Gascoyne Resources encounters visible gold in Dalgaranga drilling

THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) reported diamond drilling at the company’s Dalgaranga gold project in Western Australia has intersected visible gold.

According to Gascoyne the intersection occurred in a quartz carbonate vein within a broad zone of highly altered, sheared and silicified package of porphyry and sedimentary rocks, which is the host package for the gold mineralisation at the Gilbeys deposit.

“The presence of visible gold in drilling is unusual for the Gilbeys deposit, which has historically been characterised as being a very consistent grade deposit (1.7 grams per tonne gold) within a broad, deeply weathered shear zone,” Gascoyne Resources said in its ASX announcement.

Gascoyne explained the diamond drilling program was carried out targeting extensions to the gold mineralisation below the existing Gilbeys open pit and within the Gilbey’s Stage 3 pit design, which resulted from the company’s recent Scoping Study.

The Scoping Study concluded the Dalgaranga project could operate with low costs and high margins producing around 60,000 ounces for between six to 10 years.

“The drilling has now been completed and the core is being sampled to be sent to the laboratory in Perth for analysis,” Gascoyne said.

“These results are expected to be received in around two weeks along with the results from the recently completed RC drilling.”

Email: admin@gascoyneresources.com.au

Website: www.gascoyneresources.com.au