Gascoyne’s monster 54m intercept grading 6.5g/t at Gilbey’s North
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Gascoyne has made a stellar intersection of 54m grading 6.55g/t gold at its Gilbey’s North discovery which is north of its operating Gilbey’s pit about 65km north-west of Mt Magnet, WA. Gilbey’s North is located only 1 kilometre from the Dalgaranga process plant.
The result from a depth of 116m down-hole in DRGRC0971 includes a higher grade intersection of 12m grading 20.1g/t gold and is preceded by a shallower interval of 8m at 1.15g/t gold from 100m.
Follow-up drilling is continuing at Gilbey’s North with two reverse circulation rigs operating, although assay turn-around continues to be heavily impacted by industry-wide delays from staffing shortages with assays pending for more than 100 drill holes.
Gascoyne Resources (ASX:GCY) managing director and CEO Simon Lawson says the exceptional new intercept builds on a series of impressive drilling results reported from the Gilbey’s North in recent months.
“This is a tremendous boost for our exploration team and shows why we are fast-tracking this exciting new near-mine discovery towards production as quickly as we can,” he said.
“The latest drill-hole has returned a composite intercept of six times our current head-grade at Dalgaranga over a 54m interval – a truly impressive result coming from a growing area of shallow high-grade mineralisation located within 1,000m of our 2.5Mtpa processing plant,” he adds.
“Our geology and mining teams are working closely with external consultants to deliver an initial mineral resource estimate for Gilbey’s North, as well as to provide models for pit optimisation scenarios and potential mine schedules.”
“I am very much looking forward to renaming the Gilbey’s North prospect as a deposit with the release of the impending MRE,” Lawson says. “I am also confident that the shallow high-grade gold we have discovered across the area just to the north of the operating Gilbey’s open pit represents a significant milestone for the Dalgaranga Operation.
“Importantly, the naming of the new deposit – following on from what was already an amazing discovery – is a fitting tribute to the purposeful alignment and stellar efforts of the entire team across the Gascoyne organisation.”
The new results confirm the presence of deeper and materially higher-grade mineralisation at Gilbey’s North while highlighting the consistent width and continuity of the mineral system at this emerging near-mine discovery.
It also expands and enhances the zone of mineralisation that the company has already defined at the discovery.
This and ongoing drilling to define consistent shallow mineralisation in the Eastern footwall of the Gilbey’s open pit is part of Gascoyne’s strategy to grow resources and ore reserves as it seeks to extend mine life at Dalgaranga.
Strong initial progress has been made on the drill-out of the Eastern footwall while a third rig is continuing to drill at Plymouth and Gilbey’s South as well as testing several additional near-mine targets identified through an ongoing geological review.
This article was developed in collaboration with Gascoyne Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.