Gascoyne Resources Ltd (ASX:GCY) has found a substantial new high-grade lode system on the immediate western flank of its new Gilbey’s North prospect, less than 1 kilometre from the 2.5-million-tonne Dalgaranga Gold Project processing plant in WA.
During drilling of the westerly-striking extension of Gilbey’s North, the company hit a standout find of 59 metres @ 12.5g/t gold including 13 metres @ 51.1g/t, confirming a substantial new high-grade lode.
The thick, plunging lode system identified through drilling confirms a high-grade western extension to the Gilbey’s North prospect. Further results include:
- 59 metres @ 12.5g/t gold from 139 metres including 13 metres @ 51.1g/t gold; and
- 39 metres @ 3.09g/t gold from 99 metres and 20 metres @ 1.12g/t gold from 156 metres
These results join other recent positive finds to confirm the consistent width and continuity of the Never Never lode, part of the Gilbey’s North near-mine discovery.
Change in direction
The exploration breakthrough followed a change in drilling direction, now orientated in a northerly direction, and has heralded the discovery of a new style of mineralisation that sits roughly at right angles to the predominantly north-south orientation of most of the known deposits.
Of particular significance are three holes drilled at three different orientations, which have successfully tested the north-south, northeast-southwest, and east-west orientations respectively of the very high-grade Never Never lode system at Gilbey’s North.
Recent high-grade gold intercepts from the westerly-striking Never Never lode include:
- 54 metres @ 6.55g/t gold from 116 metres down-hole including 12 metres @ 20.1g/t; and
- 32 metres @ 8.58g/t gold from 167 metres down-hole including 14 metres @ 16.4g/t.
Drilling across Gilbey’s North, East and South, as well as Plymouth, Sly Fox and other near-mine will continue as part of an overall strategy to grow resources and ore reserves and extend the mine life at Dalgaranga.
A MRE is now being put together by industry-leading consultancy Entech and will be subject to external third-party independent expert review prior to release targeted for late August 2022.
“Major discovery coup”
Gascoyne Resources managing director and CEO Simon Lawson said: “It’s not every day that you see results like this in the WA gold sector and we are incredibly excited by the potential of this newly discovered lode system on the western edge of the Gilbey’s North discovery.
“Finding a northerly extension to the main Gilbey’s system was itself a major discovery coup for Gascoyne earlier this year. Being situated right in front of the mill and at a time when the company and its loyal investors needed some vision for the future, our team and our aggressive drilling strategy came through.
“To then back that up and discover a completely different style of consistently thick and very high-grade gold mineralisation in the Never Never Lode – an ore body style that has immense potential – is a remarkable achievement by our exploration team and has the potential to reshape our future very quickly.
“The power of a good geology team and a great drill crew being brought to bear on a fertile high-potential mineral system is immense.
“We currently have two drill-rigs on the Never Never Lode, one RC rig and one diamond Drill rig, and we are aggressively chasing this exciting target. We will change the future of Gascoyne one drill-hole at a time.”