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- Gascoyne Resources (GCY) reports the deepest and highest-grade gold result from the Never Never deposit within its Dalgaranga project in Western Australia
- Accompanied by visible gold mineralisation, the latest high-grade drilling results come from down-plunge of the recently-released 79,600-ounce mineral resource estimate
- As drilling continues to expand the system, Managing Director Simon Lawson says the Never Never deposit remains one of the most “remarkable” gold deposits he’s ever seen
- Drilling is continuing with the aim of delivering extension data to update and upgrade the Never Never MRE in the near term
- GCY shares are up 12.2 per cent and trading at 23 cents at 2:04 pm AEDT
Gascoyne Resources (GCY) has reported the deepest and highest-grade gold result from the Never Never deposit within its Dalgaranga project in Western Australia.
Diamond drilling at the deposit returned 12 metres at 34.5 grams per tonne (g/t) gold from 397 metres downhole, including 0.47 metres at 643 g/t gold.
Accompanied by visible gold mineralisation, the high-grade results were come from down-plunge and outside of the recently-released 79,600-ounce mineral resource estimate.
Additional diamond drilling to test the geometry and structure of the Never Never lode
also returned eight metres at 5.17 g/t gold from 62 metres and six metres at 7.78 g/t from 116 metres downhole.
This drill hole was completed in an interpreted intersection zone between the Never Never and Gilbey’s North deposits, returning mineralisation outside the current MRE.
It comes just two weeks after the company announced resource drilling had returned 25 metres at 6.25 g/t gold from 233 metres, which included a ten-metre zone at 8.8 g/t gold.
As drilling continues to expand the system, Gascoyne Resources Managing Director Simon Lawson said the Never Never deposit remained one of the most “remarkable” gold deposits he had ever seen.
“It’s very rare to see such a combination of high-tenor and high-grade mineralisation over widths of this magnitude,” Mr Lawson said.
“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 gold discoveries anywhere in Australia.”
Despite what the company has labelled a “challenging operational quarter”, Gascoyne said it hoped the mining operations at Never Never would provide a “clearer runway” to establish higher-grade mill feed and, therefore, a more robust production schedule to rely on.
Drilling is continuing with the aim of delivering extension data to update and upgrade the Never Never MRE in the near term.
GCY shares were up 12.2 per cent and trading at 23 cents at 2:04 pm AEDT.
