SPARTAN RESOURCES LIMITED July 7th 2016
Australian Securities Exchange Limited Via Electronic Lodgement
57 139 522 900
EXCELLENT SHALLOW AIRCORE RESULTS OUTSIDE OF EXISTING DALGARANGA RESOURCE- Shallow Aircore drilling highlights potential to add 50% to the strike length of the 949,000 ounce Gilbeys Deposit.
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Shallow drilling south of the known Resource at Gilbeys has intersected:
- 12m @ 2.0 g/t gold from 16 metres in DGAC513 (including 4m @ 5.5 g/t gold)
- 4m @ 3.4 g/t gold from 8m in DGAC520
- 8m @ 1.9 g/t gold from 28m in DGAC504
- 16m @ 1.2 g/t gold from 4m in DGAC547 (including 4m @ 4.2 g/t gold)
- 38m @ 0.9 g/t gold from 12m to EOH in DGAC548 (including 10m @ 1.5 g/t gold to EOH)
- 16m @ 1.1 g/t gold from 32m in DGAC523
- 15m @ 0.5 g/t gold from 24m to EOH in DGAC552 (including 3m @ 1.3 g/t gold to EOH)
- 8m @ 1.0 g/t gold from 44m in DGAC514 o 4m @ 1.7 g/t gold from 4m in DGAC515 o 4m @ 1.1 g/t gold from 16m in DGAC515 o 4m @ 1.0 g/t gold from 32m in DGAC521
- Two holes drilled North of the Gilbeys Deposit also intersected significant mineralisation including 8m @ 1.1 g/t gold from 80m in DGAC556
- Exploration is ongoing with two RC drill rigs currently drilling to test below the shallow aircore drilling reported above and to test extensions to the Gilbeys deposit
- One aircore rig is continuing the regional exploration programme at the Dalgaranga Gold Project
- Diamond core drilling programme below the existing Gilbeys Pit has been completed with results from the last four resource holes expected within two weeks
- Feasibility Study progressing on schedule, with completion expected before the end of 2016
Gascoyne Resources Limited ("Gascoyne" or "Company") is pleased to report on further assay results received from exploration drilling activities 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 & 2 & Table 3 & 4).
Dalgaranga Drilling UpdateAs previously announced, an aggressive drill programme is underway at the Dalgaranga Gold Project. The drilling is a combination of RC and aircore exploration drilling at the Hendricks, Beefeater, Vickers, Caorunn and Gilbeys South prospects, and RC and diamond resource drilling, geotechnical and metallurgical drilling at the Gilbeys and Golden Wings Deposits (see Figure 2).
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
Gascoyne is pleased to announce that it has received further results from the ongoing drilling programme at the Gilbeys South prospect. These results are summarised below.
Gilbeys South ProspectShallow aircore drilling south of the Gilbeys deposit has intersected significant mineralisation, highlighting the potential for the Gilbeys deposit to extend to over 1650m long, a 50% increase from the current resource length of 1,100m (see Figure 3 & 4 and Table 1 & 2). A total of 55 aircore holes have been completed and have intersected numerious shallow wide zones of gold mineralisation including:
- 12m @ 2.0 g/t gold from 16 metres in DGAC513 (inc 4m @ 5.5 g/t gold)
- 4m @ 3.4 g/t gold from 8m in DGAC520
- 8m @ 1.9 g/t gold from 28m in DGAC504
- 16m @ 1.2 g/t gold from 4m in DGAC547 (inc 4m @ 4.2 g/t gold)
- 38m @ 0.9 g/t gold from 12m to EOH in DGAC548 (inc 10m @ 1.5 g/t gold to EOH)
- 16m @ 1.1 g/t gold from 32m in DGAC523
- 15m @ 0.5 g/t gold from 24m to EOH in DGAC552 (inc 3m @ 1.3 g/t to EOH)
- 8m @ 1.0 g/t gold from 44m in DGAC514 o 4m @ 1.7 g/t gold from 4m in DGAC515 o 4m @ 1.1 g/t gold from 16m in DGAC515 o 4m @ 1.0 g/t gold from 32m in DGAC521
The drilling has demonstrated that the mineralisation extends a further 550m metres south of the current 949,000 ounce Resource and importantly the mineralisation in this area is shallow, with many of the intersections starting in the highly weathered oxide zone within 15 metres of the surface.
Follow up RC drilling is underway with two RC rigs currently testing the depth potential of the area. The followup drilling will take around three weeks to complete with initial results expected to be received before the end of July
Gilbeys DepositThe initial diamond core drilling programme targeting resources under the existing Gilbeys pit has now been completed. The drilling was designed to increase the confidence in the resource at depth to allow conversion of more of the Resource from the Inferred category into the Indicated and Measured categories. This will allow more of the resource to be converted into Ore Reserves. The drilling also targeting Resource extensions, and provided samples required for the Feasibility Study metallurgical testwork. (see Figure 5)
All of the holes intersected the mineralisation within a few metres of the expected depths, highlighting the excellent continuity of the mineralisation at depth, with the results received to date confirming or exceeding the predicted down dip widths and grades.
The last four diamond holes (DGDH004, 6, 9 & 10) are now in the laboratory in Perth for analysis, with results expected within two weeks.
The deposit remains open in all directions (see figure 3) with further extensional drilling planned, including deeper RC drilling to test the deposit to the North and South, as well as shallow aircore and RC drilling to test extensions to the mineralisation on the Eastern side of the deposit, where shallow high grades in the oxide zone remain untested along strike to the North East and South West (see Figure 3)
Table 1: Significant Aircore Drill Results
Hole ID | From (m) | To (m) | Interval (m) | Au Grade g/t | Comments |
DGAC500 | 20 | 24 | 4 | 0.8 | |
DGAC500 | 20 | 36 | 16 | 0.4 | |
inc | 20 | 24 | 4 | 0.8 | |
DGAC500 | 64 | 68 | 4 | 0.3 | |
DGAC501 | 32 | 40 | 8 | 0.6 | |
DGAC501 | 56 | 60 | 4 | 0.6 | |
DGAC501 | 46 | 47 | 1 | 0.6 | |
DGAC504 | 28 | 36 | 8 | 1.9 | |
DGAC506 | 8 | 12 | 4 | 0.8 | |
DGAC507 | 28 | 32 | 4 | 0.5 | |
DGAC508 | 16 | 36 | 20 | 0.2 | |
DGAC509 | 8 | 12 | 4 | 0.3 | |
DGAC511 | 32 | 36 | 4 | 0.4 | |
DGAC511 | 48 | 52 | 4 | 0.3 | |
DGAC512 | 12 | 16 | 4 | 0.5 | |
DGAC512 | 48 | 56 | 8 | 0.4 | |
DGAC513 | 16 | 28 | 12 | 2.0 | |
inc | 16 | 20 | 4 | 5.5 | |
DGAC514 | 44 | 52 | 8 | 1.0 | |
DGAC515 | 4 | 8 | 4 | 1.7 | |
DGAC515 | 16 | 20 | 4 | 1.1 | |
DGAC517 | 16 | 32 | 16 | 0.5 | |
DGAC520 | 8 | 12 | 4 | 3.4 | |
DGAC521 | 4 | 24 | 20 | 0.4 | |
DGAC521 | 32 | 36 | 4 | 1.0 | |
DGAC522 | 16 | 44 | 28 | 0.4 | |
DGAC523 | 32 | 48 | 16 | 1.1 | |
DGAC524 | 48 | 56 | 8 | 0.3 | EOH |
DGAC525 | 48 | 56 | 8 | 0.4 | EOH |
inc | 52 | 56 | 4 | 0.6 | EOH |
DGAC538 | 16 | 35 | 19 | 0.3 | |
DGAC547 | 4 | 20 | 16 | 1.2 | |
inc | 4 | 8 | 4 | 4.2 | |
DGAC547 | 28 | 32 | 4 | 0.4 | |
DGAC548 | 12 | 50 | 38 | 0.9 | EOH |
inc | 40 | 50 | 10 | 1.5 | EOH |
DGAC552 | 24 | 39 | 15 | 0.5 | EOH |
inc | 36 | 39 | 3 | 1.3 | EOH |
DGAC553 | 16 | 23 | 7 | 0.2 | EOH |
DGAC556 | 52 | 68 | 16 | 0.5 | |
DGAC556 | 80 | 88 | 8 | 1.1 | |
DGAC556 | 100 | 102 | 2 | 0.3 | EOH |
DGAC557 | 72 | 76 | 4 | 0.4 |
The Dalgaranga Feasibility Study (FS) remains on schedule for completion by the end of 2016.
As mentioned above the resource drilling has been completed with results from the last four diamond holes expected within two weeks. These holes are also being used for the metallurgical variability testwork. This programme is well advanced with the feasibility team currently focussing on the statutory approvals required to develop the project, with the Mining Proposal, Mine Closure Plan and the Works Approvals all expected to be submitted to the Department of Mines and Petroleum in the next month, and approvals anticipated to be received by the end of 2016.
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 DunbarManaging Director
Gascoyne Resources Ltd. published this content on 07 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 07 July 2016 00:15:02 UTC.
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