Gascoyne Resources Ltd (ASX:GCY) is encouraged by a series of shallow, high-grade gold intersections across two key prospects near the wholly-owned Dalgaranga Gold Operations in Western Australia.
The latest findings have extended the gold footprint at the Gilbey’s Eastern Footwall target and strengthened Gascoyne’s confidence in the Gilbey’s South prospect.
Some of the highlights from Gilbey’s East include:
- 3 metres at 4.5 g/t gold from 54 metres;
- 5 metres at 7.8 g/t from 43 metres, including 1 metre at 30.1 g/t;
- 2 metres at 5.2 g/t from 76 metres and 3 metres at 4 g/t from 87 metres; and
- 13 metres at 2 g/t from 65 metres, including 5 metres at 4.2 g/t.
Initial mining activities, including decommissioning and repositioning infrastructure, is underway at Gilbey’s East in preparation for larger-scale mining activities.
Meanwhile, over at Gilbey’s South, Gascoyne is encouraged by results like:
- 3 metres at 4.5 g/t gold from 56 metres, including 1 metre at 12.7 g/t;
- 3 metres at 3.8 g/t from 20 metres; and
- 5 metres at 2.5 g/t from 37 metres to end-of-hole.
Resource work is currently underway on the Eastern Footwall area and Gilbey’s South, aiming to bring several high-priority areas into the mine plan.
Gilbey’s East “a quiet achiever”, Gilbey’s South “a dark horse”
Commenting on the findings, Gascoyne Resources managing director and CEO Simon Lawson said: “We have a strong plan to increase the mine life at Dalgaranga and we are continuing to pursue the highest priority near-mine targets, which are continuing to generate some seriously good numbers!
“Gilbey’s North is the obvious superstar with screaming grade and thickness, while Gilbey’s East is the larger-scale quiet achiever, adding to our mineralised inventory.
The Gilbey’s South, Plymouth and Sly Fox trend prospects are the current dark horses, with surprising drill hits creating an intriguing puzzle for our geology team to solve. Each area requires a different approach.
“Gilbey’s North needs periods of intense drilling, time to think about what the results mean, and then repeat.
“Gilbey’s East needs methodical, systematic drilling to create shallow mining opportunities to add to the mine plan, while Gilbey’s South, Plymouth and Sly Fox are all related and need additional drilling work.
Unlocking value at Dalgaranga
Lawson continued: “Complex puzzles aside, it is clear there is a very large mineralised system at Gilbey’s and across Dalgaranga as a whole and we are getting on with the exciting work of outlining what this very large system might mean for Gascoyne and its shareholders.
“The fact that we are debt-free with a 2.5-million-tonne-per-annum processing facility at the centre of this large mineralised system is the key to a successful strategy in unlocking value at Dalgaranga.
“We are finding all the right material with the drill bit. We are all about changing the head grade potential of our future ore feed.
“We intend to discover, define and deliver higher-grade material to the mill, which has the potential to reshape our future!”