Gascoyne Resources Ltd (ASX:GCY) continues to grow a gold discovery immediately north of its Glibey’s Open Pit at the Dalgaranga gold camp in Western Australia.
Earlier this month, the explorer outlined a new gold zone, dubbed Gilbey’s North, thanks to shallow reverse circulation (RC) drilling at the Dalgaranga property.
A further 11 RC holes have intersected mineralisation from 15 metres below surface — across zones up to 17 metres wide and down to 108 metres below surface — within a structural corridor directly along-strike from the operating Gilbey’s Pit.
Notably, the closest intercept returned so far is just 50 metres north-west of the current mining front at the Gilbey’s Pit.
Looking ahead, further drilling is planned this month on an upper bench of the northern extent of the Gilbey’s Open Pit high wall — activity that could link the mineralisation seen at Gilbey’s North.
Near-term potential to increase resources, reserves and mine life
Gascoyne Resources managing director and CEO Simon Lawson said: “Our on-site geology team continues to deliver consistent drilling results less than one kilometre from the processing facility at Dalgaranga.
“Importantly, the latest drilling results from Gilbey’s North continue to highlight the similarities with the mineralisation styles seen in the main Gilbey’s Open Pit and, with the closest assay result received so far less than 50 metres from the pit crest, we are growing increasingly confident of the near-term potential to increase resources, reserves and mine life at Dalgaranga.
“The recent addition of a second dedicated RC drill rig at Gilbey’s North will help us to accelerate the drill-out of what appears to be an important resource extension area in close proximity to existing mining operations and infrastructure.
"These great results are a real credit to our small but highly motivated geology team on site, and the entire Gascoyne team is backing them in to support this emerging discovery and the potentially significant outcomes it could deliver.
“In parallel, our mining and processing team is firmly focused on maintaining consistent production after setting a new company record of 7,900 ounces produced in January.”
The results are in
Nine of the new 11 holes at Gilbey’s North delivered more than 0.5 g/t gold.
The latest round of drilling outside Dalgaranga’s mineral resource and ore reserve intersected:
➢ 14 metres at 1.0 g/t gold from 76 metres;
➢ 5 metres at 1.7 g/t from 103 metres;
➢ 7 metres at 1.1 g/t from 81 metres;
➢ 4 metres at 0.8 g/t from surface and 5 metres at 0.7 g/t from 101 metres;
➢ 17 metres at 3.5 g/t from 22 metres, including 10 metres at 5.3 g/t;
➢ 10 metres at 2.7 g/t from 16 metres;
➢ 10 metres at 0.6 g/t from 29 metres, including 3 metres at 1.2 g/t;
➢ 1 metre at 1.0 g/t from 30 metres; and
➢ 2 metres at 1.0 g/t from 15 metres.
Next steps
Additional drill metres will be allocated on a results basis, with the following stages of drilling defined in a staged approach across both RC rigs:
➢ Drill extensions to the south of Gilbey’s North to assess the potential “link” to the main Gilbey’s mineralisation;
➢ In-fill drill known mineralisation in preparation for an initial maiden JORC resource down to a nominal 25-metre by 25-metre spacing and an approximate 150-metre depth;
➢ In-fill drill known mineralisation at a nominal 12.5-metre by 12.5-metre “grade control” spacing down to around 50 metres deep in preparation for potential mining of oxide mineralisation; and
➢ Drill extensions to the north of Gilbey’s North to assess further shallow mineralisation along-strike less than 1 kilometre from the processing plant.