THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) gave something to stuff down shareholders stockings, by claiming the discovery of a new gold prospect –  Sly Fox – at the company’s 80 per cent-owned Dalgaranga gold project in the Murchison region of Western Australia.

Gascoyne Resources said the Sly Fox discovery was made during a program of aircore drilling that had been focused on testing structural targets.

The drilling intersected very near surface and substantial downhole thicknesses of gold mineralisation some 600 metres south of the Gilbeys deposit and 500m south east of the Gilbeys South prospect.

Gascoyne said it had intersected lengthy zones of gold mineralisation in three consecutive aircore holes on a single line, with holes approximately 50m apart.

Results from 4m composite sampling include:

DGAC1160
36 metres at 2.3 grams per tonne gold from 16m, including 16m at 4.2g/t gold;

DGAC1159
39m at 1.1g/t gold from 8m to EOH and;

DGAC1158
47m at 0.5g/t gold from surface to EOH.

Apart from the new Sly Fox discovery, Gascoyne Resources also released further assay results received from exploration drilling activities on the Dalgaranga gold project.

A number of elevated gold anomalies were returned from the completed Aircore program with some of the better results from along a trend to the south and east from modelled ore zones along the southern edge of the Gilbeys deposit.

Better results include:

DGAC759
32m at 0.62g/t gold from 32m;

DGAC763
28m at 0.62 g/t gold from 4m;

DGAC764
5m at 0.56 g/t gold from 48m (EOH);

DGAC768
16m at 0.77 g/t gold from 20m;

DGAC777
16m at 0.63 g/t gold from 32m;

DGAC786
28m at 0.61 g/t gold from 16m;

DGAC1143
5m at 0.44g/t gold from 40m; and

DGAC1144
6m at 2.9 g/t gold from 56m (EOH)

The Dalgaranga gold project already contains a Measured, Indicated and Inferred Resource of 25.7 million tonnes at 1.4g/t gold for 1.12 million ounces of contained gold including Proved and Probable Ore Reserve of 552,000 ounces of gold.

Gascoyne Resources explained this is to be updated in Q1 CY2017 following announcement of a maiden Resource for the Gilbeys South deposit.

New results have been received from resource drilling at Gilbeys South which include:

DGRC207
22m at 2.5g/t gold from 79m;

DGRC215
23m at 1.2g/t gold from 67m;

DGRC182

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) claimed high-grade assay results from a recently completed maiden reverse circulation (RC) and core drilling program at the company’s Mt Gilmore cobalt-copper-gold project in north-eastern New South Wales has confirmed the project’s potential as a valuable, high-grade cobalt-dominant deposit.

Corazon Mining focused the recent program on the high-grade Cobalt Ridge prospect, completing 15 RC drill holes and three RC holes at the Iron Mountain target.

Six of the 15 RC holes completed at Cobalt Ridge targeted the Main Cobalt Lode.

Assays returned for all 6 RC holes intersecting the main lode; included:

MGRC002
16 metres at 0.65 per cent cobalt from 135m, including 6m at 1.48 per cent cobalt and 0.14 per cent copper;

MGRC003
37m at 0.14 per cent cobalt from surface, including 2m at 0.36 per cent cobalt and 1.37 per cent copper, 1m at 1.2 per cent cobalt and 1.02 per cent copper;

MGRC006
34m at 0.23 per cent cobalt from 42m, including 4m at 0.48 per cent cobalt and 0.27 per cent copper, 5m at 0.71 per cent cobalt and 0.88 per cent copper;

MGRC007
15m at 0.33 per cent cobalt from 41m, including 3m at 0.82 per cent cobalt and 0.26 per cent copper, 1m at 0.61 per cent cobalt and 0.67 per cent copper;

MGRC008
17m at 0.35 per cent cobalt from 97m, including 7m at 0.72 per cent cobalt and 0.02 per cent copper; and

MGRC009
28m at 0.1 per cent cobalt from 12m, including 1m at 0.53 per cent cobalt and 2.01 per cent copper.

An additional three holes, MGRC001, MGRC004 and MGRC010, have been extended with core drilling to intersect the main zone.

Core drilling results are expected early in 2017.

“RC drilling assay results have validated the company’s assessment of Cobalt Ridge as a unique, high-grade cobalt-dominant deposit with the potential to deliver valuable, discrete high- grade zones of cobalt, within broader moderate grade mineralisation,” Corazon Mining said in its ASX announcement.

Corazon explained that the main cobalt lode has now been drilled over a strike of about 200m, to a depth of 140m below surface.

The mineralisation is open to the west, where it is coincident with soil geochemical anomalism and small-scale historical workings targeting copper mineralisation.

The cobalt mineralisation is typically about 16m in down-hole width (approx. 8m true width), with intersections up to 37m down-hole.

Average cobalt grades for these intervals within the drilling completed by Corazon are between 0.23 per cent and 0.65 per cent cobalt.

Multiple higher-grade zones of up to 1.48 per cent cobalt exist, at between one and seven metres down hole widths. Best individual one metre assay from this program of RC drilling is 2.79 per cent cobalt.

Email: info@corazon.com.au

Website: www.corazon.com.au

THE DRILL SERGEANT: Pioneer Resources (ASX: PIO) announced drilling on the company’s 100 per cent-held Pioneer Dome LCT pegmatite project in the Eastern Goldfields of Western Australia has encountered further high-grade pollucite.

Pioneer Resources recently completed a program of close-spaced drill holes, comprising 18 reverse circulation (RC) and 6 pre-collared diamond core holes, totalling 24 holes for 1,785 metres, including 215.7m of HQ core.

RC hole PDRC074 returned

7 metres at 16.2 per cent caesium oxide (Cs2O) from 47m and 6m of 1.65 per cent lithium oxide (Li2O) from 56m.

This included three 1m samples greater than 20 per cent Cs2O.

Pioneer explained that PDRC074 is located approximately 20m north along strike from the recent discovery hole PDRC015, which intersected 6m at 27.7 per cent Cs2O from 47m.

The company claims that drilling has now intersected high-value caesium mineralisation it considers likely to be pollucite.

From visual inspection, Pioneer has determined that nine drill holes have now intersected the lens of high-value caesium mineralisation, likely to be pollucite (with assays received from PDRC015 and PDRC074 only to date), over a strike length of approximately 60m.

Mineralisation remains open to the south, trending into an area where additional caesium geochemistry anomalies are present.

“The drilling program has successfully outlined a lens of the very high value caesium mineral, pollucite,” Pioneer Resources managing director David Crook said in the company’s announcement to the Australian Securities Exchange.

“This provides incentive for the company to evaluate the economics of the discovery as a supply source for boutique scale caesium formate production, which is much in demand.”

According to Pioneer’s release, pollucite is a rare mineral of caesium that forms only in extremely differentiated zones of rare-metal lithiumcaesium-tantalum (LCT) pegmatite systems.

It is found in commercial quantities at the Tanco Mine in Canada and Bikita Mine in Zimbabwe, where it is mined for use in the manufacture of Caesium Formate, a high-density fluid used in high temperature/high pressure oil and gas drilling.

Caesium Formate provides a number of well documented benefits, including: minimal damage to the hydrocarbon-bearing formation resulting in higher production rates, it acts as a lubricant, is non-corrosive and is considered a benign chemical when compared to alternatives.

Website: www.pioresources.com.au

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) was in a rush to inform the market of visual observations from diamond core drilling at the One Tree Hill prospect, part of the company’s West Musgrave Project, located in Western Australia.

The WMP is subject to an Earn-in/JV Agreement with OZ Minerals (ASX: OZL).

Cassini Resources claimed drilling of hole CZD0017 at One Tree Hill intersected a 15 metre zone of mineralisation, including 3m of massive sulphide, that contains approximately 5 to 10 volume per cent chalcopyrite (copper sulphide) amongst pyrrhotite (barren iron sulphide).

“To identify another mineralised system within the West Musgrave Project area is highly significant,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“Given the size of the overall intersection and thickness of massive sulphides, this has the potential to be part of a larger system at One Tree Hill.

“This discovery really opens up the southern half of the project area.

“Time will tell if this is a significant discovery in its own right, but this has already given us a compelling reason to continue with our exploration strategy of finding new deposits that will complement the development at Nebo Babel.

“It is the result of some great work by our technical team with the support of our partner OZ Minerals.”

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

THE DRILL SERGEANT: Lithium Australia (ASX: LIT) informed the market of high-grade assays in excess of 1,000 parts per million (ppm) lithium having been reported in new sampling work on the company’s Joint Venture Electra project at Sonora in northwest Mexico.

Lithium Australia is earning a 49 per cent stake in the project with an option to extend that to 65 per cent from project owner, Canada’s Alix Resources Corp (AIX-TSX:V).

The company explained the latest results are from ongoing surface reconnaissance sampling and trenching work on the Agua Fria lithium in clays discovered in the southern area of Electra to the immediate southwest of the large Tule concession.

Lithium Australia said assays from 31 samples were received, with 10 of 31 samples (32%) having greater than 1,000 ppm lithium, and averaging 1,135 ppm.

The average across all 31 samples is 783 ppm Li.

Alix has advised LIT that the clay horizons in the area have now been traced for approximately 4.5 kilometres of strike, with indications of width extending up to 800 metres.

The sedimentary sequences of the significant lithium-rich clay layers are interpreted to be similar to those found on the adjoining La Ventana property held by Bacanora Minerals and REM.

Alix geologists at Agua Fria are continuing to conduct extensive hand-trenching programs (+400m) with continuous trenches proposed up to 80m to 100m in width.

All samples from the latest follow-up sampling work have been forwarded to ALS Global in Hermosillo, Sonora for analysis.

Lithium Australia anticipates the current trench samples and other sampling will allow for refinement of a maiden drill program on Agua Fria, which is scheduled for the first quarter next year.

“Fertile clays, within the geological environment of Electra, generally exhibit low lithium grades so to get these remarkable, in excess of 1,000 ppm results, is significant so early in a new project’s life span,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.

“Grades in the range of 100 to 200 ppm lithium may be considered to be anomalous but grades in excess of 1,000 ppm are often included in resource calculations, so Agua Fria has literally leapt out of the starting blocks on data known to date.

“The drilling outcomes however, will be the real determinant of this prospect’s true potential at depth.”

Email: info@lithium-au.com

Website: www.lithium-au.com