga | |
|---|---|---|
| Deposit: | Gilbeys South | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/10/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 10-1-2017: Gascoyne Resources Ltd. announces an Exploration/Drilling Update report for its Gilbeys South deposit at the Dalgaranga project. Drilling results incl. 5m @ 5.2g/t Au from 40m. Gascoyne Resources Limited (“Gascoyne” or “Company”) is pleased to | |
| Resources: | (Reserve, P+P): 13.3Mt @ 1.29g/t Au for 552000oz Au contained at Dalgaranga | |
| CP/QP: | [Overall Report]: Julian Goldsworthy (Internal) | |
| ABSTRACT: | Gascoyne Resources Limited (“Gascoyne” or “Company”) is pleased to advise that it has completed the purchase of the Dalgaranga Gold Project and has moved to 100% ownership, through finalising the purchase of the minority joint venture partner’s 20% interest in the Mining Lease and miscellaneous leases. The Dalgaranga Gold Project already contains a Measured, Indicated and Inferred Resource of 25.7Mt @ 1.4 g/t gold for 1.12 million ounces of contained gold including Proved and Probable Ore Reserve of 552,000 ounces of gold (see Figures 1 & 2 & Tables 3 & 4 below). Drilling is ongoing on the 100% owned Dalgarana Gold Project with assay results awaited and a resource and reserve update planned for this quarter. In addition to the 100% owned Dalgaranga Gold Project, the Company also has two separate 80% owned joint ventures on the surrounding exploration licences which are considered to be highly prospective for additional gold mineralisation. The results reported herein are not included in the current mineral resource at Dalgaranga, and provide indications of significant potential upside. Significant new results have been received from a further 30 RC holes at Gilbeys South (See Table 1 & 2 and Figure 3). Results continue to show broad zones of strong gold mineralisation south of the existing Gilbeys open pit and resource. The Company has been advised by the assay laboratory that results outstanding from a further 40 RC holes from the Gilbeys South area are expected to be received in the next 2 weeks. Soon after receipt of these additional results, the Company expects to report a maiden Mineral Resource estimate for the Gilbeys South area. | |
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