Gascoyne Resources Limited (ASX:GCY) has drilled a number of significant high-grade intersections in its resource extension activities at the Dalgaranga Gold Project in Western Australia.
The company has received the first assay results from an approximately 4,000m RC drilling programme at Dalgaranga which commenced last month.
Highlights include:
Sly Fox
- 11m @ 15.7 g/t Au from 142m
- 21m @ 3.0 g/t Au from 144m, including 15m @ 3.9 g/t Au
Plymouth
- 12m @ 3.0 g/t Au from 141m, including 6m @ 4.9 g/t Au
- 18m @ 1.0 g/t Au from 111m** **
Managing Director and CEO, Richard Hay, said RC drilling is ongoing in the southern end of the main Gilbey’s pit which is following up previous high-grade results beneath the current Life of Mine Plan pit design. At the conclusion of this drilling, the RC rig will return to Sly Fox and Plymouth for follow-up drill programme.
Updated Mineral Resource models for Sly Fox and Plymouth are expected to be completed in the first half of 2021 following the conclusion of further drilling. Mine planning will then be completed to underpin Ore Reserves and likely inclusion in future Life of Mine planning.
An aircore rig has commenced testing regional targets within 10km of the plant. Initial targets are the Tanqueray and Lindville trend, plus the Tanqueray EM anomaly. Results are anticipated in the March quarter 2021.
The results from both Sly Fox and Plymouth have returned high-grade intercepts over mineable widths within the mineralised envelopes. These results have clear potential to significantly increase the existing Mineral Resources in both deposits,” Mr Hay said.
“The location of Sly Fox and Plymouth within 1.5km of the processing plant means they are ideally placed as potential sources of higher-grade feed to defer processing of lower grade ore from Gilbey’s. We will continue to investigate this scenario and whether we can lift future annual gold production and lower unit costs at Dalgaranga.”
Sly Fox drilling results continue to confirm a SW orientated steeply plunging high grade shoot that remains open at depth and along strike. Previous mining at Sly Fox has demonstrated that the orebody is continuous, predictable and reliable.
Mr Hay said the recent drill results bode well for potential additions to Mineral Resources and Ore Reserves below and to the west of the existing Sly Fox pit. Follow-up drilling is planned.
