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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Gascoyne Resources Ltd    GCY   AU000000GCY6

GASCOYNE RESOURCES LTD (GCY)
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Gascoyne Resources : Excellent Metallurgical Testwork Results from Gilbeys South, 1.4 MB

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01/23/2017 | 02:30am CET

January 23rd 2017

Australian Securities Exchange Limited Via Electronic Lodgement

57 139 522 900

EXCELLENT METALLURGICAL TESTWORK RESULTS FROM GILBEYS SOUTH AT DALGARANGA GOLD PROJECT
  • Excellent total metallurgical recovery of 93.3% confirmed by initial metallurgical testwork on the Gilbeys South prospect
  • High gravity gold recovery of 36.5%
  • Very low cyanide consumption of only 0.34kg/t (less than at the Gilbeys deposit) expected to result in low processing costs for Gilbeys South
  • This testwork confirms that the Gilbeys South discovery can be recovered through the proposed Dalgaranga process plant

Gascoyne Resources Limited ("Gascoyne" or "Company") is pleased to advise that it has completed initial metallurgical testwork at the Gilbeys South prospect at the 100% owned Dalgaranga Gold Project. The Dalgaranga Gold Project already contains a Measured, Indicated and Inferred Resource of 25.7Mt @ 1.4 g/t gold for 1.12 million ounces of contained gold including Proved and Probable Ore Reserve of 552,000 ounces of gold (see Figures 1 & 2 & Tables 4 & 5 below). The Company expects to report an update to Resources and Reserves later this quarter once further assay results are received from recent drilling.The initial metallurgical testwork results reported herein confirms that the Gilbeys South prospect can be recovered through the proposed Dalgaranga process plant.

Gilbeys South Metallurgical Testwork Summary

Four composite samples have been tested to confirm the metallurgical characteristics of the Gilbeys South prospect. Samples were collected from different geological domains (oxide, transition and fresh) as well as testing the total strike length of the prospect (see Figure 4). The samples were composited from the RC drilling that has been completed at the prospect and the results confirm excellent total recovery not only in the oxide but also from the transitional and fresh mineralisation.

The tests have demonstrated very rapid leaching kenetics for each of the samples, and overall recovery of between 90.1% and 95.1% (average of 93.3%) after 24 hours, and very high gravity gold recovery of between 24% and 45% (average of 36.5%). These recoveries and leaching kenetics are comparable to the Gilbeys Deposit (see Tables 1 - 3 and Figure 3 below).

Another favourable outcome of the testwork is confirmation of very low reagent consumption required to achive the high recoveries outlined above. The cyanide consumption from the tests ranged from 0.26kg/t to 0.39kg/t (average consumption of 0.34kg/t). This consumption rate is slightly lower than historically used in the original process plant and adopted in the recently completed Feasibility Study, which assumed 0.4kg/t would be required. Cyanide is one of the highest reagent costs in the process plant, so confirmation of low cyanide consumption from the Gilbeys South prospect is expected to have a postive impact on processing costs for the Gilbeys South prospect.

Significant Newsflow over the Coming Months

As announced to the ASX on the 25th November, 2016 the Gascoyne Board has approved the Dalgaranga Feasibility Study and subject to obtaining a suitable financing arrangement, has approved the project to proceed to construction.

Whilst financing is progressed over the coming months, the Company expects to deliver significant and regular news flow as it continues to make strong progress on early development activities at Dalgaranga and continues to progress an extensive exploration programme, with key news flow to be reported including:

P.O. Box 1449, West Perth, Western Australia 6872 Level 1, 41-47 Colin Street, West Perth, Western Australia 6005 Telephone +61 8 9481 3434, Facsimile +61 8 9481 0411

Email: [email protected], Web: www.gascoyneresources.com.au

  • Completion of project permitting and securing of long lead time items required for construction of the plant;

  • Release of a large number of drill results that are pending, including:

    • More than 40 RC holes from Gilbeys South and

    • Approximately 300 Aircore holes from regional and sterilisation drilling

  • Release of results from ongoing drilling at near-resource drill targets and regional drill targets at Dalgaranga;

  • Mineral Resource update at Gilbeys, including a maiden resource in respect of Gilbeys South; and

  • An update to the Ore Reserve, Open Pit Mine Designs and Mine Schedule.

All of these activities will be completed with the Company's existing funds as well as continuing to maintain an aggressive exploration programme over the coming months.

For further information please refer to the Company's website or contact the Company directly. 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

Figure Two: Dalgaranga Gold Project Deposit and Prospect Layout

Very High Overall Recovery

Very Rapid Leaching

High Gravity Gold Recovery

Figure Three: Gilbeys South Metallurgical Extraction Overtime

Composite #

Gold Grade (g/t)

Gravity Gold Recovery

Gold Recovery after 12hrs

Gold Recovery after 24hrs

Gold Tail Grade (g/t)

Cyanide Consumption kg/t

Lime Consumption kg/t

WH7324

1.52

45.5%

94.8%

94.8%

0.08

0.37

1.97

WH7325

1.11

43.1%

88.9%

90.1%

0.11

0.39

0.52

WH7326

1.83

33.6%

93.6%

95.1%

0.09

0.26

2.48

WH7327

1.47

23.7%

90.0%

93.2%

0.10

0.33

2.82

Figure Four: Gilbeys South Metallurgical Testwork Sample Locations Table 1: Gilbeys South Metallurgical Composite Sample Results at 90µm Table 2: Gilbeys South Metallurgical Composite Sample Details

Composite #

Hole ID

From (m)

To (m)

Total Weight

(kg)

Weight Used

Sample Type

WH7327

DGRC099

12

26

28.5

8

Oxide

WH7326

DGRC145

13

21

29.3

8

Oxide

DGRC149

2

7

8.8

3

Oxide

WH7325

DGRC139

103

122

75.6

17

Fresh

WH7324

DGRC138

65

74

46

9

Transitional

Table 3: Gilbeys South Metallurgical RC Hole Locations

Prospect

Hole ID

Hole Type

Depth

Easting

Northing

RL

Dip

Azimuth

Gilbeys South

DGRC099

RC

77

525346

6919132

425

-60

135

Gilbeys South

DGRC138

RC

120

525319

6919362

425

-60

135

Gilbeys South

DGRC139

RC

160

525389

6919430

425

-60

135

Gilbeys South

DGRC145

RC

130

525495

6919327

425

-60

135

Gilbeys South

DGRC149

RC

130

525561

6919345

425

-60

135

Gascoyne Resources Ltd. published this content on 23 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2017 01:30:02 UTC.

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Financials ( AUD)
Sales 2018 16,0 M
EBIT 2018 -10,9 M
Net income 2018 -11,7 M
Debt 2018 4,00 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 12,9x
EV / Sales 2019 1,02x
Capitalization 202 M
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Managers
NameTitle
Michael Dunbar Managing Director & Director
Rodney Michael Joyce Non-Executive Chairman
David J. Lim Chief Financial Officer & Joint Secretary
Graham Douglas Riley Independent Non-Executive Director
John J. den Dryver Independent Non-Executive Director
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