Gascoyne Resources confirms extension to Gilbey’s North gold prospect
Gascoyne Resources (ASX: GCY) has confirmed an extension of a high-grade mineralised zone at the Gilbey’s North gold prospect, which is on the edge of the main operating pit within its wholly-owned Dalgaranga gold mine in Western Australia.
New intercepts from ongoing reverse circulation drilling unveiled consistent width and continuity of the zone and delineated extensions down-dip and up-dip of recently reported high-grade assays.
Gascoyne reported an “exceptional” intercept of 32m grading 8.58 grams per tonne gold from 167m including 14m at 16.4g/t.
The intercept is situated 30m beneath the previous best result of 54m at 6.55g/t from 116m, including 12m at 20.1g/t and illustrates the “open at depth” potential as well as the consistency of high-grade gold mineralisation down-dip.
Drilling to follow-up a previously-reported intercept of 20m at 7.24g/t gold, including 1m at 47.9g/t gold also returned highlights of 31m at 4.68g/t gold from 132m, including 5m at 18.1g/t gold; and 26m at 3.05g/t gold from 150m, including 2m at 14.2g/t gold.
A “wildcat” hole testing northwest of the Gilbey’s North target area also yielded 2m at 12.13g/t gold from 133m, including 1m at 22.7g/t gold and could be related to the structural offset of the mineralised system.
Extending mine life
Gascoyne managing director Simon Lawson said the new results assist in extending the mine life at Dalgaranga.
“We initially discovered a high-grade, relatively-narrow extension to the G-Fin lode system in the northern end of the main Gilbey’s pit, which showed us that Dalgaranga has a lot more to offer than some may have believed,” he said.
“Regionally, there are a number of existing high-grade prospects which appear to line up with our structural projections and may prove to be part of the same mineralisation model.”
Ongoing drilling across near-mine targets including Plymouth, Sly Fox and Gilbey’s North, East and South form part of Gascoyne’s strategy to grow resources and ore reserves and extend Dalgaranga’s life.
Assays from recent drilling at Gilbey’s eastern footwall and Gilbey’s South are currently being collated and interpreted.
Mr Lawson said the company expects to release these results within the week.