Gascoyne Resources announces new gold find for Christmas

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