Gascoyne hits gold during initial Dalgaranga drilling

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THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) has encountered high-grade gold intersections during its first exploration drilling program at the Golden Wings prospect at the company’s newly-acquired 80 per cent-owned Dalgaranga gold project in the Murchison region of Western Australia.

Gascoyne has completed an initial 12 hole RC drill program at Dalgaranga and assay results have now been received for all the holes.

A total of 8 RC holes were drilled around the known Gilbeys resource area and 4 RC holes at the Golden Wings prospect.

This RC drilling is the first exploration in the area for around 12 years.

In its announcement to the ASX, Gascoyne said the drilling had identified a significant shallow and high-grade zone of gold mineralisation at the Golden Wings prospect, which is outside the known resource.

 

Golden Wings prospect – recent drilling results. Source: Company announcement

 

Four metre RC composite sample results include:

–    36 metres at 7.7 grams per tonne gold from 36 metres, including 8 metres at 29.1 grams per tonne gold from 56 metres.

Drilling at the Gilbeys pit has also intersected mineralisation, including:

–    13m at 2g/t gold;

–    6m at 1.8g/t gold and 33m at 0.9g/t gold;

–    16m at 1.2g/t gold, including 4m at 2.5g/t gold; and

–    32m at 0.8g/t gold.

The company said the drilling has confirmed mineralisation extends below the current Measured and Indicated JORC Resource of 7.5 million tonnes at 1.6g/t gold for 380,000 ounces of contained gold.

“There is significant potential to grow the resource with additional exploration,” Gascoyne Resources said in its ASX announcement.

“These new results will now be incorporated into the resource estimate update which is in progress.”

Gascoyne has further drilling planned, which will include approximately 2,500m of shallow RC / aircore drilling at the Gilbeys pit and approximately 2,000m of aircore drilling around the Golden Wings prospect to continue to scope out and extend the shallow high-grade mineralisation.

The drilling program is scheduled to commence in the last week of May, once drilling is completed at Glenburgh.