Gascoyne drilling exceeds expectations

THE DRILL SERGEANT: Gascoyne Resources has received results from its first infill and extensional RC and diamond drilling being conducted on the Apollo and Icon deposits at the company’s 100 per cent-owned Glenburgh gold project in Western Australia.

 

Glenburgh project deposit overview and recent RC drill intersections. Source: Company announcement

 

Gascoyne is pleased with the results it has received so far from the 2.2 million tonnes at 1.5 grams per tonne gold for 103,000 contained gold ounces Apollo deposit with the intersections exceeding the grades predicted by the company’s February 2012 resource model.

The results include near surface high-grade zones including:

–    31 metres at 3.8 grams per tonne gold, including 18 metres at 6.2 grams per tonne gold from 43 metres down hole;

–    19m at 2.0g/t gold from 1m and 18m at 1.4g/t gold from 82m down hole;

–    21m at 2.4g/t gold from 80m down hole; and

–    3m at 10.1g/t gold from 70m down hole.

Gascoyne said it had designed the infill drilling program to enable it to upgrade the Apollo resource at the Glenburgh project to JORC Code Indicated status, to permit estimation of an Ore Reserve for a Feasibility Study.

Further results were received from an extensional diamond hole completed underneath the 6.4Mt at 1.1g/t gold for 217,000 ounces gold Icon deposit.

These included:

–    8m at 6.3 g/t gold and 28m at 3.0g/t gold from 92m and 116m down hole respectively from the pre-collar to the diamond core hole.

“This result is particularly encouraging as the intersections lie beneath the current resource and remain open down dip,” Gascoyne Resources said in its ASX announcement.

“With these broad and higher grade intervals, there is high potential for the resource to continue to greater depths.”
RC and diamond drilling is continuing, with the rigs undertaking further infill and extensional drilling in the Icon, Apollo, Zone 102 and 126 deposit areas.

Gascoyne said samples from a further 50 holes are either with a laboratory in Perth or in transit and that it  anticipates receiving the next batch of results in around 10 days.