Gascoyne Resources (ASX:GCY) - Managing Director & CEO, Simon Lawson
Managing Director & CEO, Simon Lawson
Source: Firefly Resources
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  • Firefly Resources (FFR) has received initial assay results from the Melville Gold Deposit in Western Australia
  • Following the release of a JORC-compliant indicated and inferred mineral resource estimate for the deposit, Firefly began a close-spaced program to follow up on the mineralisation
  • This recent program consisted of 7000 metres of reverse circulation drilling being undertaken, forming part of the much larger program aiming to grow the resource base
  • Up to 3.39g/t gold has been intersected so far, and Firefly will use the results to form the basis of the anticipated JORC-compliant mineral resource estimate
  • Firefly is up 10 per cent on the market this morning and shares are trading at 11 cents

Firefly Resources (FFR) has received initial assay results from the Melville Gold Deposit in Western Australia.

The Melville Deposit is part of Firefly’s Yalgoo Gold Project, which lies 110 kilometres west of Mount Magnet in the Murchison Region.

Following a recent JORC 2012 compliant indicated and inferred mineral resource estimate (MRE) released in mid-March, Firefly began a close-spaced program to follow up on the mineralisation identified.

This recent program consisted of 612 reverse circulation (RC) holes, for 7000 metres, being drilled.

It forms part of a much larger 30,000-metre drilling program aiming to grow the resource base across the entire Yalgoo Project.

Around half of the results have been received so far with a best result of eight metres at 3.39g/t gold from surface, including two metres at 8.79g/t gold returned.

Other results include seven metres at 3.08g/t gold from surface including three metres at 7.24g/t gold, and five metres at 1.23g/t gold from surface including one metre at 2.91g/t gold.

Firefly will use these results to form the basis of the anticipated JORC 2012 compliant mineral resource estimate for Melville.

Furthermore, these results have confirmed the presence of extensive gold mineralisation extending along the strike of the MRE.

“The assays received so far from the grade control drilling further reinforce the strength, quality and tenor of the shallow gold mineralisation at the cornerstone Melville Deposit,” Managing Director Simon Lawson said.

“We are focused on delivering value from all the key targets within the Yalgoo Project and we started that journey with the recent release of a maiden JORC 2012 MRE for Melville,” he said.

“We will provide an independently reviewed JORC 2012 compliant MRE once we get all of the assays back and collate the results,” he added.

The 30,000-metre drilling program is continuing with RC drilling now underway across the Don Bradman, Crescent, Olive Queen and Applecross targets.

Firefly is up 10 per cent on the market this morning and shares are trading at 11 cents at 10:31 am AEST.

FFR by the numbers
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