Gascoyne Resources Ltd (ASX:GCY) has received high-grade results which have potential to add to the 1 million ounce gold resource at the Glenburgh project.
Results of up to 27.2 g/t come from a recently completed 55-hole reverse circulation (RC) drilling program at the project in the Gascoyne region of Western Australia.
These phase I results indicate extensions to known deposits and highlight the potential for future growth in resources through continued exploration of the large and under-explored project area.
Broad zones of mineralisation
Drilling was designed to infill, extend and improve the existing shallow inferred resources at the Torino and Thunderbolt prospects.
The notable intercept was 1 metre at 27.2 g/t gold within 4 metres at 8.1 g/t from 53 metres.
Other results include: 23 metres at 1.9 g/t gold from 45 metres, including 16 metres at 2.6 g/t; 28 metres at 1.5 g/t from 80 metres, including 7 metres at 3.2 g/t; and 16 metres at 3 g/t from 42 metres, including 4 metres at 10.1 g/t.
Phase II results pending
Gascoyne managing director Mike Dunbar said the results highlighted the prospectivity of the project, which has a mineral resource of 21.3 million tonnes at 1.5 g/t gold containing 1 million ounces.
He said: “Phase II of the current program has also been completed with more than 14,000 metres of aircore drilling to test regional targets in the southwest of the Glenburgh project area.
“[Phase II also included] RC drilling testing for strike extensions to mineralisation in the Shelby-Mustang deposit areas and shallow RC drill traverses testing large gold soil/auger and vacuum geochemical anomalies.
“First pass auger drilling has also been completed targeting conceptual magnetic structural features in the northeast of the project.
“Results are expected to be received in the next month for all of these programs.
READ: Gascoyne Resources continues to ramp up Dalgaranga Gold Project operations
“Ongoing exploration is planned on the Glenburgh project as well as at the 100%-owned Dalgaranga Gold Project, where construction has recently been completed.
“Gascoyne is ramping up to commercial production late in the current quarter or early next quarter.”
Dalgaranga has a proven and probable ore reserve of 15.3 million tonnes at 1.3 g/t gold for 612,000 ounces of gold.
Gascoyne remains focused not only on ramping up to full production, but also an ongoing aggressive exploration effort aimed at increasing the mine life towards 8-10 years.