Gascoyne intersects 35.7g/t gold

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THE DRILL SERGEANT: Recent drilling by gold and base metal hopeful Gascoyne Resources has discovered a high-grade quartz vein gold system.

The ongoing RC drilling campaign is being undertaken on the South West target area at the company’s 100% owned Glenburgh gold project in Western Australia.

The first three RC holes Gascoyne drilled into a new prospect within the south west target zone, around 1.5 kilometres from its recently announced Torino discovery, intersected a high grade quartz vein mineralised system including grades up to 35.7 grams per tonne gold.

Results from these holes also included:

– 5 metres at 9.9 grams per tonne gold from 77m, including 2 metres at  22 grams per tonne gold from 77 metres.

The company is considering this to be a discovery of some importance as it is hosted in a different geological setting that is significantly higher grade than the rest of the Inferred Resources, which currently total 13.8 million tonnes at 1.2 grams per tonne gold from 520,000 ounces.

Importantly the high grade system remains under tested with the completed drilling located on 200m spaced lines.

Shallow air core drilling is underway and will infill this area to 100m line spacing.

The zone is completely open to the south west with the next RAB line around 600 metres away.

Results from a subsequent RC hole undertaken at the Torino prospect have also been received, demonstrating two zones of mineralisation, including:

– 4m at 1.9 g/t gold from 34m; and

– 3m at 1.6 g/t gold from 47m.

“The high grade nature of the new quartz vein system is an important discovery for the company, as it highlights that within the Glenburgh area; there are high grade styles of mineralisation that have the potential to add significant gold resources to the project,” Gascoyne Resources chairman Graham Riley said in the coampny’s announcement to the Australian Securities Exchange.

“The fact that the vein can be traced for an extended distance also adds to the potential of the system.

“Additional RC and Air core drilling is underway in and around the Torino prospect and the high grade quartz vein in the south west target zone to better define these new discovery’s, with the aim to define an initial resource for the South Western area as soon as possible.”