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Gascoyne Resources Ltd.
Summary
| Project: | Dalgaranga | |
|---|---|---|
| Deposit: | Sly Fox | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/20/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 20-4-2017: Gascoyne Resources Ltd. announces an Exploration/Drilling Update report for its Sly Fox deposit at the Dalgaranga project. Drilling results incl. 27m @ 1.6g/t Au from 20m. Gascoyne Resources Limited (“Gascoyne” or “Company”)(ASX:GCY) is please | |
| Resources: | (Resource, Total): 29.6Mt @ 1.3g/t Au for 1.230Moz Au contained at project | |
| CP/QP: | [Overall Report]: Julian Goldsworthy (Internal) | |
| ABSTRACT: | Gascoyne Resources Limited (“Gascoyne” or “Company”)(ASX:GCY) is pleased to advise that it has received further assay results from RC drilling at the Sly Fox prospect, and preliminary results from a helicopter electromagnetic survey within the Company’s 100% owned Dalgaranga Gold Project, which contains a Measured, Indicated and Inferred Resource of 29.6Mt @ 1.3g/t Au for 1,230,000 ounces of contained gold including Proved and Probable Ore Reserve of 552,000 ounces of gold. Shallow RC followup drilling testing updip of previous holes has now been completed and has confirmed wide zones of mineralisation extending virtually right to surface, which can be traced over 250m along strike and to a depth of more than 150m. At the same time as the shallow drilling was completed, two deep RC drillholes were drilled to test the depth potential at Sly Fox. The first deep RC hole intersected the Sly Fox shear zone and a highly altered package of rocks in the expected position, with results for this hole expected shortly. The second hole deviated from the planned position and as a result the RC rig was unable to drill to the required depth to reach the projected ore zone. A diamond tail is required to extend this RC hole. As released to the ASX on the 5th of April, a programme of aircore drilling targeting stike extensions of the Sly Fox shear zone and a number of other parallel structures identified in aeromagnetic data has also been completed (see Figure 3). Drilling has identified what is interpreted to be the mineralised Sly Fox structure for a further 700m to the SE of known mineralisation with a highly altered schist/shale sequence intersected, assay are pending, with results expected to be received shortly. | |
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