Never Never lode confirmed as major gold discovery for Gascoyne Resources
The global Gascoyne ore reserve totals 2.04Mt at 1.1g/t gold for 72,000oz, including a maiden reserve for Gilbey’s North and Never Never of 0.38Mt at 1.63g/t gold for 20,000oz.
Exceptional new high-grade drilling results have confirmed the new Never Never lode in Western Australia as a major gold discovery for Gascoyne Resources (ASX: GCY).
Latest results include an interval of 0.47 metres at 643 grams per tonne gold, which represents the deepest and highest-grade hit at the prospect to date.
The 643g/t interval was within a broader intercept of 12m at 34.5g/t gold from 397m.
Other highlight results were 39m at 4.60g/t gold from 233m, including 2m at 15.9g/t gold and 10m at 6.4g/t gold; and 8m at 5.17g/t gold from 62m and 6m at 7.78g/t gold from 116m.
Never Never is a high-grade, west-striking and steeply-plunging deposit discovered while following up drill intercepts from the Gilbey’s North prospect, nearby to the Gilbey’s open pit at the Dalgaranga gold development.
Resource estimate
Since releasing an initial resource estimate at Never Never of 79,600 ounces, Gascoyne has worked to define further potential extensions to the resource, including several drill holes with visible gold which remain open at depth.
Reverse circulation drilling to test down-plunge extensions outside the resource estimate returned 31m at 2.93g/t gold from 201m, including 8m at 6.6g/t gold; 26m at 10.27g/t gold from 274m, including 10m at 24g/t gold; and 29m at 7.58g/t gold from 117m, including 8m at 13.3g/t gold.
Close-spaced grade control drilling at Never Never and Gilbey’s North is currently underway, with initial results illustrating a substantial increase in the volume of the Never Never system.
Highlighting potential
Gascoyne managing director Simon Lawson said the results highlight the potential of the Never Never lode.
“Never Never is one of the most remarkable gold deposits I have ever seen … it is very rare to see such combination of high-tenor and high-grade mineralisation over widths of this magnitude,” he said.
“Amazing intercepts are being delivered and with each successive step-out, it is becoming increasingly clear that this is one of the most significant new gold discoveries anywhere in Australia.”
He said the latest results would be incorporated into a Never Never mineral resource update scheduled for release before year end.