- Gascoyne Resources (GCY) encounters further high-grade gold from the Gilbey’s North target in Western Australia
- New results peaked at 8.58g/t gold and three of the holes ended in mineralisation with depths ranging from 53 to 54 metres
- Follow-up reverse circulation (RC) drilling is currently underway in preparation for a maiden mineral resource estimate (MRE) which is expected to be released in June
- Shares in Gascoyne were up 3.7 per cent on the market and were trading at 28 cents
Gascoyne Resources (GCY) has encountered further high-grade gold from the Gilbey’s North target in Western Australia.
New results include 31 metres at 2.54g/t gold from 23 metres including three metres at 8.58g/t gold, and 15 metres at 3.16g/t gold from 39 metres including five metres at 6.67g/t gold.
Three of the holes ended in mineralisation with depths ranging from 53 to 54 metres.
Follow-up reverse circulation (RC) drilling is currently underway in preparation for a maiden mineral resource estimate (MRE) which is expected to be released in June.
“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,” CEO and Managing Director Simon Lawson commented.
“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.”
“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 an opportunity to expand and optimise the mineralisation.”
Shares in Gascoyne were up 3.7 per cent on the market and were trading at 28 cents at 12:36 pm AEST.