Gascoyne Resources identifies further targets at Dalgaranga

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THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) has completed a comprehensive review of historical data on the company’s tenement holdings at the Dalgaranga gold project in the Murchison region of Western Australia.

According to Gascoyne the review has identified a number of high-priority exploration targets close to established Resources, which currently boast a Measured, Indicated and Inferred Resource of 14.1 million tonnes at 1.7 grams per tonne gold for 756,000 ounces of contained gold.

These are in the process of being updated following recent intersections (including visible gold) from drilling beneath and along strike from the Gilbeys deposit.

Gascoyne’s review has identified six high-priority target areas outside the known resource areas at Dalgaranga within 10 kilometres of the project’s proposed plant location.

The company intends commencing a drilling program to test these target areas next month.

The targets include the following:


Vickers
A number of unconstrained RAB and Aircore anomalies including 24m  at 1.1g/t gold, 16m  at 2.02g/t, 8m  at 2.83g/t and 2m  at 2.25 g/t gold.


Tanqueray
Open ended Aircore anomaly over 1,400m long, defined by 200m to 800m spaced shallow drilling with anomalous drillholes including 15m  at 0.8g/t gold, including 3m  at 2.4g/t gold, 16m  at 0.5g/t gold to end of hole (EOH), including 2m  at1.2g/t gold and 20m  at 0.4g/t gold, including 4m  at 1.2 g/t gold.


Hendricks
Isolated historic shallow RAB anomaly, 8m at 0.3g/t gold hosted in laterites with elevated gold at EOH (greater than 0.1 g/t gold). Anomaly associated with a NE ‘magnetic low’ trend similar to the Gilbeys shear trend and magnetic signature.


Beefeater
East-west RAB anomaly consisting of a 1,000m long poorly tested trend with elevated gold intersections including 15m  at 0.5g/t gold.


Lindeville
Isolated historic EOH RAB anomalies up to 0.6g/t gold in shallow drilling.


Caorunn
Historic EOH RAB anomaly (4m  at 1.1g/t gold) on east-west trend 1.5km west of the Golden Wings deposit in favourable host rocks ( shale, porphyry units).

“All approvals are in place for commencement of drill testing of these targets, which have potential to provide a further boost to the growing resource base at Dalgaranga,” Gascoyne Resources said in its ASX announcement.

“Drilling is planned for November.

“The company’s consultants have commenced a revised Mineral Resource estimate for the Gilbeys deposit incorporating the recently completed and announced RC and Diamond drilling programs, which is expected to be completed by the end of October, which will in turn form the basis for the current PFS which is due for early Q1 CY 2016.”

Website: www.gascoyneresources.com.au