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Gascoyne Resources Ltd.
Summary
| Project: | Dalgaranga | |
|---|---|---|
| Deposit: | Sly Fox | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/5/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-4-2017: Gascoyne Resources Ltd. announces an Exploration/Drilling Update report for its Sly Fox deposit at the Dalgaranga project. Drilling results incl. 30m @ 1.5g/t Au from 106m. 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 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. A Resource and extensional drilling programme has been completed a further 8 RC holes have been completed, predominantly testing shallow up-dip oxide zones to better constrain gold mineralisation near surface. Results from this drilling are pending. 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 4). Drilling has identified what is interpreted to be the mineralised Sly Fox structure a further 700m to the SE with a highly altered schist/shale sequence intersected, assay are pending, with results expected to be received within two weeks. In addition to the ongoing drill programme, a Helicopter Airborne Electromagnetic (HEM) geophysical survey covering approximately 50km2 has commenced on the project (see Figure 7). The survey has been designed to identify/map conductive stratigraphy, in particular graphitic black shales that are intimately associated with gold mineralisation at the Gilbeys, Sly Fox and Golden Wings Deposits. The HEM survey is expected to identify additional structural and stratigraphic targets similar to the recent gold discoveries at Gilbeys South and Sly Fox, which are expected to not only increase the early production (through an increase is the soft oxide mill feed) but also increase the mine life. | |
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