Gascoyne Resources Limited (ASX: GCY) has discovered substantial new high-grade lode system on the immediate western flank of its new Gilbey’s North prospect, located less than 1km from the 2.5Mtpa processing plant at its 100%-owned Dalgaranga Gold Project in Western Australia.
Together with other recently reported results from this newly discovered east-west oriented mineralised position, the standout intercepts reported in this announcement confirm the consistent width and continuity of the high-grade “Never Never” lode, part of the exciting Gilbey’s North near-mine discovery.
The drilling which delivered these exceptional results was oriented in a northerly direction to specifically target the definition of approximate volumes across-strike and up-dip of recently reported high-grade intercepts.
The change in drilling orientation has resulted in a major exploration breakthrough at Dalgaranga, resulting in the discovery of a new style of mineralisation that sits roughly at right angles to the predominantly north-south orientation of most of the known deposits.
Of particular significance are three holes drilled at three different orientations – DGRC1110, the subject of this announcement, and the previously announced holes DGRC1026 and DGRC0971.
These holes together have successfully tested the north-south, northeast-southwest, and east-west orientations respectively of the very high-grade west-striking and steeply plunging “Never Never” lode system at Gilbey’s North.
Ongoing drilling across Gilbey’s North, East and South, as well as Plymouth, Sly Fox and other near mine targets forms part of the overall strategy to grow Resources and Ore Reserves and extend the mine life at Dalgaranga.
“It’s not every day that you see results like this in the WA gold sector and we are incredibly excited by the potential of this newly discovered lode system on the western edge of the Gilbey’s North discovery,” Managing Director and CEO, Simon Lawson, said.
“Finding a northerly extension to the main Gilbey’s system was itself a major discovery coup for Gascoyne earlier this year. Being situated right in front of the mill and at a time when the company and its loyal investors needed some vision for the future, our team and our aggressive drilling strategy came through.
“To then back that up and discover a completely different style of consistently thick and very high-grade gold mineralisation in the Never Never Lode – an ore body style that has immense potential – is a remarkable achievement by our exploration team and has the potential to reshape our future very quickly.
“I have been fortunate to be a part of some great stories in my career, starting with Jubilee Mines and its A$3.1 billion takeover by Xstrata through to the genesis of Silver Lake’s Daisy Milano mine and the incredible rise of Northern Star Resources from its origin at the Paulsens gold mine.
“I have seen some amazing gold and world-class mineralisation, but I have never seen consistent grades and thicknesses come from a new target like this. The power of a good geology team and a great drill crew being brought to bear on a fertile high-potential mineral system is immense.
“We currently have two drill-rigs on the Never Never Lode, one RC rig and one diamond Drill rig, and we are aggressively chasing this exciting target. We will change the future of Gascoyne one drill-hole at a time.”
For further information please visit: https://gascoyneresources.com.au/
