Gascoyne Resources Limited (ASX: GCY) has received “spectacular” new assay results which confirm the scale and importance of the new high-grade Never Never gold discovery, located immediately north of its main operating pit at the Dalgaranga Gold Project in Western Australia.
Never Never is a high-grade, west-striking and steeply-plunging gold deposit discovered while following up wide, high-grade drill intercepts from the earlier Gilbey’s North extension discovery, immediately north of the Gilbey’s open pit at Dalgaranga.
The initial Mineral Resource Estimate (MRE) of 79,600 ounces for Never Never was released on September 8, 2022. Since announcing the MRE, Gascoyne has successfully drilled to define further potential extensions to the resource, including several drill-holes with visible gold and the resource extents remain open at depth.
The new assay results reported are located down-plunge and below the limits of the current MRE, as well as within, around and above the previous MRE.
Outstanding new results received from diamond drilling at the Never Never Gold Deposit, intersecting visible gold mineralisation down-plunge and outside the recently released 79,600oz Mineral Resource Estimate (MRE):
- 12m @ 34.5g/t gold from 397m including 0.47m @ 643g/t (DGDH032), the deepest and highest-grade intercept at Never Never to date; and
- 39m @ 4.60g/t gold from 233m including 2m @ 15.9g/t and 10m @ 6.4g/t (DGDH031) from approximately 40m down-plunge of the current MRE.
Drilling is continuing with the aim of delivering extension data to update and upgrade the Never Never MRE in the near term.
Never Never is one of the most remarkable gold deposits I have ever seen. It’s very rare to see such combination of high-tenor and high- grade mineralisation over widths of this magnitude,” Managing Director Simon Lawson said.
“Our geologists are super excited as we drill each hole and, with such amazing intercepts being delivered with each successive step-out, it is becoming increasingly clear that this is one of the most significant new gold discoveries anywhere in Australia.
“The location of this spectacular discovery right on the doorstep of our major operating pit and within less than a kilometre of our 2.5Mtpa mill makes this an even more astonishing achievement!
“We are looking forward to updating the MRE for Never Never as we continue to expand and in-fill the growing extent of this spectacular discovery.
“I would like once again to acknowledge the phenomenal efforts of our geology team on site. Given we only discovered the extension to the mine sequence, Gilbey’s North, in early 2022 and only recognised Never Never as a separate but much higher-grade gold deposit oriented in a different direction a few months later, the fact that we have now confirmed this deposit as the key to our future in October is an incredible result!
“Despite a challenging operational quarter for the Company, we remain optimistic that the timely approval of mining operations at the Never Never Gold Deposit will give us a much clearer runway to establishing higher grade mill feed and, therefore, a more robust production schedule to rely on.”
