Gascoyne Resources Confirms Sly Fox Discovery

THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) received results from the first round of RC drilling at the Sly Fox prospect, within the company’s 100 per cent-owned Dalgaranga gold project in Western Australia.

Gascoyne Resources claimed the results have confirmed Sly Fox to be a sizeable gold discovery, situated less than two kilometres from the proposed Dalgaranga mill site.

Highlights from the latest drilling include:

26 metres at 1.8 grams per tonne gold from 36m, including 15m at 2.4g/t gold;

29m at 1.1 g/t gold from 60m, including 6m at 1.5 g/t gold;

12m at 1.1 g/t gold from 83m;

8m at 1.6 g/t gold from 23m; and

11m at 1.2 g/t gold from 49m.

Gascoyne explained the recent drilling followed initial aircore drilling results it in December 2016, which intersected very near surface downhole thicknesses of gold mineralisation.

“Follow up RC drilling has just been completed beneath these first pass aircore intersections, and assay results have been received for eight of the first 13 RC holes confirming this new gold discovery,” Gascoyne Resources said in its ASX announcement.

“Drilling has confirmed broad zones of coherent gold mineralisation intersected over an initial strike length of greater than 200 metres, remaining completely open along strike and at depth.”

The Dalgaranga gold project 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.