Join our daily newsletter At The Bell to receive exclusive market insights
- Gascoyne Resources (GCY) hits multiple zones of gold mineralisation within the main ore source at its Dalgaranga project in Western Australia
- All assay results from drilling completed in the Eastern Footwall area of the Gilbey’s open pit mine have returned gold grades above 0.5 grams of gold per tonne
- Some drill holes intersected multiple horizons or ended in mineralisation, which GCY says validates its theory that the mineralisation continues along-strike and down-dip
- Three drill rigs remain on site, with drilling continuing at the Eastern Footwall as well as the Gilbey’s North discovery and Gilbey’s South
- Company shares have been trading 5.2 per cent lower at 27.5 cents at 1:01 pm AEST
Gascoyne Resources (GCY) has hit multiple zones of gold mineralisation within the main ore source at its Dalgaranga project in Western Australia.
Following its first round of shallow drilling at the project, the company has received a series of assays from drill holes completed in the Eastern Footwall area of the Gilbey’s open pit mine, with all returning gold grades above 0.5 grams of gold per tonne (g/t gold).
Intercepts included five metres at 38 g/t gold from 50 metres, which included one metre at 176 g/t gold in one drill-hole while another returned two metres at 2.4 g/t gold from 11 metres downhole.
The company believes the mineralisation continues both along-strike and down-dip in the Eastern Footwall areas and said the latest drilling results validate this theory, with some holes intersecting multiple mineralised horizons and some ending in mineralisation.
Managing Director and CEO Simon Lawson said the results are another exploration breakthrough for the company.
“Our expansionary near-mine drilling continues to outline new mineralised areas across multiple fronts at Dalgaranga,” he said.
“The three reverse circulation rigs we currently have employed are extremely busy drilling for gold at Gilbey’s North, Plymouth, Gilbey’s South and are now following up these spectacular shallow gold horizons in the footwall of the main operating Gilbey’s open pit.”
Moving forward, the company is awaiting additional assays from the Eastern Footwall as well as results from drilling completed at the Gilbey’s North discovery and Gilbey’s South prospect.
The results from the Eastern Footwall will assist with near-term mine scheduling while those from Gilbey’s South are part of Gascoyne’s assessment of future south mine ramp options.
Company shares were trading 5.2 per cent lower at 27.5 cents at 1:01 pm AEST.
