Gascoyne Resources Limited (ASX:GCY) has achieved excellent results from the recently completed resource definition RC drilling at the Sly Fox, Gilbey’s and Plymouth deposits at the Dalgaranga Gold Project in Western Australia.
CEO, Richard Hay said the company has ow received assays from eight of the nine holes from the RC drill programme completed in September targeting the down dip potential of the three deposits.
“The success of this short drill programme highlights that with further infill and extensional drilling, the strong potential for material additions to Mineral Resources and Ore Reserves, and with further drilling success, could lead to significant increases to mine life at Gascoyne’s flagship Dalgaranga operation.”
Four RC holes were completed targeting the Gilbey’s Main Zone (GMZ) below the southern end of the Gilbey’s 2020 Life of Mine pit design.
These holes were designed to intersect below the previous drill hole programme completed in April 2020.
Assay results have now been returned from three drill holes (with the results of the fourth hole pending) which include a stand out intersection of 11m @ 4.2 g/t Au from 227m including 6m @ 7.3 g/t Au.
Mr Hay said drilling at Gilbey’s continues to confirm the grade and continuity of GMZ mineralisation – with mineralisation still open at depth and to the south of 3450N. Wide and continuous zones of typical GMZ mineralisation consisting of biotite, sericite, pyrite and silica altered porphyry with quartz-carbonate-pyrite veinlets were intersected.
Follow up drilling will primarily target the southern end of the Gilbey’s deposit aiming to grow the Mineral Resource, which subject to economic assessments could potentially be converted to Ore Reserves for mine life extensions.
At Sly Fox, four RC holes were completed targeting potential high grade zones between the base of the open pit and the historical intersection of 40m @ 2.0g/t Au. Drilling returned excellent broad high-grade intersections in three holes, of 26m @ 1.8 g/t Au from 184m including 13m @ 3.0 g/t Au, 21m @ 1.2 g/t Au from 198m and 19m @ 1.4 g/t Au from 175m.
Mr Hay said these excellent results bode well for potential additions to Mineral Resources and Ore Reserves below and to the west of the Sly Fox pit.
Importantly, intersections in three of the four holes have an estimated true width (ETW) of 15m or wider.
Based on these results, further drilling is planned for the December quarter (subject to rig availability), to both infill and step out to the full extent of the Sly Fox deposit.
Furthermore, the zone between Sly Fox and Plymouth is mineralised with patchy shallow oxide drill intersections but remains poorly tested below 50m.
Mr Hay said this trend holds significant potential to host repetitions of high-grade ore shoots, similar to that now identified below Sly Fox and the Plymouth deposit, in the deeper transitional to fresh rock.
A single RC hole was completed at the Plymouth deposit. Drilling targeted down dip extensions returning a strong gold intersection of 20m @ 2.6 g/t Au from 150m including 13m @ 3.8 g/t Au.
The location of the intersection is 50m below the nearest drill hole. Plymouth remains open in all directions with grades increasing at depth.
Due to Plymouth’s close proximity to the Sly Fox open pit, Plymouth economics may improve with further drilling, potentially allowing a combined open pit to extract the Sly Fox and Plymouth orebodies together.
Mr Hay said planning to commence exploration drilling on the highly prospective tenements surrounding the Dalgaranga mine is well advanced, with an Air Core drill rig currently being sourced to commence drilling in the current quarter.