SPARTAN RESOURCES LIMITED July 7th, 2015
Australian Securities Exchange Limited
Via Electronic Lodgement
57 139 522 900
HIGH GRADE GOLD DRILL RESULTS - MT EGERTON PROJECT• RC Drilling has returned shallow high grades at the Gaffney's Find and Gaffney's Find
North prospects. Results include:
MERC030; 17m @ 2.3 g/t gold from 43m to EOH Including 9m @ 3.8 g/t gold from 50m MERC036; 9m @ 2.0 g/t gold from 36m MERC033; 4m @ 3.6g/t gold from 28m MERC028; 2m @ 12.5 g/t gold from 48m to EOH MERC025; 2m @ 5.4 g/t gold from 52m MERC047; 3m @ 5.9 g/t gold from 44mGascoyne Resources Limited ("Gascoyne" or the "Company") is pleased to advise that the recent infill RC and extensional drilling at Gaffney's Find and first pass testing of the new Gaffney's Find North prospect has intersected further shallow high grade gold mineralisation. The prospects are located at the Company's 100% owned Egerton Project located in the Gascoyne region of Western Australia (See Figure 1 & 2). The Mt Egerton project has current JORC 2004
Measured, Indicated and Inferred resources of 116,400t @ 6.4g/t Au for 23,411 ounces of contained gold at the Hibernian deposit.
Infill and extensional RC drilling was completed at the Gaffney's Find prospect, to follow-up on the shallow high gold grades intersected in late 2014, which included 8m @ 11.4 g/t gold
(including 4m @ 21.2g/t), 4m @ 9.0 g/t gold and 2m @ 13.7 g/t gold (see ASX announcement dated
1st August 2014). Gold mineralisation at Gaffney's Find is yet to be included in a JORC resource.
Significant new intersections have been returned including 17m @ 2.3 g/t gold from 43m to the end of the drill hole (EOH) including 9m @ 3.8 g/t Au in MERC030. This intersection lies down dip of the intersection 8m @ 11.4 g/t Au in MERC018 drilled last year and defines a coherent steeply dipping mineralised zone open at depth (see Figure 3). Other notable intersections include 9m @
2.0 g/t Au from 36m in MERC036, 2m @ 12.5 g/t Au from 48m to EOH in MERC028 and 2m @ 5.4 g/t Au from 52m in MERC025. Gascoyne's recent drilling has now confirmed significant gold mineralisation over 500 metres strike at Gaffney's Find. Detailed survey pickup of poorly constrained historic drill collars is required to integrate past results prior to a preliminary resource estimate.
First pass drilling was also conducted at the new Gaffney's Find North prospect test the gold in soil anomalies (see ASX announcement dated 14 January 2015). Drill hole MERC047 returned the interval of 3m @ 5.9 g/t Au from 44m. Mineralisation is related to quartz veining in sheared sediments and remains open in all directions.
Forward Programme:
Follow up drilling and soil sampling is being planned at the Egerton project as well as additional
drilling at the Dalgaranga project, where the Company recently commenced a Pre-Feasibility Study following a positive Scoping Study (See ASX announcement 23rd June 2015).
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: admin@gascoyneresources.com.au, Web: www.gascoyneresources.com.au
The Company is also planning to submit its Mining Proposal (MP) for the Glenburgh Project to the Western Australia Department of Mines and Petroleum (DMP) during July 2015. A MP is a key permitting obligation before a mining development can commence.
Further results and information will be provided as they become available. On behalf of the board of
Gascoyne Resources Limited
Michael Dunbar
Managing Director
Figure One: Gascoyne Resources Project Locations in the Gascoyne and Murchison Regions
Gascoyne Resources ltd Mt Egerton Project Gaffneys Find Prospects Recent Drilling
• 2015 Drilling
2014 Drilling
• Historical Drilling
DMining Lease
Figure Two: Gaffney's Find Drill Hole Location Pian
Figure Three: Mt Egerton Project RC Cross Section
Table 1: Gaffney's Find and Gaffney's Find North Significant RC Exploration Drill Results
(>1.0 g/t gold)
Hole ID | Prospect | From (m) | To (m) | Interval (m) | Au Grade g/t |
MERC022 | Gaffney's Find | 10 | 14 | 4 | 1.3 |
MERC023 | Gaffney's Find | 22 | 24 | 2 | 1.0 |
39 | 40 | 1 | 1.8 | ||
MERC025 | Gaffney's Find | 52 | 54 | 2 | 5.4 |
68 | 70 | 2 | 1.1 (EOH)** | ||
MERC026 | Gaffney's Find | 0 | 3 | 3 | 1.5 |
MERC028 | Gaffney's Find | 48 | 50 | 2 | 12.5 (EOH)** |
MERC030 | Gaffney's Find | 43 | 60 | 17 | 2.3 (EOH) |
includes | 50 | 59 | 9 | 3.8 | |
MERC033 | Gaffney's Find | 28 | 32 | 4 | 3.6* |
MERC036 | Gaffney's Find | 36 | 45 | 9 | 2.0 |
MERC040 | Gaffney's Find | 40 | 44 | 4 | 1.4* |
MERC047 | Gaffney's Find North | 44 | 47 | 3 | 5.9 |
* Denotes 4m composite sample
**Denotes 2m composite sample
Table 2: RC Drill hole Collar Details
Hole ID | GDA East | GDA North | RL | Depth | Dip | Azimuth | Prospect |
MERC022 | 563832 | 7241068 | 400 | 44 | -60 | 300 | Gaffney's Find |
MERC023 | 563853 | 7241056 | 400 | 50 | -60 | 30 | Gaffney's Find |
MERC024 | 563874 | 7241044 | 400 | 60 | -60 | 300 | Gaffney's Find |
MERC025 | 563896 | 7241031 | 400 | 70 | -60 | 300 | Gaffney's Find |
MERC026 | 563843 | 7241088 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC027 | 563865 | 7241076 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC028 | 563886 | 7241064 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC029 | 563856 | 7241108 | 400 | 40 | -60 | 300 | Gaffney's Find |
MERC030 | 563875 | 7241098 | 400 | 60 | -60 | 300 | Gaffney's Find |
MERC031 | 563850 | 7241137 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC032 | 563873 | 7241125 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC033 | 563889 | 7241116 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC034 | 563848 | 7241192 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC035 | 563870 | 7241180 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC036 | 563891 | 7241168 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC037 | 563913 | 7241156 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC038 | 563872 | 7241232 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC039 | 563894 | 7241220 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC040 | 563915 | 7241208 | 400 | 50 | -60 | 300 | Gaffney's Find |
MERC041 | 564294 | 7242046 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC042 | 564280 | 7242066 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC043 | 564330 | 7242074 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC044 | 564390 | 7242088 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC045 | 564372 | 7242109 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC046 | 564424 | 7242129 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC047 | 564404 | 7242149 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC048 | 564454 | 7242168 | 400 | 50 | -60 | 140 | Gaffney's Find North |
MERC049 | 564446 | 7242182 | 400 | 50 | -60 | 140 | Gaffney's Find North |
BACKGROUND ON GASCOYNE RESOURCES
Gascoyne Resources Limited was listed on the ASX in December 2009 and is focused on exploration and development of a number of
gold projects in Western Australia.
The Company's three main gold projects combined have 1.78 million ounces of contained gold on granted Mining Leases:
GLENBURGH (100% GCY):
The Glenburgh Project in the Gascoyne region of Western Australia, has a Measured, Indicated and Inferred resource of: 21.3 Mt @
1.5g/t Au for 1.003 million oz gold from several prospects within a 20km long shear zone (see Table 3)
A preliminary feasibility study on the project has been completed (see announcement 5th of August 2013) that showed a viable project exists, with a production target of 4.9mt @ 2.0g/t for 316,000oz (70% Indicated and 30% Inferred resources) within 12 open pits and one underground operation. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. The study showed attractive all in operating costs of under A$1,000/oz and indicated a strong return with an operating surplus of ~ A$160M over the 4+ year operation. The study included approximately 40,000m of resource drilling, metallurgical drilling and testwork, geotechnical, hydro geological and environmental assessments. Importantly the study has not included the drilling completed during 2013, which intersected significant shallow high grade zones at a number of the known deposits.
Table 3: Glenburgh Deposits - Area Summary
2014 Mineral Resource Estimate (0.5g/t Au Cut-off)
Area | Measured | Indicated | Inferred | Total |
Area | Tonnes Au Au Mt g/t Ounces | Tonnes Au Au Mt g/t Ounces | Tonnes Au Au Mt g/t Ounces | Tonnes Au Au Mt g/t Ounces |
Icon Apollo Tuxedo Mustang Shelby Hurricane Zone 102 Zone 126 NE3 Torino SW Area | 1.7 1.5 82,500 0.9 2.4 67,400 0.2 4.0 30,500 | 1.7 1.4 77,000 0.3 1.3 14,000 0.7 1.2 29,000 0.2 1.3 7,000 0.2 1.4 10,000 0.1 1.6 3,000 0.9 1.9 56,000 0.4 2.9 35,000 | 4.1 1.3 168,000 1.5 1.4 67,000 1.2 1.0 37,000 1.0 1.1 35,000 0.6 1.1 21,000 0.5 1.1 16,000 1.2 1.3 50,000 1.4 2.2 101,000 0.2 1.5 11,000 1.6 1.3 64,000 0.6 1.0 20,000 | 7.6 1.3 328,000 2.7 1.7 149,000 1.9 1.1 66,000 1.1 1.2 42,000 0.8 1.2 32,000 0.5 1.2 19,000 2.1 1.6 106,000 2.0 2.5 166,000 0.2 1.5 11,000 1.6 1.3 64,000 0.6 1.0 20,000 |
Total | 2.9 2.0 180,500 | 4.6 1.6 232,000 | 13.9 1.3 591,000 | 21.3 1.5 1,003,000 |
MT EGERTON (100% GCY)
Note: Discrepancies in totals are a result of rounding
The project includes the high grade Hibernian deposit which contains a resource of 116,400 tonnes @ 6.4 g/t gold for 24,000 ounces in the Measured, Indicated and Inferred JORC categories (Table 4). The deposit lies on a granted mining lease and previous drilling includes high grade intercepts, 2m @ 147.0 g/t gold, 5m @ 96.7 g/t gold and 5m @ 96.7 g/t gold associated with quartz veining in shallow south-west plunging shoots. The Hibernian deposit has only been drill tested to 70m below surface and there is strong potential to expand the current JORC Resource with drilling testing deeper extensions to known shoots and targeting new shoot positions.
Table 4: Mt Egerton Project: Hibernian Deposit Mineral Resource (2.0g/t Au Cut-off)
Classification | Tonnes | Au g/t | Au Ounces |
Measured Resource | 32,100 | 9.5 | 9,801 |
Indicated Resource | 46,400 | 5.3 | 7,841 |
Inferred Resource | 37,800 | 5.1 | 6,169 |
Total | 116,400 | 6.4 | 23,811 |
DALGARANGA (80% GCY):
The Dalgaranga project is located approximately 65km by road NW of Mt Magnet in the Murchison gold mining region of Western
Australia and covers the majority of the Dalgaranga greenstone belt. After discovery in the early 1990's, the project was developed and
from 1996 to 2000 produced 229,000 oz's of gold with reported cash costs of less than $350/oz.
The project contained a remnant JORC Measured, Indicated and Inferred resources of 14.1 Mt @ 1.7g/t Au for 756,000 ounces of contained gold (see Table 5).
A positive Scoping Study has recently been completed, that outlined a project that could produce 60,000 ounces of gold for between 6 and 10 years, with low costs and high margins(C1 Cash costs $813, and AISC of $1,025) and relatively low capital costs. (See ASX
announcement released 23rd June 2015 titled "Dalgaranga Scoping Study Outlines Low Cost / High Margin Development" for full details). A Pre-Feasibility study is currently underway further evaluating the development options for the project.
Significant exploration potential also remains outside the known resource with numerous historical geochemical prospects only partly tested. The Golden Wings deposit is also open along strike and at depth.
Table 5: Dalgaranga Global Mineral Resource Estimate
Deposit | Measured | Indicated | Inferred | Total |
Deposit | Tonnes Au Au Mt g/t Ounces | Tonnes Au Au Mt g/t Ounces | Tonnes Au Au Mt g/t Ounces | Tonnes Au Au Mt g/t Ounces |
Gilbeys(1) Golden Wings(2) Vickers Laterite | - - - - - - 0.02 1.2 600 | 4.7 1.6 240,200 0.83 2.0 52,400 - - - | 8.2 1.7 445,200 0.36 1.5 17,438 - - - | 12.9 1.7 685,000 1.2 1.8 70,000 0.02 1.2 600 |
Total | 0.02 1.2 600 | 5.53 1.6 293,000 | 8.56 1.7 462638 | 14.1 1.7 756,000 |
Note: Discrepancies in totals are a result of rounding; unless otherwise stated, the above resources are reported at a 0.7 Au g/t cut-off
Gascoyne is continuing to evaluate the Glenburgh gold deposits to delineate meaningful increases in the resource base and progress project permitting, while also continuing to explore the Dalgaranga project with the view to moving towards a low capital cost development as rapidly as possible. The Company also has 100% ownership of the high grade Egerton project; where the focus is to assess the economic viability of trucking high grade ore to either Glenburgh or to another processing facility for treatment and exploration of the high grade mineralisation within the region.
Further information is available at www.gascoyneresources.com.au
Competent Persons Statement
Information in this announcement relating to new exploration results for the Egerton project is based on data compiled by Gascoyne's General Manager - Business Development Mr Julian Goldsworthy who is a member of The Australasian Institute of Mining and Metallurgy. Mr Goldsworthy 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
2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Goldsworthy consents to the inclusion of the data
in the form and context in which it appears.
The Glenburgh Mineral Resources have been estimated by RungePincockMinarco Limited, an external consultancy, and are reported under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (see GCY -ASX announcement 24th July 2014 titled: High Grade Domains Identified Within Updated Glenburgh Gold Mineral Resource). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not materially modified from the original market announcements.
The Glenburgh 2004 JORC resource (released to the ASX on April 29th 2013) which formed the basis for the preliminary Feasibility Study was classified as Indicated and Inferred and as a result, is not sufficiently defined to allow conversion to an ore reserve; the financial analysis in the preliminary Feasibility Study is conceptual in nature and should not be used as a guide for investment. It is uncertain if additional exploration will allow conversion of the Inferred resource to a higher confidence resource (Indicated or Measured) and hence if a reserve could be determined for the project in the future. Production targets referred to in the preliminary Feasibility Study and in this report are conceptual in nature and include areas where there has been insufficient exploration to define an Indicated mineral resource. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. This information was prepared and first disclosed under the JORC Code 2004, the resource has now been updated to conform with the JORC 2012 guidelines. This new JORC 2012 resource, reported above, will form the basis for any future studies.
The Laterite Dalgaranga Resources estimate has been sourced from Equigold NL annual reports and other publicly available reports which have undergone a number of peer reviews by qualified consultants that conclude that the resources comply with the JORC code and are suitable for public reporting. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
The Gilbeys and Golden Wings resources have been estimated by Elemental Geology Pty Ltd, an external consultancy, and are reported under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (see GCY -ASX announcement 1st August 2013 titled: Dalgaranga Gold Resource Increases 80% to 685,000oz and GCY ASX announcement 23rd June 2015 titled: Dalgaranga Scoping Study Outlines Low Cost / High Margin Development). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not materially modified from the original market announcements.
The Egerton Resource estimate and Gaffney's Find prospect historical exploration results have been sourced from Exterra Resources annual reports and other publicly available reports which have undergone a number of peer reviews by qualified consultants, who conclude that the resources comply with the JORC code and are suitable for public reporting. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
(Criteria in this section apply to all succeeding sections.)
Criteria | Commentary |
Sampling techniques | • The project has been drilled using Rotary Air Blast (RAB), Air Core (AC), Reverse Circulation (RC) and Diamond drilling over numerous campaigns by several companies and currently by Gascoyne Resources Ltd. The majority of holes are on a grid either infilling or extending known prospects. The majority of drill holes have a dip of -60°but the azimuth varies. This program was RC and all holes had a dip of 60°. The azimuth varied between prospects. |
Sampling techniques | • Sample procedures followed by historic operators are assumed to be in line with industry standards at the time. Current QAQC protocols include the analysis of field duplicates and the insertion of appropriate commercial standards. . |
Sampling techniques | • RC drilling was used to obtain 1m samples from which a 4m composite sample of approximately 3 - 5 kg was also collected. The samples were shipped to a laboratory for analysis via a 25g Aqua Regia digest with reading via a mass spectrometer. Where anomalous results were expected, single metre samples of approximately 3 - 5 kg were collected and also shipped to the laboratory for analysis via a 50g Fire Assay. |
Drilling techniques | • RC drilling used a nominal 5 ½ inch diameter face sampling hammer. |
Drill sample recovery | • RC sample recovery is visually assessed and recorded where significantly reduced. Very little sample loss has been noted. |
Drill sample recovery | • RC samples were visually checked for recovery, moisture and contamination. A cyclone and splitter were used to provide a uniform sample and these were routinely cleaned. 4m composites were speared to obtain the most representative sample possible. |
Drill sample recovery | • Sample recoveries are generally high. No significant sample loss has been recorded with a corresponding increase in Au present. No sample bias is anticipated, and no preferential loss/gain of grade material has been noted. |
Logging | • Detailed logging exists for most historic holes in the data base. Current RC chips are geologically logged at 1 metre intervals.. RC chip trays have been stored for future reference. |
Logging | • RC chip logging included the recording of lithology, oxidation state, colour, alteration and veining. |
Logging | • All current drill holes are logged in full. |
Sub-sampling techniques and sample preparation | • No diamond drilling has been completed by Gascoyne Resources on the tenement. Previous companies have conducted diamond drilling; it is unclear whether ½ core or ¼ core was taken. |
Sub-sampling techniques and sample preparation | • RC chips were collected as 1m samples. 2 and 4m composites using a sample scoop were taken from the 1m RC sample piles. Samples were generally dry. 1m RC samples are also speared. |
Sub-sampling techniques and sample preparation | • RC samples are dried. If the sample weight is greater than 3kg, the sample is riffle split. It is then pulverised to a grind size where 85% of the sample passes 75 micron. |
Sub-sampling techniques and sample preparation | • Field QAQC procedures included the insertion of 4% certified reference 'standards' and 2% field duplicates for RC drilling. |
Sub-sampling techniques and sample preparation | • Field duplicates were collected during RC drilling. Further sampling (lab umpire assays) will be conducted if it is considered necessary. |
• A sample size of between 3 and 5 kg was collected. This size is considered appropriate and representative of the material being sampled given the width and continuity of the intersections, and the grain size of the material being collected. | |
Quality of assay data and laboratory tests | • All 1m and composite RC samples were analysed using a 25g aqua regia digest with an MS finish which is an industry standard for gold analysis. Aqua regia can digest many different mineral types including most oxides, sulphides and carbonates but will not totally digest refractory or silicate minerals. Single m samples have been analysed using a 50g fire assay technique with an AAS finish. |
Criteria | Commentary |
• No geophysical tools etc. have been used at Mt Egerton. | |
• Field QAQC procedures include the insertion of both field duplicates and certified reference 'standards'. Assay results have been satisfactory and demonstrate an acceptable level of accuracy and precision. Laboratory QAQC involves the use of internal certified reference standards, blanks, splits and replicates. Analysis of these results also demonstrates an acceptable level of precision and accuracy. | |
Verification of sampling and assaying | • At least 2 company personnel verify all intersections in drill chips. |
Verification of sampling and assaying | • No twinned holes have been drilled to date by Gascoyne Resources. |
Verification of sampling and assaying | • Field data is collected using Field Marshal software on tablet computers. The data is sent to Mitchell River Group for validation and compilation into an SQL database server |
Verification of sampling and assaying | • No adjustments have been made to assay data apart from values below the detection limit which are assigned a value of negative the detection limit |
Location of data points | • At this stage drill collars have been surveyed by hand held GPS to an accuracy of about 3m. The RC drill holes will be picked up by DGPS in the future. |
Location of data points | • The grid system is MGA_GDA94 Zone 50 |
Location of data points | • The topographic surface has been set at a nominal value at this stage. It is considered to be of sufficient quality to be valid for this stage of exploration. |
Data spacing and distribution | • Initial exploration by Gascoyne Resources is targeting discrete areas that may host mineralisation. Consequently current drilling is not grid based, however drill holes are spaced to achieve 'top to tail' coverage along a drill line. |
Data spacing and distribution | • The mineralised domains have sufficient continuity in both geology and grade to be considered appropriate for the Mineral Resource and Ore Reserve estimation procedures and classification applied under the 2012 JORC Code. |
Data spacing and distribution | • 4m composite samples were collected from RC drill holes. Where anomalous results were expected, the single metre speared samples were collected for subsequent analysis. |
Orientation of data in relation to geological structure | • Drilling sections are orientated perpendicular to the strike of the mineralised host rocks at Mt Egerton. This varies between prospects and consequently the azimuth of the drill holes also varies to reflect this. The drilling is angled at -60°which is close to perpendicular to the dip of the stratigraphy. |
Orientation of data in relation to geological structure | • No orientation based sampling bias has been identified in the data at this point. |
Sample security | • Chain of custody is managed by Gascoyne Resources. Samples are delivered directly by Gascoyne Resources personnel to the assay laboratory in Perth. |
Audits or reviews | • Data is validated by Mitchell River Group whilst loading into a SQL database. Any errors within the data are returned to Gascoyne Resources for validation. Historical data validation is an ongoing process |
(Criteria listed in the preceding section also apply to this section.)
Criteria | Commentary |
Mineral tenement and land tenure status | • The Mt Egerton project is situated on tenement numbers E52/2117, E52/2515, E52/2866, M52/343 and M52/567. The tenements are owned 100% by Egerton Exploration Pty Ltd a wholly owned subsidiary company owned by Gascoyne Resources Ltd. Gascoyne Resources holds 100% of E52/2866. Gascoyne Resources is the operator of the tenement package. |
Mineral tenement and land tenure status | • The tenements are in good standing and no known impediments exist. |
Exploration done by other parties | • The tenement area has been previously explored by numerous companies including Offshore Exploration, Egerton Gold NL, North Gascoyne Mining and Exterra Resources Ltd. |
Geology | • The rocks of the Mt Egerton tenements are predominantly quartz-muscovite schist and phyllite of the Gascoyne Complex with mudstone, siltstone chert and dolomite. The majority of the mineralization occurs in shear-hosted mesothermal quartz-pyrite veins. It is concentrated at lithological contacts within the shear zones. |
Drill hole Information | • Refer to Tables in body of text. |
Data aggregation methods | • All reported assays have been length weighted if appropriate. No top cuts have been applied. A nominal 0.1ppm Au lower cut off has been applied, with only intersections >0.5g/t considered significant. |
Data aggregation methods | • High grade Au intervals lying within broader zones of Au mineralisation are reported as included intervals. In calculating the zones of mineralisation a maximum of 4 metres of internal dilution is allowed. |
Data aggregation methods | • No metal equivalent values have been used. |
Relationship between mineralisation widths and intercept lengths | • The mineralised zones at Mt Egerton vary in strike between prospects, but all are steeply dipping. Drill hole orientation reflects the change in strike of the rocks and consequently the downhole intersections quoted are believed to approximate true width. |
Diagrams | • Refer to figures within body of text. |
Balanced reporting | • All results are reported. |
Other substantive exploration data | • No other significant exploration work had been completed by Gascoyne Resources. |
Further work | • Mt Egerton project will continue to be drilled to extend the known mineralisation at Gaffney's Find and delineate further mineralisation and potential resources at other prospects. |
Further work | • Refer to figures in body of text. |
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