Gascoyne Resources takes 100 per cent of Dalgaranga

THE BOURSE WHISPERER: Gascoyne Resources (ASX: GCY) has moved to 100 per cent-ownership of the Dalgaranga gold project by way of finalising the purchase of the minority joint venture partner’s 20 per cent interest in the Mining Lease and miscellaneous leases.

Gascoyne Resources has already advanced the Dalgaranga gold project to a Measured, Indicated and Inferred Resource of 25.7 million tonnes at 1.4 grams per tonne gold for 1.12 million ounces of contained gold including Proved and Probable Ore Reserve of 552,000 ounces of gold.

The company said drilling is ongoing on the Dalgarana project with recent results from a further 30 RC holes at Gilbeys South prospect returning assay results of:

5m at 5.2 grams per tonne gold from 40m;
14m at 1.4g/t gold from 14m;
12m at 1.7g/t gold from 18m;
10m at 1.3g/t gold from 16m;
11m at 1.4g/t gold from 23m;
10m at 1.6g/t gold from 83m;
8m at 1.9g/t gold from 110m;
9m at 1.5g/t gold from 188m;
15m at 1.1g/t gold from 147m; and
18m at 1.0 g/t gold from 148m.

“Results continue to show broad zones of strong gold mineralisation south of the existing Gilbeys open pit and resource,” Gascoyne Resources said in its ASX announcement.

“The company has been advised by the assay laboratory that results outstanding from a further 40 RC holes from the Gilbeys South area are expected to be received in the next two weeks.

“Soon after receipt of these additional results, the company expects to report a maiden Mineral Resource estimate for the Gilbeys South area.”