- Gascoyne Resources (GCY) intersects “standout” new intercepts from the Gilbey’s North prospect at its Dalgaranga gold project in WA
- Up to 20.1 g/t gold was intersected with the results confirming the presence of deeper and higher-grade mineralisation and highlighting the width and continuity of the mineral system
- Follow-up drilling is underway with two reverse circulation drill rigs operating and a third testing near-mine targets identified via geological review
- CEO and Managing Director Simon Lawson says GCY’s geology and mining teams are working to deliver a mineral resource estimate for Gilbey’s North
- Gascoyne is up 8.7 per cent on the market with shares trading at 25 cents at midday AEST
Gascoyne Resources (GCY) has intersected “standout” new intercepts from the Gilbey’s North prospect at its Dalgaranga gold project in WA.
Results include 54 metres at 6.55 grams per tonne (g/t) gold from 116 metres including 12 metres at 20.1 g/t gold, and eight metres at 1.15 g/t gold from 110 metres.
The company said these results confirm the presence of deeper and materially higher-grade mineralisation at Gilbey’s North as well as highlight the width and continuity of the mineral system.
Further, the results expand and enhance the already defined zone of mineralisation at Gilbey’s North.
“This is a breakthrough result which significantly elevates the importance of this exciting near-mine discovery,” CEO and Managing Director Simon Lawson said.
“The latest drillhole has returned a composite intercept of six times our current head grade at Dalgaranga over a 54-metre interval – a truly impressive result coming from a growing area of shallow high-grade mineralisation located within 1000 metres of our +2.5Mtpa processing plant,” he said.
Due to staff shortages, results are pending for over 100 holes which are expected towards the end of July.
Follow-up drilling is underway with two reverse circulation drill rigs operating and a third testing near-mine targets identified via geological review.
“Our geology and mining teams are working closely with external consultants to deliver an initial mineral resource estimate for Gilbey’s North, as well as to provide models for pit optimisation scenarios and potential mine schedules.”
Gascoyne was up 8.7 per cent on the market with shares trading at 25 cents at roughly midday AEST.