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Gascoyne Resources Ltd.
Summary
| Project: | Dalgaranga | |
|---|---|---|
| Deposit: | Golden Wings | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/21/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 21-6-2017: Gascoyne Resources Ltd. announces an Exploration/Drilling Update report for its Golden Wings deposit at the Dalgaranga project. Summary of project & drilling results incl. 10m @ 3.3g/t Au from 51m. Gascoyne Resources Limited (“Gascoyne” or “Com | |
| Resources: | (Reserve, Total): 14.3Mt @ 1.27g/t Au for 581000 Au contained at project | |
| CP/QP: | [Overall Report]: Julian Goldsworthy (Internal) | |
| ABSTRACT: | Gascoyne Resources Limited (“Gascoyne” or “Company”)(ASX:GCY) is pleased to provide an update on development activities on the Company’s 100% owned Dalgaranga Gold Project, which contains a Measured, Indicated and Inferred Resource of 31.1Mt @ 1.3 g/t for 1,310,000 ounces of contained gold, which is inclusive of an updated Proved and Probable Ore Reserve of 14.3Mt @ 1.27 g/t for 581,000 ounces of gold (see Figures 1 & 6 & Tables 1 & 6 below). As a result of the updated Mineral Resource announced to ASX on 15th of March 2017, the mine plan, mine design and schedule have been updated to align the production with the increased throughput rate that modelling has shown to be achiveable while processing soft oxide and transitional ore in the early years. The new mine design for the Gilbeys deposit has resulted in the Dalgaranga Production Target being increased to 15.3Mt @ 1.3 g/t gold for 622,000 ounces within the Gilbeys (including Gilbeys South) and Golden Wings open pits. This production target is based on 94.4% Measured, Indicated Mineral Resources (and the resulting Proved and Probable Ore Reserve) and 5.6% Inferred Mineral Resources within the pit designs. This Inferred Resource is not considered material to the value of the Project. A total of 40 infill RC drill holes have been completed to better define the Mineral Resource at Golden Wings. This drilling was designed to test the shallow laterite resources (which were classified as Inferred), to confirm the continuity of the mineralisation to be mined early in the Golden Wings open pit and to confirm the continuity of the shallow hanging-wall mineralisation. The results from the drilling confirmed the grade and continuity of the resource. | |
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