Gascoyne Resources has returned gold results of up to 1450g/t within an 8 metre wide zone from drilling at the Dalgaranga gold project in the Murchison region of Western Australia.
Initial RC drilling from the Dalgaranga project’s Tanqueray prospect (hole DGRC509) returned the ultra-high grades, which included 8m at 373.5g/t from 53m(including 3m at 987g/t) , and the above mentioned 1450g/t for one metre from 53–54m (and 1101g/t from 54–55m).
The high-profile Dalgaranga project contains JORC measured, indicated and inferred reserves of 31.1Mt grading at an average 1.3g/t for 1.32Moz of gold, with 612,000oz being proven or probable as of November 2017.
It is expected to commence production in this quarter or early next quarter.
In August, Gascoyne raised $19 million in funding through a share placement, headed by Hong Kong-based fund manager LIM Advisors, who purchased $10 million of these shares.
“This intersection is by far the highest gold grades ever identified at Dalgaranga and highlights the potential for a completely different style of mineralisation to the known 1.3 million ounce resource, which is currently being mined only 1.8km to th south of Tanqueray,” said Gascoyne managing director Mike Dunbar.
“While the full significant of the discovery is yet to be fully understood, it is clear that the potential of the Dalgaranga greenstone belt, which is 90 per cent held by Gascoyne, is yet to be fully appreciated.”