Gascoyne completes Glenburgh Resource Estimate

/in /by

THE DRILL SERGEANT: Gascoyne Resources has completed an update to the Resource Estimate for the company’s 100 per cent-owned Glenburgh gold project in the Gascoyne province of Western Australia.

 

Gascoyne Resources project locations. Source: Company announcement

 

The combined Indicated and Inferred Resource for the Glenburgh gold project now stands at:

–    17.4 million tonnes at 1.3 grams per tonne gold for 703,000 ounces of gold.

Gacoyne indicated the highlights from the upgrade to include:

–    A 35 per cent increase in total resource;

–    An increase in global gold grade by 8 per cent over previous estimate;

–    A 26 per cent increase in global resource tonnes over previous estimate;

–    Inclusion for first time of resource in the Indicated category of 1.6 Mt at 2.0g/t gold for 103,500 ounces of gold;

–    First Resources from the Torino deposit, contributing 1.3 Mt at 1.5g/t gold for 65,000 ounces of gold;

–    Plunging high grade shoot at Zone 126 includes Indicated Resource of 200,000 tonnes at 4.5g/t gold for 32,000 ounces of gold; and

–    An increase of gold grade with depth.

“This is a significant achievement by the Gascoyne team to discover and add over 500,000 ounces to the resource base since listing two years ago,” Gascoyne Resources chairman Graham Riley said in the company’s announcement to the Australian Securities Exchange.

“The potential of the Glenburgh Field is still to be fully realised.”

Gascoyne said it will commence a program of diamond and RC drilling at Glenburgh later this month that will include follow up RC drilling at the Torino prospect.

The company also intends carrying out follow up RC and diamond drilling at the plunging “shoot” at Zone 126 as well as RC drilling down plunge of modelled plunging shoots similar to the one identified at Zone 126.

Additional RC drilling will be testing the down dip, down plunge and strike extensions of the known gold deposits at Glenburgh, while exploration RC drilling at the South Western target zone, will be undertaken to define additional targets along strike from the Torino prospect.

The company will also conduct infill Resource RC drilling to allow further resource conversion from the Inferred to Indicated categories.

Gascoyne has commenced a Feasibility Study on the Glenburgh project.