Gascoyne Resources Increases Never Never Gold Resource Beyond 720,000 Ounces

THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) reported an updated Mineral Resource Estimate (MRE) for the Never Never gold deposit, part of the company’s 100 per cent-owned Dalgaranga gold project in Western Australia.

The MRE update has come in at: 3.83 million tonnes at 5.85 grams per tonne gold for 721,200 ounces, comprising 2.57 million tonnes at 7.64g/t for 630,100 ounces Underground and 1.27 million tonnes at 2.24g/t for 91,100 ounces for a constrained open pit.

The Resource Classification breakdown for the updated Never Never MRE stands at:

2.95 million tonnes at 5.78g/t gold for 548,400 ounces (76%) classified as Indicated; and
0.88 million tonnes at 6.1g/t gold for 172,800 ounces (24%) classified as Inferred.

“Less than six months ago we established Never Never as a significant new high-grade gold discovery within the Dalgaranga field with a very healthy high-grade resource of 303,000 ounces at 4.64 grams per tonne,” Gascoyne Resources managing director and CEO Simon Lawson said in the company’s ASX announcement.

“Since then, we have been single-minded in focusing on adding high-grade ounces.

“This landmark resource upgrade provides unequivocal evidence that this is one of the most exciting new gold discoveries seen in Western Australia in recent years – and an asset that has clear potential to underpin a potential restart decision for the Dalgaranga processing plant.

“The substantial upgrade, which has seen the contained ounces from the previous MRE more than doubling, has been achieved at an average discovery cost to date of just $13 per ounce.

“This shows the enormous value that can be created with cost effective and targeted exploration!

“Given the strategic location of the relatively new 2.5 million tonnes per annum processing plant sitting at the centre of this resource inventory, we can now see a clear pathway to developing a very solid +5-year mine plan.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE