28th November 2011
Australian Securities Exchange Limited
Via Electronic Lodgement
ENCOURAGING NEW AIRCORE RESULTS EXTEND GLENBURGH DEPOSITS
HIGHLIGHTS:
•
Further very encouraging gold intersections returned from shallow aircore
drilling at Glenburgh, with strong results from extensional drilling at the Icon,
Tuxedo deposits and at the South West Target Area along strike from the new
Torino discovery. Results include:
South Western Target Area
o
8m @ 6.0 g/t gold
o
2m @ 2.0 g/t gold to end of hole (“EOH”)
o
12m @ 0.7 g/t gold to EOH, including 4m @ 1.3 g/t gold
o
16m @ 0.6 g/t gold to EOH, including 4m @ 1.1 g/t gold
o
14m @ 2.4 g/t gold to EOH, including 4m @ 5.9 g/t gold
Tuxedo
•
Follow up RC drilling is scheduled to begin next week
Gascoyne Resources Limited is pleased to announce further aircore drilling gold intersections from the
Company’s 100% owned Glenburgh Gold project in Western Australia.
New aircore drilling gold results have been received from holes drilled in the South West Target area, Tuxedo
and Icon areas at the Glenburgh project. The aircore drilling program comprised shallow holes drilled to blade
refusal (maximum depth 47m) designed to define resource extension targets for RC drilling along strike from
known gold resources and prospects. Drilling has intersected significant mineralisation, at shallow depths
including gold zones to the end of a number of drill holes (EOH – see Table 1).
South West Target Area extensional aircore drilling
A total of 79 aircore holes were drilled in the South West Target area along strike from the Torino discovery.
Results from this drilling are very encouraging and have identified a continuous trend of significant
mineralisation for over 850m of strike to the west of the Torino prospect, at shallow depths (Figure 2).
Intersections include 8m @ 6.0 g/t gold from 12m in GLAC301, 12m @ 0.7 g/t gold from 28m to EOH in
GLAC313 including 4m @ 1.3 g/t gold from 32m, 16m @ 0.6 g/t gold from 16m to EOH and 2m @ 2.0 g/t gold
from 8m to EOH. Follow-up RC drilling is scheduled to commence next week.
P.O. Box 1449, West Perth, Western Australia 6872
Rust House, Level 2, 33 Ord Street, West Perth, Western Australia 6005
Telephone +61 8 9481 3434, Facsimile +61 8 9481 0411
Email: [email protected], Web: www.gascoyneresources.com.au
Icon, Tuxedo and Apollo extensional aircore drilling
A total of 28 aircore holes were drilled in the vicinity of the Icon, Tuxedo and Apollo deposits to help to better
define and extend the gold mineralisation in the area. Significant intersections include 14m @ 2.4 g/t gold from
surface to EOH in GLAC352 including 4m @ 5.9 g/t gold from 8m from the Tuxedo area and 12m @ 0.4 g/t
gold from 4m in GLAC349 from the Icon area (Figure 3). The Tuxedo intersection of 14m @ 2.4 g/t gold lies
some 180m east of the proposed Tuxedo deposit pit – there is excellent potential to define further resources in
this area and extend the open pit potential.
Forward Program:
With the recent completion of the Scoping study (released to ASX on 16 November 2011), a twelve month
Feasibility Study on the Glenburgh project will commence.
In addition to the Feasibility Studies, exploration will continue on the project with the following activities
planned.
•
•
•
•
•
Follow up RC drilling at the Torino Prospect.
Follow up RC and diamond drilling at the high grade plunging “shoot” at Zone 126.
Additional RC drilling to test the down dip, down plunge and strike extensions of the known gold
deposits at Glenburgh.
Exploration RC drilling at the South Western target zone, to define additional targets along strike from
the Torino prospect.
An update to the resource estimate.
Further results and information will be provided as they become available.
On behalf of the Board of
Gascoyne Resources Ltd
Michael Dunbar
Managing Director
Information in this announcement relating to mineral resources and exploration results is based on data compiled by Gascoyne’s Managing Director Mr Michael
Dunbar who is a member of The Australasian Institute of Mining and Metallurgy. Mr Dunbar has sufficient experience which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons under the 2004 Edition of the Australasian
Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Dunbar consents to the inclusion of the data in the form and context in which it
appears.
The drilling was conducted using aircore drilling with samples being collected at one metre intervals and 4m composite sample taken by spear sampling. The
subsample of approximately 2-4 kg was sent to Lab West Pty Ltd in Perth Western Australia. The sample was fully pulverized and analysed for gold using a 25 gram
aqua-regia digest and ICPMS determination to a 0.5ppb Au detection limit by Lab West Pty Ltd, in Perth. Full analytical quality assurance – quality control
(QA/QC) is achieved using a suite of certified standards, laboratory standards, laboratory duplicate, repeats and blanks.
The spatial location of the samples is derived using surveyed local grid co-ordinates, GPS collar survey pickups.
Intersections have been reported using a 0.2g/t cutoff and allowance for up to 4m of internal waste. Some intersections have not been reported if they are single
composite intersections or are not considered to be significant due to their isolated position compared to other intersections.
True widths have not been determined as the level of detail needed to calculate accurate true widths is not yet available, as a result down hole widths have been reported,
however true widths are not expected to significantly change from the down hole width
Figure 1: Glenburgh Project – Prospect Location
Figure 2: Torino and South West Area Drill Plan
Figure 3: Central Drill Plan Area
Hole
Table 1: Significant Intersections from AIRCORE Drilling
From
To Interval
Au Grade g/t
Comments
South West Target Area
GLAC278
8
10
2
2.0
GLAC283
0
4
4
0.3
GLAC290
24
28
8
0.2
GLAC291
16
32
16
0.6
inc
16
20
4
1.1
GLAC292
12
16
4
0.5
GLAC296
16
20
4
0.3
GLAC301
12
20
8
6.0
GLAC302
20
25
5
0.5
GLAC303
20
24
4
0.5
GLAC313
28
40
12
0.7
inc
32
36
4
1.3
GLAC314
28
32
4
0.3
GLAC316
28
40
12
0.4
GLAC327
28
32
4
0.3
0
4
4
0.4
12
16
4
0.9
GLAC347
16
24
8
0.3
GLAC349
4
16
12
0.4
EOH
EOH
EOH
EOH
Icon
GLAC346
Tuxedo
GLAC352
0
14
14
inc
0
4
4
2.1
8
12
4
5.9
2.4
EOH
Background On Gascoyne Resources
Gascoyne Resources Limited was listed on the ASX in December 2009 following the amalgamation of the gold
assets of Helix Resources Limited and Giralia Resources NL in the Gascoyne Region of Western Australia.
Gascoyne Resources is endowed with
• 100% of the Glenburgh Project in Western Australia, which has an inferred resource of: 13.8 Mt @ 1.2g/t
Au for 520,000oz gold from several prospects within a 20km long shear zone. Considerable resource
growth potential exists around the deposits as well as at regional targets that have had limited
exploration over the last 15 years.
• Advanced exploration projects at Mt James where drilling has outlined a +1 g/t Au mineralisation over
at least 2.5km strike within a 300m thick package of sheared mafic amphibolites and BIFs: and at Bustler
Well where previous RC drilling returned narrow high grade intersections including 1m @ 37.4g/t Au,
2m @ 9.08 g/t Au and 3m @ 7.62 g/t Au from a 150m long quartz-shear lode.
• Soil geochemical anomalies at Bassit Bore with rock chip results of up to 73g/t Au.
Table 2: Glenburgh Project Total Inferred Resources to Date
August 2011 >0.5g/t Au Cutoff
Area
Tonnes
Au
Au
Icon
T
5,990,000
g/t
1.0
Ounces
200,000
Apollo
2,170,000
1.6
110,000
Mustang
1,120,000
0.9
34,000
Shelby
1,000,000
0.9
29,000
Hurricane
480,000
1.1
17,000
Zone102
1,020,000
1.5
51,000
Zone126
590,000
1.8
34,000
NE3
420,000
1.0
13,000
Tuxedo
980,000
1.0
32,000
Total
13,800,000
1.2
520,000
Gascoyne Resources’ immediate primary focus is to continue the evaluation of the Glenburgh gold deposits to
delineate meaningful increases in the resource base and to identify and test additional targets in the Glenburgh
mineralised system and to explore for additional gold resources on the exploration properties. Success in these
activities is expected to lead to the development of a gold project based on the Glenburgh gold deposits.
Further information is available at www.gascoyneresources.com.au
Local Grid
Table 3: Aircore Drill Collar Data
MGA Grid
Hole_ID
GLAC263
GLAC264
GLAC265
GLAC266
GLAC267
GLAC268
GLAC269
GLAC270
GLAC271
GLAC272
GLAC273
GLAC274
GLAC275
GLAC276
GLAC277
GLAC278
GLAC279
GLAC280
GLAC281
GLAC282
GLAC283
GLAC284
GLAC285
GLAC286
GLAC287
GLAC288
GLAC289
GLAC290
GLAC291
GLAC292
GLAC293
GLAC294
GLAC295
GLAC296
GLAC297
GLAC298
GLAC299
GLAC300
GLAC301
GLAC302
GLAC303
GLAC304
GLAC305
GLAC306
GLAC307
GLAC308
GLAC309
GLAC310
GLAC311
GLAC312
GLAC313
GLAC314
GLAC315
GLAC316
GLAC317
GLAC318
GLAC319
GLAC320
GLAC321
GLAC322
GLAC323
GLAC324
GLAC325
GLAC326
GLAC327
Easting
6500
6500
6500
6500
6500
6500
6500
6500
6500
6500
6700
6700
6700
6700
6700
6700
6700
6800
6800
6800
6800
6900
6900
6900
6900
6900
6900
6900
6900
6900
6900
6900
6900
6900
7100
7100
7100
7100
7100
7100
7100
7100
7100
7200
7200
7200
7300
7300
7300
7300
7300
7300
7300
7300
7300
7350
7350
7450
7450
7500
7500
7500
7500
7500
7500
Northing
8650
8675
8700
8725
8750
8775
8800
8825
8850
8875
8525
8550
8575
8600
8650
8675
8700
8500
8475
8450
8425
8475
8500
8525
8550
8575
8600
8625
8650
8675
8700
8725
8750
8775
8550
8575
8600
8625
8650
8675
8700
8725
8750
8750
8775
8800
8525
8550
8575
8600
8625
8650
8675
8700
8725
8575
8600
8575
8600
8525
8550
8625
8650
8675
8700
Easting
406068
406057
406047
406036
406026
406015
406005
405994
405984
405974
406302
406291
406281
406270
406249
406239
406228
406403
406413
406424
406434
406504
406494
406483
406473
406462
406452
406441
406431
406420
406410
406400
406389
406379
406654
406644
406634
406623
406613
406602
406592
406581
406571
406662
406651
406641
406847
406836
406826
406815
406805
406794
406784
406773
406763
406871
406861
406962
406951
407028
407018
406986
406976
406966
406955
Northing
7188200
7188223
7188246
7188269
7188291
7188314
7188337
7188359
7188382
7188405
7188170
7188193
7188216
7188239
7188284
7188307
7188329
7188190
7188167
7188144
7188121
7188209
7188231
7188254
7188277
7188300
7188322
7188345
7188368
7188390
7188413
7188436
7188459
7188481
7188360
7188383
7188406
7188429
7188451
7188474
7188497
7188519
7188542
7188584
7188607
7188629
7188421
7188444
7188467
7188490
7188512
7188535
7188558
7188580
7188603
7188488
7188510
7188530
7188552
7188505
7188528
7188596
7188619
7188641
7188664
Local
Elevation
Depth
Prospect
Dip
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
10
26
30
28
29
30
25
21
34
22
20
22
38
7
9
10
3
30
32
30
36
40
35
35
36
37
22
29
32
28
22
13
18
34
18
36
32
42
32
25
27
27
30
30
31
43
37
36
37
45
40
40
45
45
36
34
39
37
43
40
40
41
41
40
47
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
Azimuth
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
MGA
Azimuth
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
Table 3: Aircore Drill Collar Data cont’d
Local Grid
MGA Grid
Hole_ID
GLAC328
GLAC329
GLAC330
GLAC331
GLAC332
GLAC333
GLAC334
GLAC335
GLAC336
GLAC337
GLAC338
GLAC339
GLAC340
GLAC341
GLAC342
GLAC343
GLAC344
GLAC345
GLAC346
GLAC347
GLAC348
GLAC349
GLAC350
GLAC351
GLAC352
GLAC353
GLAC354
GLAC355
GLAC356
GLAC357
GLAC358
GLAC359
GLAC360
GLAC361
GLAC362
GLAC363
GLAC364
GLAC365
GLAC366
GLAC367
GLAC368
GLAC369
Easting
7500
7600
7600
7600
7600
7800
7800
7800
7800
7800
7800
7800
7800
10625
10625
10625
10625
10625
10675
11050
11050
11050
11050
11000
11000
11000
11000
11000
11000
10250
10250
10250
11400
11400
11400
11400
11400
11400
11400
11400
11400
11500
Northing
8725
8525
8550
8575
8600
8825
8850
8875
8900
8925
8950
8975
9000
10000
10025
10050
10075
10100
10040
9970
9995
10020
10060
9655
9680
9705
9730
9755
9780
9675
9700
9725
10000
10025
10050
10075
10100
10125
10150
10175
10200
10075
Easting
406945
407119
407109
407098
407088
407175
407165
407154
407144
407134
407123
407113
407102
409250
409240
409229
409219
409208
409279
409628
409638
409649
409665
409735
409725
409714
409704
409693
409683
409045
409035
409025
409954
409944
409933
407098
407088
407175
407165
407154
407144
407134
Northing
7188687
7188547
7188570
7188592
7188615
7188903
7188926
7188948
7188971
7188994
7189017
7189039
7189062
7191152
7191174
7191197
7191220
7191242
7191209
7191347
7191325
7191302
7191266
7190995
7191018
7191040
7191063
7191086
7191109
7190700
7190722
7190745
7191476
7191498
7191521
7188592
7188615
7188903
7188926
7188948
7188971
7188994
Elevation
Depth
Prospect
Dip
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
41
42
36
39
40
30
33
23
16
3
19
26
23
27
15
32
26
37
19
17
13
18
15
2
1
14
9
4
12
32
47
35
20
13
17
21
18
19
21
14
18
15
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
SW Area
Icon
Icon
Icon
Icon
Icon
Icon
Icon
Icon
Icon
Tuxedo
Tuxedo
Tuxedo
Tuxedo
Tuxedo
Tuxedo
Tuxedo
Tuxedo
Tuxedo
Apollo
Apollo
Apollo
Apollo
Apollo
Apollo
Apollo
Apollo
Apollo
Apollo
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
-60
Local
Azimuth
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
180
MGA
Azimuth
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158
158