logo-loader

Gascoyne Resources extends gold find at Glenburgh, unlocks high grades

Published: 00:30 23 Apr 2013 BST

no_picture_pai

Gascoyne Resources (ASX: GCY) has uncovered high grade gold mineralisation in drilling that has further extended the mineralisation at the Glenburgh gold project in Western Australia.

A Resource update is nearing completion and is expected to be completed in the next few days.

Extensional reverse circulation drilling between the Shelby and Mustang Deposits has identified a high grade zone of mineralisation west of the conceptual Shelby open pit in the central zone of the Glenburgh gold system.

Notable results from the Shelby deposit include 17 metres at 4.2 grams per tonne (g/t) gold from 42 metres, including 3 metres at 21g/t gold; 14 metres at 4.1g/t gold from 55 metres, including 4 metres at 12.9g/t gold; and 1 metre at 4.7g/t gold from 99 metres.

The results for the four drill holes received to date indicate that there is potential for the Shelby deposit to extend significantly to the west towards the Mustang deposit.

This drilling has identified a continuous zone of mineralisation that extends for over 150 metres and remains open to the west towards the Mustang deposit.

Additional drilling is being planned to further evaluate this high grade zone.

Meanwhile, at Zone 126, one of the three drill holes drilled to test below the strong soil anomaly within the conceptual open pit identified a zone of mineralisation returning 15 metres at 1.6g/t gold including 8 metres at 2.3g/t gold from 2 metres

While the grade is slightly lower than the average for the Zone 126 deposit – 2.4 million tonnes at 2g/t gold for 151,000 ounces –  the area of this new gold zone had previously been interpreted as waste.

This new near surface zone of mineralisation is expected to positively impact the open pit development of the Zone 126 deposit.

Results are awaited for a further 63 reverse circulation drillholes from the Shelby, Mustang, and Hurricane deposits as well as exploration drilling along strike to the northeast of the Glenburgh deposits testing strong gold soil anomalies.


Exploration program

Stage one of the 2013 Glenburgh drill program is now complete, and a second phase of 2,500 metres of shallow reverse circulation/aircore drilling is expected to begin in the next three weeks.

This program plans to test extensions to the recent high grades discovered west of the Shelby conceptual pit.

Additional drilling is also planned for the Tuxedo, Icon, Apollo and Mustang deposits as well as exploration in the south west target area.

Gascoyne held just over A$5 million in cash at the end of December 2012.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

1 hour, 45 minutes ago