Gascoyne Resources Ltd (ASX:GCY) has discovered multiple high-grade gold intercepts in reverse circulation (RC) drilling at Gilbey’s North prospect within the wholly-owned, flagship Dalgaranga Gold Project in Western Australia.
This most recent round of drilling was designed to follow-up and extend the thickest mineralisation found at Gilbey’s North, with one drill hole (DGRC0759) delivering the best results to date:
- 6 metres at 3.8 g/t gold from 3 metres including 1-metre at 10.0 g/t;
- 23 metres at 3.8 g/t from 13 metres including 4 metres at 11.3 g/t;
- 12 metres at 1.4 g/t from 52 metres including 1-metre at 5.7 g/t; and
- 15 metres at 2.3 g/t from 81 metres including 1-metre at 5.3 g/t.
Drill hole DGRC0759 was just 60 metres from the original mineralised hole, which Gascoyne says highlights the consistency and growing width of the mineralisation at Gilbey’s North.
Additional drilling has been planned further west and north to test the extent of this mineralisation, expected to begin in the coming days.
“Potential game-changer”
Gascoyne Resources managing director and CEO Simon Lawson said: “This remarkable drill result, which is literally within the afternoon shadow of the Gilbey’s Waste Dump, is a potential game-changer for this emerging gold discovery.
“We have now intersected thick gold mineralisation from surface across multiple lenses and of materially higher-grade material than is currently being mined from the Gilbey’s main pit.
“With each drill-hole we are improving our geological understanding and we are systematically targeting the mineralisation trend southward towards Gilbey’s and northward towards the historic Golden Wings open pit deposit, some 4 kilometres away.
“We are still delineating the extents of the system, as can be seen in a number of drill holes which did not intersect any significant mineralisation immediately south of the new discovery under the existing haul road.
“However, we are also continuing to encounter some exceptional widths and grades hundreds of metres away from our main operating pit and, importantly, we are continuing to learn more about this growing gold discovery and options to mine it.”
Gascoyne believes these latest results represent the most significant assays generated so far for Gilby’s North, providing the company with insights that aid in developing a local-to-regional scale understanding and a potential “step-change” in the targeting of gold mineralisation at Dalgaranga.
Fully engaged in hunt for ounces
“This is an exciting time for Gascoyne with the discovery at Gilbey’s North, our recent success beneath the Plymouth deposit and encouraging signs from a number of other projects we are working on around our processing plant," Lawson said
“Our technical team are fully engaged in the hunt for ounces and are really looking forward to turning the growing number of drill-hits at Gilbey’s North into a maiden mineral resource estimate to extend the life of our existing operations at Dalgaranga.”
Read: Gascoyne Resources highlights gold depth potential in near-mine drilling at Dalgaranga
Surface drilling of near-mine targets at Dalgaranga is ongoing and is set to continue for the foreseeable future.
Gascoyne hopes results will underpin an initial mineral resource estimate over the Gilbey’s North gold prospect, as well as a several other active and near-mine potential ore sources.