Gascoyne Resources (ASX:GCY) reports it has received ‘spectacular’ new assays which confirm the scale and importance of the new ‘high-grade’ Never Never gold discovery, located north of the Dalgaranga Gold Project in Western Australia.
The Never Never Deposit 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.
Gascoyne reports drilling at Never Never intersected 12m @ 34.5g/t Au from 397m including 0.47m @ 643g/t Au in DGDH032, which the company says is the deepest and ‘highest grade’ intercept at Never Never to date, and 39m @ 4.60g/t Au from 233m including 15.9g/t Au and 10m @ 6.4g/t Au in DGDH031 from around 40m down plunge of the current Mineral Resource Estimate (MRE).
The initial MRE of 79,600oz for Never Never was released in September, and since its announcement Gascoyne has drilled to define further potential extensions to the resource, including several drillholes with visible gold and the resource extents remain open at depth.
The new assays received are located down-plunge and below the limits of the current MRE, as well as within, around and above the previous MRE.
Gascoyne Resources Managing Director Simon Lawson said Never Never is one of the most remarkable gold deposits he has seen.
“It’s very rare to see such a combination of high-tenor and high-grade mineralisation over widths of this magnitude.
“It’s very rare to see such a combination of high-tenor and high-grade mineralisation over widths of this magnitude”
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 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 infill the growing extent of this spectacular discovery.
I would like to once again acknowledge the phenomenal efforts of our geology team on site. Given we only discovered the extension to the mine sequence, Gibley’s North in early 2022 and only recognised Never Never as a separate but much higher grade gold 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.”
The company reports drilling is continuing with the aim of delivering extension data to update and upgrade the Never Never MRE in the near-term.
Gascoyne Resources is an Australian gold producer which operates the company’s flagship project, the Dalgaranga Gold Mine, located in the Murchison region of Western Australia.
The company says the operation is underpinned by a ‘modern’, 2.5Mtpa CIL gold processing plant which represents a strategic asset in the district, and also reports Dalgaranga produced over 71,000oz of gold in the 2022 financial year.
It’s other projects include the Yalgoo Gold Project near Yalgoo in Western Australia, the Glenburgh Gold Project and the Mt Egerton Gold Project both located in the Gascoyne region of Western Australia.
Images: Gascoyne Resources Limited & iStock