SPARTAN RESOURCES LIMITED April 6th, 2016
Australian Securities Exchange Limited Via Electronic Lodgement
57 139 522 900
- A regional exploration programme is continuing at the Dalgaranga gold project, with 3 drill rigs mobilising to site.
- 4m composite assays have been received for a further 26 aircore drill holes at the Hendricks gold discovery, returning strongly anomalous results from infill holes 50m to the north of the discovery holes DGAC303 and DGAC390; 12m @ 2.2 g/t gold (EOH) and 18m @ 3.0 g/t gold (EOH) respectively.
- The + 0.5 g/t gold zone at Hendricks now extends across 3 drill lines.
- Results are awaited for the remainder of the Hendricks aircore program, follow up drilling completed at the Beefeater prospect, and the first drilling of the Caorunn prospect.
- RC Drilling will commence in approximately 10 days to follow up and scope out the Hendricks gold discovery, and continue to drill test other exploration targets within the Dalgaranga Project, including the Caorunn, Tanqueray, Vickers West and other prospect areas. Further aircore drilling will also be undertaken.
- The Company has also commissioned a detailed Aeromagnetic survey which will overfly the Gilbeys, Golden Wings resource areas, as well as Hendricks and other prospect areas to assist in further understanding of structural controls on gold mineralisation, and aid future exploration targeting.
- Additionally, as part of the recently commenced Feasibility Study a diamond drilling rig will commence on site in 3 weeks to provide drill core samples for further resource, metallurgical and geotechnical testwork at the Gilbeys and Golden Wings deposits.
Gascoyne Resources Limited ("Gascoyne" or "Company") is pleased to report further drill results extending the promising Hendricks gold discovery, and provide an update on the regional exploration programme underway at its 80% owned Dalgaranga Gold Project in the Murchison region of Western Australia.
The Dalgaranga Gold Project contains a Measured, Indicated and Inferred Resource of 23.7Mt @ 1.4 g/t gold for 1.05 million ounces of contained gold including an initial Proved and Probable Ore Reserve of 442,000 ounces of gold (see Figure 1 & Table 3 & 4). The Company recently announced the commencement of a full Feasibility Study (FS) in respect of its Dalgaranga Project (see ASX Announcement 31 March 2016) after the completion of a Pre Feasibility Study which has highlighted a robust development case for the project.
RC drilling will commence in approximately 10 days to initially scope out the gold discovery at the Hendricks prospect at depth and along strike. Further aircore drilling will commence initially at Hendricks, with lines of drilling north of the discovery zone, then further drilling at the Caorunn, Tanqueray, Vickers West prospects and other exploration target areas.
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 has also commissioned a detailed Aeromagnetic survey to be flown over the project area. The historic aeromagnetic data from the early 1990's is coarse 200m line space magnetic information. The new survey will be flown at 50m spacings at a 30m flying height which will generate high resolution magnetic data which will assist in delineating geological and mineralised trends in the project, and aid in interpretation of structural controls on gold mineralisation, which appears to have an association with magnetic lows.
4m composite assays have been received for a further 26 shallow aircore holes drilled at Hendricks. The results come from infill holes drilled on lines 50m and 100m north of the discovery section 619500N and partial results from two 100m spaced lines to the south (see Figure 3). Highlights from the new results include 8m @ 0.4 g/t gold from 4m; and 4m @ 0.6 g/t gold from 32m in drillhole DGAC392. This hole lies 50m north of the discovery holes DGAC303 and DGAC 390 with the shallow 8m intersection associated with pisolitic laterite and the deeper 4m intersection with bedrock saprolitic clays.
Gascoyne has now defined a significant +0.5g/t gold (in 4 m composite sampling) trend on three lines over 100m open to the north, and with significant saprolite or bedrock anomalies to the south (Figure 2). Results from a further 2 drill lines to the south, and a single hole to the north are awaited.
Hole ID | From (m) | To (m) | Interval (m) | Au Grade g/t |
DGAC303* | 6 | 18 | 12 | 0.8 |
includes | 9 | 11 | 2 | 2.8 |
and | 35 | 47 EOH | 12 | 2.2 |
includes | 35 | 37 | 2 | 11.3 |
DGAC315* | 20 | 24 | 4 | 0.56 |
DGAC390* | 28 | 46 | 18 | 3.0 |
includes | 32 | 36 | 4 | 8.9 |
DGAC389* | 12 | 16 | 4 | 0.65 |
DGAC392 | 4 | 12 | 8 | 0.40 |
and | 32 | 36 | 4 | 0.58 |
DGAC393 | 4 | 8 | 4 | 0.26 |
and | 16 | 20 | 4 | 0.21 |
DGAC396 | 8 | 12 | 4 | 0.30 |
DGAC416 | 40 | 44 | 4 | 0.28 |
Prospect | Hole_ID | Depth (m) | GDA East | GDA North | RL | Dip | Azimuth |
Hendricks | DGAC389 | 57 | 529028 | 6919501 | 425 | -60 | 090 |
Hendricks | DGAC390 | 46 | 528980 | 6919499 | 425 | -60 | 090 |
Hendricks | DGAC391 | 62 | 529020 | 6919548 | 425 | -60 | 090 |
Hendricks | DGAC392 | 60 | 528976 | 6919547 | 425 | -60 | 090 |
Hendricks | DGAC393 | 50 | 528929 | 6919548 | 425 | -60 | 090 |
Hendricks | DGAC394 | 39 | 529028 | 6919600 | 425 | -60 | 090 |
Hendricks | DGAC395 | 52 | 528976 | 6919600 | 425 | -60 | 090 |
Hendricks | DGAC396 | 47 | 528929 | 6919603 | 425 | -60 | 090 |
Hendricks | DGAC397 | 16 | 529200 | 6919400 | 425 | -60 | 090 |
Hendricks | DGAC398 | 11 | 529148 | 6919400 | 425 | -60 | 090 |
Hendricks | DGAC399 | 29 | 529102 | 6919398 | 425 | -60 | 090 |
Hendricks | DGAC400 | 32 | 529052 | 6919400 | 425 | -60 | 090 |
Hendricks | DGAC401 | 34 | 529005 | 6919400 | 425 | -60 | 090 |
Hendricks | DGAC402 | 30 | 528951 | 6919397 | 425 | -60 | 090 |
Hendricks | DGAC403 | 20 | 528902 | 6919399 | 425 | -60 | 090 |
Hendricks | DGAC404 | 30 | 528851 | 6919400 | 425 | -60 | 090 |
Hendricks | DGAC405 | 24 | 528802 | 6919402 | 425 | -60 | 090 |
Hendricks | DGAC406 | 38 | 529200 | 6919300 | 425 | -60 | 090 |
Hendricks | DGAC407 | 42 | 529152 | 6919304 | 425 | -60 | 090 |
Hendricks | DGAC408 | 50 | 529103 | 6919302 | 425 | -60 | 090 |
Hendricks | DGAC409 | 43 | 529055 | 6919302 | 425 | -60 | 090 |
Hendricks | DGAC410 | 45 | 529004 | 6919298 | 425 | -60 | 090 |
Hendricks | DGAC411 | 52 | 528953 | 6919300 | 425 | -60 | 090 |
Hendricks | DGAC412 | 42 | 528901 | 6919301 | 425 | -60 | 090 |
Hendricks | DGAC413 | 29 | 528852 | 6919300 | 425 | -60 | 090 |
Hendricks | DGAC414 | 28 | 528801 | 6919301 | 425 | -60 | 090 |
Hendricks | DGAC415 | 41 | 529204 | 6919200 | 425 | -60 | 090 |
Hendricks | DGAC416 | 56 | 529154 | 6919201 | 425 | -60 | 090 |
Infill and extensional aircore drilling has been completed at the Beefeater prospect. A total of 17 aircore holes have been drilled, including infill drilling around a previously announced intersection of 13m @ 0.9 g/t gold from 16m to the EOH in DGAC323 including 4m @ 1.6 g/t gold from 16m. Two aircore holes have also been completed at the Caorunn prospect. Results will be announced when they become available.
The Company recently announced the commencement of a full Feasibility Study (FS) in respect of its Dalgaranga Gold Project. The results of the Pre Feasibility Study (announced on 31 March 2016) demonstrate an exceptionally robust development capable of repaying its capital within the first 12 months of production based on a throughput of 2.5Mtpa project to produce an average of 104,000ozpa over an intial life of mine of 6 years, at an All-in Sustaining Cost of A$913/oz.
It is expected that the FS will be completed by the end of 2016, with a final development decision expected in early 2017. For further information please refer to the Company's website or contact the Company directly.
On behalf of the board of Gascoyne Resources Limited
Figure One: Gascoyne Resources Project Locations in the Gascoyne and Murchison Regions
Gascoyne Resources Ltd. issued this content on 06 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 April 2016 03:59:15 UTC
Original Document: http://www.gascoyneresources.com.au/assets/Uploads/160406-Dalgaranga-Gold-Project-Exploration-Update.pdf
