Gascoyne Resources Ltd (ASX:GCY) has received further shallow gold hits at Hendricks, within 1.5 kilometres of its low-cost Dalgaranga processing plant.
The latest results support a potential shallow oxide open pit and there is potential for Hendricks to be integrated into the Dalgaranga mine plan under assessment.
Prioritise potential ore sources
Gascoyne Resources managing director and CEO Richard Hay said: “Our exploration program continues to prioritise potential ore sources nearby to our low-cost Dalgaranga processing plant.
“The latest results from Hendricks support a potential shallow oxide open pit and the Sly Fox underground deposit continues to take shape.
“Both areas will be assessed for their ability to be integrated into the Dalgaranga mine plan in the medium-term, in addition to Firefly Resources’ Melville deposit at Yalgoo that is subject to the Scheme of Arrangement merger completing as scheduled on or around November 10, 2021.
“Furthermore, our recently completed program at Glenburgh has demonstrated that Zone 102 and Zone 126 have good growth potential, taking particular note of the previously announced Zone 126 intersection of 8 metres at 11.6 g/t.”
Drill results
Shallow oxide intersections at Hendricks include:
- 8 metres at 2.2 g/t gold from 11 metres including 2 metres at 5.1 g/t in DGRC0683; and
- 2 metres at 5.7 g/t gold from 34 metres in DGRC0682.
Sly Fox
A reverse circulation (RC) drill rig has been secured with a diamond core rig being finalised to shortly commence a resource definition infill drilling program at Sly Fox.
Recent deep drilling at Sly Fox returned the intersection 44 metres at 2.0 g/t gold, including 18 metres at 3.8 g/t gold.
Sly Fox delivers high-grade results at depth – 6 metres at 6.3 g/t gold - confirming the underground mining potential of the Sly Fox deposit and the requirement for follow up infill drilling.
Greencock trend aircore drilling
Broad-spaced aircore drilling has recommenced southwest of the Greencock prospect area, targeting the ENE trending (13 kilometres long) section of the major structural zone.
Glenburgh RC results
The final results have been received for the remaining five holes of the 17 hole RC drill program completed at Glenburgh.
Excellent early drill results were returned targeting down dip extensions to the high-grade gold lodes in the Zone 126 deposit, in particular the high-grade intersection of 8 metres at 11.6 g/t gold from 187 metres, including 4 metres at 21.3 g/t gold in VRC1076.
Firefly scheme
Following the release of a supplementary disclosure relating to the scheme booklet on October 15, the scheme meeting, with the approval of the Supreme Court of Western Australia has been postponed to allow Firefly shareholders time to consider the additional disclosure.
The scheme meeting will now be held at 2.00pm (WST) on Wednesday, October 27, 2021.
The deal will see Gascoyne acquire Firefly in full, and on September 7, the Supreme Court of Western Australia approved the despatch of the scheme booklet and ordered a meeting of Firefly shareholders to consider and, if thought fit, approve the scheme.