Gascoyne Resources Ltd (ASX:GCY) has delivered another series of wide, shallow high-grade gold intercepts from recent drilling at Gibney’s North prospect in Western Australia.
Drilling has focused on the zone of gold mineralisation discovered immediately north of the Gilbey’s open pit, the main ore source at Gascoyne’s 100%-owned Dalgaranga Gold Project.
Gilbey’s North target is less than 1-kilometre west of the +2.5 million tonnes per annum Dalgaranga processing plant.
Since its discovery, a very high percentage of follow-up drill holes have intersected significant gold mineralisation with the company well underway with follow-up RC drilling in preparation for a maiden mineral resource estimate (MRE).
Drill highlights include:
- 31 metres at 2.54 g/t from 23 metres, including 3 metres at 6.57 g/t and 3 metres at 8.58 g/t (DGRC0835);
- 15 metres at 3.16 g/t from 39 metres, including 5 metres at 6.67 g/t (DGRC0837); and
- 2 metres at 3.23 g/t from 52 metres (DGRC0839).
Holes DGRC0835, DGRC0837 and DGRC0839 all ended in mineralisation (rig max depth 53-54 metres) and are being followed up with deeper RC drilling.
The company is working on an updated JORC MRE for the Plymouth open pit that will encompass recent drilling success and 16 RC holes excluded from the previous MRE in 2021 – however, the Gibney’s North prospect is also set for an initial MRE, which investors should see delivered by the end of June this year.
Rigs on site
Gascoyne has two rigs on site, with a third rig due mid-week to accelerate resource drill outs of:
- Gilbey’s North prospect area for an initial MRE;
- Plymouth Open Pit expansion drilling for a second-stage resource upgrade. Anticipated second half 2022; and
- Gilbey’s Main Pit Eastern Footwall prospects (undrilled high-grade shears subparallel to the main ore zone, along-strike of Plymouth and within the main pit outline).
Further to this, a diamond drill rig is also on site for core drilling of:
- The Plymouth open-pit to obtain geotechnical information for a review of pit-slope angles in preparation for the anticipated expansion of the Plymouth resource and pit redesign.
- The Gilbey’s North prospect to obtain geotechnical and geo-metallurgical samples for submission of an initial mining proposal and benchmark recovery testwork for anticipated mining of the Gilbey’s North area.
“On the back of our recent record quarterly result, our exploration team is continuing to deliver in spades with these new outstanding results from Gilbey’s North showing that this discovery has some serious legs,” Gascoyne Resources managing director and CEO Simon Lawson said.
“As we test the thickness and geometry of the mineralisation with a new phase of drilling, we are very pleased to see further thick intercepts coming from extensions to the known mineralisation.
"Importantly, the thicknesses of the mineralised zones as we head northwest are very consistent, the grades look very exciting and the rock type, sulphide content and alteration look very similar to the main Gilbey’s ore body.
“We are now accelerating the drilling of Gilbey’s North, as well as a number of other established targets, including the active Plymouth open pit mine, where we continue to see opportunity to expand and optimise the mineralisation.
"Recent drilling has focused on potentially linking the Plymouth mineralisation with the Sly Fox deposit to the east, as well as testing northward towards the historically mined very high-grade Gilbey’s East Cutback area.
“In the meantime, our disciplined approach to mining higher grades and reducing costs is continuing to deliver strong results, generating growing cashflow from Dalgaranga to support our ongoing initiatives to extend mine life and make new discoveries.”