SPARTAN RESOURCES LIMITED February 24th, 2016
Australian Securities Exchange Limited Via Electronic Lodgement
57 139 522 900
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Golden Wings Mineral Resource increased by 40% through inclusion of recent drilling.
- 2 Mt @ 1.6 g/t gold for 101,000 ounces of gold including a higher-grade 1.3Mt @ 2.0 g/t
- 70,000 ounces @ 1.7 g/t gold now in the JORC Indicated category
- 85,000 ounces are in Laterite, Oxide and Transitional material, predominantly "free dig"
- Dalgaranga global Mineral Resource increased to 23.7Mt @ 1.4 g/t for 1.05Moz gold
- Pre-Feasibility Study (PFS) on track for March 2016
- The Golden Wings Mineral Resource update is being incorporated into the PFS
- Drilling to commence early next month to follow up the new Hendricks gold discovery
Gascoyne Resources Limited ("Gascoyne" "the Company") (ASX:GCY) is pleased to announce the updated Mineral Resource estimate for the Golden Wings deposit at the Company's 80% owned Dalgaranga Gold project in the Murchison region of Western Australia (see Figure 1). The new estimate has been updated to include recent drilling results and conforms to the JORC 2012 code.
Modelling and estimation has been completed by RungePincockMinarco Limited, an external and independent global mining consultancy (see Table 1 for Mineral Resource classification).
A 40% increase in total Mineral Resource at Golden Wings
70,000 ounces is classified as Indicated (under JORC 2012) adding substantially to the confidence in the Golden Wings Mineral Resource and to the project as a whole
At a 1.0 g/t cut-off, the Mineral Resource is 1.3Mt @2.0 g/t for 85,000 ounces of gold (see table 2 for details)
Excellent grade and geological continuity of the mineralisation at Golden Wings
85,000 ounces in Laterite, Oxide and transitional material that is likely to be predominantly "free dig"
The robustness of the resource is highlighted in the grade tonnage curve (see Figure 9)
Gascoyne's Managing Director Mr Mike Dunbar commented;
"The updated JORC 2012 Golden Wings Resource represents a significant step forward for Gascoyne's Dalgaranga Project. The Golden Wings resource, which now contains 70,000 ounces at 1.7 g/t gold in the Indicated JORC category, will now be incorporated into the Pre-Feasibility Study (PFS). With this update, more than 80% of the resource within the planned open pits is in the Indicated and Measured categories. This adds substantially to the confidence in the resource and increases the potential for a reserve to be estimated for the project. It is expected that Golden Wings will be the first deposit mined at the Dalgaranga Project, which, from early findings from our PFS, will produce around 100,000oz pa for 6-7 years.
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
Pre-Feasibility StudyThe Dalgaranga Pre-Feasibility Study (PFS) is on schedule for completion in the current quarter. The Golden Wings Mineral Resource update is now being incorporated into the PFS.
The PFS is investgating the establishment of a 2.5Mtpa processing plant on site, which recent pit optimisation studies suggest will result in production of approximately 100,000ozpa for 6-7 years (see ASX Announcement 19th January 2016).
Additional information will be provided as it becomes available.
On behalf of the Board of Gascoyne Resources Ltd
Table 1.Golden Wings Deposit
February 2016 Mineral Resource Estimate (0.5g/t Au Cut-off)
Type | Indicated | Inferred | Total | ||||||
Tonnes | Au | Au | Tonnes | Au | Au | Tonnes | Au | Au | |
Mt | g/t | Ounces | Mt | g/t | Ounces | Mt | g/t | Ounces | |
Laterite | 0.5 | 1.1 | 17,000 | 0.1 | 0.8 | 3,000 | 0.6 | 1.1 | 20,000 |
Oxide | 0.6 | 1.8 | 34,000 | 0.2 | 1.6 | 11,000 | 0.8 | 1.8 | 45,000 |
Transitional | 0.2 | 2.3 | 13,000 | 0.1 | 1.7 | 7,000 | 0.3 | 2.1 | 20,000 |
Fresh | 0.1 | 2.4 | 6,000 | 0.2 | 1.5 | 10,000 | 0.3 | 1.8 | 16,000 |
Total | 1.3 | 1.7 | 70,000 | 0.7 | 1.5 | 31,000 | 2.0 | 1.6 | 101,000 |
Totals may differ due to rounding, Mineral Resource reported on a dry in situ basis
Table 2 Golden Wings Deposit
February 2016 Mineral Resource Estimate (1.0g/t Au Cut-off)
Type | Indicated | Inferred | Total | ||||||
Tonnes | Au | Au | Tonnes | Au | Au | Tonnes | Au | Au | |
Mt | g/t | Ounces | Mt | g/t | Ounces | Mt | g/t | Ounces | |
Laterite | 0.2 | 1.5 | 12,000 | 0.01 | 1.2 | 1,000 | 0.26 | 1.5 | 12,000 |
Oxide | 0.5 | 2.0 | 31,000 | 0.15 | 2.0 | 9,000 | 0.62 | 2.0 | 41,000 |
Transitional | 0.15 | 2.6 | 12,000 | 0.1 | 1.9 | 6,000 | 0.25 | 2.3 | 19,000 |
Fresh | 0.07 | 2.5 | 6,000 | 0.1 | 2.3 | 8,000 | 0.18 | 2.4 | 13,000 |
Total | 0.9 | 2.0 | 61,000 | 0.4 | 2.0 | 24,000 | 1.3 | 2.0 | 85,000 |
Totals may differ due to rounding, Mineral Resource reported on a dry in situ basis
Table 3 Dalgaranga Project
February 2016 Mineral Resource Estimate (0.5g/t Cut-off Above 120mRL, 1g/t Cut-off Below 120mRL)Type | Measured | Indicated | Inferred | Total | ||||||||
Tonnes | Au | Au | Tonnes | Au | Au | Tonnes | Au | Au | Tonnes | Au | Au | |
Mt | g/t | Ounces | Mt | g/t | Ounces | Mt | g/t | Ounces | Mt | g/t | Ounces | |
Laterite | 0.5 | 1.1 | 17,100 | 0.1 | 0.8 | 3,000 | 0.6 | 1.1 | 20,000 | |||
Oxide | 0.4 | 1.8 | 20,000 | 1.0 | 1.7 | 52,000 | 0.5 | 1.9 | 28,000 | 1.8 | 1.8 | 100,000 |
Transitional | 0.3 | 1.8 | 14,000 | 0.5 | 1.8 | 28,000 | 0.2 | 1.6 | 11,000 | 1.0 | 1.7 | 53,000 |
Fresh | 1.8 | 1.3 | 74,000 | 7.5 | 1.3 | 322,000 | 11.1 | 1.4 | 482,000 | 20.4 | 1.3 | 878,000 |
Total | 2.4 | 1.4 | 108,000 | 9.4 | 1.4 | 419,000 | 11.9 | 1.4 | 524,000 | 23.7 | 1.4 | 1,051,000 |
Totals may differ due to rounding, Mineral Resource reported on a dry in situ basis
The Mineral Resource estimate for the Golden Wings deposit was completed using the following parameters:
The Golden Wings Mineral Resource area extends over a strike length of 840m (from 528,950mE - 529,790mN) and includes the 175m vertical interval from 430mRL to 255mRL.
A site visit by the Competent Person for Mineral Resources was conducted by Shaun Searle (RPM) in November 2015. General site and modelling procedures for Golden Wings were all reviewed.
Drill holes used in the Mineral Resource estimate included 237 laterite grade control holes (LAT), 32 AC holes, 70 RC holes and one diamond hole for a total of 1,741m within the wireframes. The modified database contained records for 766 drill holes for 34,048m of drilling.
All drill hole collars were surveyed in the MGA94 Zone 50 grid. Historical collars were surveyed to within +/- 1m. The majority of GCY drill collars have been surveyed by DGPS. Mineral Resource estimation was carried out on the MGA94 Zone 50 grid.
Down hole dip and azimuth deviations of historical holes were recorded at 10 or 30m intervals. Details of the survey process, equipment used, who performed the surveys or the level of accuracy of the survey was not documented. For GCY holes, a down hole survey was taken at least every 30m in RC holes by electronic multi- shot tool by the drilling contractors. Gyro surveys have been undertaken on selected holes to validate the multi- shot surveys.
Drilling has been completed on a nominal grid spacing of 10m by 10m to 20m by 20m for laterite zone drilling and 20m by 20m for the in-situ zones.
Detailed logging exists for most historical holes in the database. For GCY drilling, AC and RC chips are geologically logged to geological boundaries or at 1m intervals respectively. RC chip trays have been stored for future reference.
Sample procedures followed by historic operators are assumed to be in line with industry standards at the time, although these were not documented. However it is evident in the database that historical RC drilling was sampled at 1m intervals and historical diamond drilling was sampled at 1m intervals or to geological contacts.
For GCY drilling, RC drilling used a nominal 5 ½ inch diameter face sampling hammer. AC and 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. RC drilling was used to obtain 1m samples which were split by either cone or riffle splitter at the rig to produce a 3 to 5 kg sample. In some cases a 4m composite sample of approximately 3 to 5 kg was collected from the top portion of the holes considered unlikely to host significant mineralisation. For AC drilling, 4m composite samples were collected and where anomalous results were detected, single metre riffle split or speared samples were collected for subsequent analyses.
Sample preparation procedures followed by historic operators are assumed to be in line with industry standards at the time, although these were not documented.
For GCY drilling, AC and RC samples were delivered daily to the Toll depot in Mt Magnet by GCY personnel. Toll delivers the samples directly to Minanalytical Laboratory in Perth. Diamond drill core is transported directly to Perth for cutting and dispatch to the assay laboratory for analysis. Upon receipt by the laboratory, the samples are oven dried and crushed to less than 4mm. A sub-sample of the crushed material was then pulverised to better than 85% passing 75µm using a LM5 pulveriser.
Figure 1: Gascoyne Resources Project Locations in the Gascoyne and Murchison Regions
Gascoyne Resources Ltd. issued this content on 24 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 February 2016 00:29:54 UTC
Original Document: http://www.gascoyneresources.com.au/assets/Uploads/160224-Golden-Wings-Resource-Update.pdf
