New high-grade gold hit for Gascoyne near its WA mine | Ralph-Lauren

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ASX-listed gold producer, Gascoyne Resources has delivered a further encouraging high-grade drill hit from the promising near-mine Tanqueray East prospect, which lies just 2km north-west of its Dalgaranga gold mining and processing operation in WA’s Murchison region. The stand-out intercept from the company’s latest round of follow-up reverse circulation drilling targeting strike extensions to primary fresh rock mineralisation at Tanqueray East was 28m grading an average of 2.5 grams per tonne gold from 114m including 7m going at 5 g/t.

Tanqueray East overlies what Perth-based Gascoyne interprets to be an under-cover, east-west trending structural zone between magnetic highs.

Earlier this year aircore drilling undertaken by the company at the prospect returned an intriguing 28m intersection that went 1.5 g/t from 64m including 12m at 3.3 g/t from 80m in quartz veined oxidised rocks.

Gascoyne was subsequently buoyed by three follow-up RC holes probing up and down dip of the aircore drill hit that generated best intercepts of 9m grading an average 7 g/t gold from 138m including 3m at 15.8 g/t, and 8m at 3.1 g/t from 125m.

According to the company, the recent set of drill results point to the presence of high-grade primary fresh rock gold mineralisation below the aircore intersection.

Gascoyne’s just completed follow-up drilling program at Tanqueray East comprising 10 RC holes was testing for strike extensions to fresh rock mineralisation encountered along a 400m-450m-long oxide anomalous gold zone detected by earlier aircore drilling.

The pick of the assays – 28m at 2.5 g/t from 114m – came from this zone with drilling intersecting quartz, sericite, pyrite alteration zones.

Results are still pending for several holes.

Gascoyne this month revised its 2020-21 gold production forecast for the Dalgaranga operation – about 65km north-west of Mount Magnet – to 76,000-78,000 ounces, at the upper of end of its original guidance range of between 70,000oz and 80,000oz.

All-in sustaining costs for the current financial year are expected to come in at about $1,275-$1,325 an ounce, compared with an original guidance of $1,200-$1,300/oz.

Another outstanding high-grade intersection … in follow-up drilling at our Tanqueray East prospect. Being located only 2km from the Dalgaranga processing plant, any discovery in this area has clear potential to be brought into the future mining schedule for the project.

The consistent supply of Gilbey’s Main Zone ore at Dalgaranga over the past 18-month period will continue over the next three years and underpin production levels of 70,000 to 80,000 ounces per annum.

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