Gascoyne Resources (ASX:GCY) reports further ‘standout’ assays have been received from near-mine resource drilling at its Never Never Gold Prospect, located within the Dalgaranga Gold Project in Western Australia.
Never Never is described by the company as a ‘high-grade’, west striking and ‘steeply’ plunging gold deposit discovered while following up ‘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 79,600oz for Never Never was released in September this year, and since that announcement Gascoyne has completed 2 reverse circulation (RC) drillholes with ‘high-grade’ assays returned outside the MRE envelope.
Results from hole DGRC1129 included 25m @ 6.25g/t Au from 233m, including 10m @ 8.8g/t Au, a vertical RC drillhole targeting directly down into the east-west Never Never shoot and intersecting to the south and adjacent to diamond drillhole DGDH031.
Hole DGRC1121 intersected 29m @ 2.5g/t Au from 203m, including 4m @ 6.1g/t Au from an angled RC drillhole drilling northward and intersecting along the southernmost lower edge of the east-west Never Never shoot.
The company also logged 2 diamond drillholes with logged visible gold in ‘wide’ mineralised intercepts down-plunge of the MRE, and several other holes are awaiting assays.
Results from DGDH029 included 21.65m @ 9.1g/t Au from 134m, including 11.9m @ 14.5g/t from the first diamond hole testing in a north to south orientation across the east-west Never Never deposit.
DGDH029 also intersected 29m @ 2.1g/t Au from 171m (intercept likely to have intersected the down-dip north-south footwall Gilbey’s North system).
Gascoyne reports these results illustrate a continuous zone of ‘high-grade’ gold mineralisation from surface to beyond 500m, and priority assays are pending on a series of ‘short’ RC holes and visible gold diamond holes, with results expected in a few days.
The company also states these new results will be included in the updated Never Never MRE scheduled for release in the December 2022 quarter.
Gascoyne Resources Managing Director Simon Lawson said Never Never continues to return ‘exceptional high-grade’ gold intercepts, even in areas the company thought might be on the periphery of the system.
“A good example is RC hole DGRC1121, which suddenly steepened while being drilled and we thought might fall short of its intended target, but it still intersected 29m @ 2.5g/t Au. In addition, during logging of a deeper diamond tail in hole DGRC1124-DT, we noted visible gold at 144.66m in the plane of Never Never but around 80m above target.
That hole went on to intercept the main Never Never system at 220m downhole, with assays eagerly awaited.
“We are continuing to evolve and test our geological model with each drillhole”
We are continuing to evolve and test our geological model with each drillhole.
These latest results include our first south-dipping diamond hole through the high-grade deposit, giving us valuable structural information as well as very solid assays of 21m @ 9.25g/t Au through Never Never and 29m @ 2.1g/t from the down-dip of Gilbey’s North.
A vertical RC drillhole, DGRC1129, drilled down into the plane of the Never Never deposit in an area close to previously reported visible gold in DGDH031, returned 25m @ 6.25g/t Au.
Never Never is firming up as one of the best true high-grade gold discoveries in recent times and is located less than 1,000m from the operating Dalgaranga processing plant with a geometry very conducive to efficient mining.
That represents an unbeatable combination for Gascoyne, and we look forward to expanding the mine as soon as we receive final approval from DMIRS (Western Australia Department of Mines, Industry Regulation and Safety) to commence mining.”
Gascoyne is an Australian gold producer which owns the Dalgaranga Gold Mine, an operation that is underpinned by a 2.5Mtpa CIL gold processing plant.
Dalgaranga is located about 65km by road northwest of Mt Magnet in the Murchison Region of Western Australia and covers the majority of the Dalgaranga greenstone belt.
In the 2022 financial year, 71,000oz of gold was produced at the project. The project comprises several declared gold resources across more than 1,000km of tenure, and most gold resources at Dalgaranga are centred around the active Gilbey’s Mining Centre, and the nearby Gascoyne-owned 2.5Mtpa processing facility.
Recent near-mine exploration has seen the discovery of an extension to the main Gilbey’s mineralised trend and the release of a 27koz maiden resource for the Gilbey’s North Gold Deposit 140m north of the main Gilbey’s open put.
During resource drill-out at the Gilbey’s North discovery, the ‘high-grade’ Never Never Gold Deposit was also discovered and an initial 78koz @ 3.8g/t gold resource recently declared.
Gascoyne reports both new gold deposits are mineralised from surface, remain open at depth, and are located within 1,000m of the 2.5Mtpa Dalgaranga process plant.
While production is currently sourced predominantly from the Gilbey’s and Plymouth open pits, Gascoyne has enjoyed recent considerable near-mine exploration success which has highlighted the potential to develop new ‘higher-grade’ ore sources within a 1km to 2km radius of the existing plant.
These near-mine exploration activities are currently a priority currently a priority focus for Gascoyne and formed the basis for updated Mineral Resource Estimate and Ore Reverse released in the September 2022 Quarter.
Gascoyne also operates the Yalgoo Gold Project and the Mt Egerton Gold Project both located in Western Australia.
Images: Gascoyne Resources Limited & iStock
