Gascoyne Resources discovers high-grade Never Never lode system near Dalgaranga gold project
Drilling on the western flank of Gascoyne Resources’ Gilbey’s North target has returned an average grade of 12.5g/t gold across a 59m intercept.
Gascoyne Resources (ASX: GCY) has discovered a new high-grade lode system on the immediate western flank of the Gilbey’s North near-mine target, within its wholly-owned Dalgaranga gold operation in Western Australia.
A series of holes were drilled northward to test the true width, orientation and extent of the newly-named Never Never lode, which is part of an extension to the Gilbey’s mineralised system.
Standout intercepts confirmed the consistent width and continuity of the high-grade, west-striking and steeply plunging discovery.
Best results were 59m at 12.5 grams per tonne gold from 139m, including 13m at 51.1g/t gold; 39m at 3.09g/t gold from 99m; and 20m at 1.12g/t gold from 156m.
The deepest Never Never intercept to date is 32m at 8.58g/t gold, including 14m at 16.4g/t gold, returned from 30m below two previous holes.
Drilling at Gilbey’s North was oriented in a northerly direction to specifically target the definition of approximate volumes across-strike and up-dip of recent high-grade intercepts.
Data from the “volume validation” holes will contribute to a maiden resource estimate at the prospect.
Major breakthrough
Gascoyne said the change in drilling orientation resulted in a “major exploration breakthrough” at Dalgaranga with the discovery of a new style of mineralisation at Never Never, which sits roughly at right angles to the predominantly north-south orientation of most of the known deposits.
Of particular significance are three holes which tested the north-south, northeast-southwest and east-west orientations of the lode system.
Ongoing drilling across the Gilbey’s North, East and South prospects, as well as Plymouth, Sly Fox and other near-mine targets, forms part of a strategy to grow resources and extend the mine life at Dalgaranga.
Discovery bonus
Managing director Simon Lawson said the discovery of the Never Never lode is a bonus for Gascoyne and its shareholders.
“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 system,” he said.
“Finding a northerly extension to Gilbey’s was itself a major discovery coup for us earlier this year … being situated right in front of the mill and at a time when our loyal investors needed some vision for the future, our team and our aggressive drilling strategy came through.”
He added the Never Never lode has “immense potential” to reshape the company’s future “very quickly”.