SPARTAN RESOURCES LIMITED February 2nd, 2016
Australian Securities Exchange Limited Via Electronic Lodgement
57 139 522 900
- Infill RC Resource Drilling at the Golden Wings deposit has returned broad high grade gold intersections.
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Significant gold intersections include;
- 12m @ 4.4 g/t gold from 121m, including 8m @ 5.9 g/t gold
- 8m @ 3.9 g/t gold from 72m to EOH, including 4m @ 6.5 g/t gold
- 14m @ 1.5 g/t gold from 126m to EOH, including 4m @ 3.1 g/t gold
- The new results are now being incorporated into an updated Mineral Resource for Golden Wings, which is expected to be reported in the coming weeks.
- The Dalgaranga Pre-Feasibility Study is continuing on schedule for completion in Q1 2016.
Gascoyne Resources Limited ("Gascoyne" or "Company") is pleased to advise that it has received assay results from infill resource RC drilling of the Golden Wings deposit at the Company's 80% owned Dalgaranga Gold Project in the Murchison region of Western Australia. The Dalgaranga Gold Project contains a recently upgraded (ASX announcement November 4th, 2015) Measured, Indicated and Inferred Resource of 23.0Mt @ 1.4 g/t gold for 1.02 million ounces of contained gold (see Figure 1&2).
Golden Wings RC drilling
RC resource drilling was completed in December 2015 at the Golden Wings deposit. The drilling was undertaken to confirm and extend the higher grade mineralisation previously identified. This new drilling is now being incorporated into an updated Mineral Resource for Golden Wings, which is expected to be completed in the next two weeks and integrated into the Pre Feasibility Study.
Results from the drilling confirm the Company's interpretation and are expected to impact positively on the updated Mineral Resource estimate. Significant intersections have been returned including 12m @ 4.4 g/t gold from 121m in DGRC063 including 8m @ 5.9 g/t gold from 123m (see Figure 3&4), 8m @ 3.9 g/t gold from 72m to the EOH in DGRC059 including 4m @ 6.5 g/t gold and 14m @ 1.5 g/t gold from 126m to the EOH in DGRC062 including 4m @ 3.1 g/t gold. Below the deep weathering at Golden Wings mineralisation is associated with quartz carbonate and sulphide veined and sheared chlorite-sericite altered porphyry, schists and black shales. See attached tables and figures for details on these RC results.
Commenting on the high grade gold results, Gascoyne Managing Director Mike Dunbar stated "It is very pleasing to have intersected wide and high grade mineralisation at Golden Wings confirming the Company's interpretation of a high grade plunging shoot. This bodes well for the PFS, which remains on schedule for completion by the end of the current quarter. The potential for near term development coupled with the recent discovery of a new mineralised shear at Hendricks, and the fact that the area has had next to no regional exploration in the last 20 years, means the Dalgaranga project is fast becoming one of the best undeveloped gold projects in the Murchison."
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
AC Drilling Results
A significant number of Aircore assay results still remain to be received from exploration targets drill tested last month; drilling was also undertaken at the Beefeater, Vickers and Gilbeys North prospect areas. These results are expeceted to be available in the next few days.
Drill planning is well advanced in following up the recent new gold discovery made at the Hendricks prospect (11m @ 2.2 g/t gold from 36m to the end of hole) as announced to the ASX on the 14th January 2016.
Pre-Feasibility Study
The Dalgaranga Pre-Feasibility Study (PFS) is on schedule for completion in the current quarter. As mentioned above, once the Golden Wings Resource is updated it will be incorporated into the PFS.
The PFS is investgating the establishment of a 2.5Mtpa processing plant on site, which recent pit optimisations suggest will result in production of approximately 100,000ozpa for 6-7 years (see ASX Announcement 19th January 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 Dunbar Managing Director
Hole ID | Deposit | From (m) | To (m) | Interval (m) | Au Grade g/t |
DGRC059 | Golden Wings | 39 | 44 | 5 | 0.62 |
59 | 60 | 1 | 1.2 | ||
72 | 80 EOH | 8 | 3.9 | ||
includes | 76 | 80 EOH | 4 | 6.5 | |
DGRC060 | Golden Wings | 50 | 54 | 4 | 1.8 |
78 | 79 | 1 | 0.50 | ||
DGRC061 | Golden Wings | 99 | 100 | 1 | 0.92 |
134 | 139 | 5 | 0.81 | ||
includes | 134 | 135 | 1 | 2.5 | |
DGRC062 | Golden Wings | 49 | 50 | 1 | 0.94 |
67 | 68 | 1 | 0.70 | ||
126 | 140 EOH | 14 | 1.5 | ||
includes | 134 | 138 | 4m | 3.1 | |
DGRC063 | Golden Wings | 77 | 78 | 1 | 0.56 |
85 | 88 | 3 | 1.2 | ||
93 | 95 | 2 | 1.2 | ||
115 | 116 | 1 | 2.0 | ||
121 | 133 | 12 | 4.4 | ||
includes | 123 | 131 | 8 | 5.9 | |
DGRC064 | Golden Wings | 37 | 40 | 3 | 2.5 |
DGRC065 | Golden Wings | 39 | 40 | 1 | 0.63 |
DGRC066 | NSA | ||||
DGRC067 | Golden Wings | 52 | 53 | 1 | 1.8 |
DGRC068 | Golden Wings | 73 | 75 | 2 | 1.8 |
98 | 100 EOH | 2 | 2.2 | ||
DGRC069 | Golden Wings | 30 | 32 | 2 | 1.1 |
153 | 154 | 1 | 1.2 |
Deposit | Hole_ID | Depth | GDA East | GDA North | RL | Dip | Azimuth |
Golden Wings | DGRC059 | 80 | 529131 | 6922541 | 428 | -60 | 180 |
Golden Wings | DGRC060 | 80 | 529255 | 6922589 | 428 | -60 | 180 |
Golden Wings | DGRC061 | 140 | 529228 | 6922619 | 428 | -60 | 180 |
Golden Wings | DGRC062 | 140 | 529190 | 6922615 | 428 | -60 | 180 |
Golden Wings | DGRC063 | 135 | 529212 | 6922603 | 428 | -60 | 180 |
Golden Wings | DGRC064 | 50 | 529073 | 6922488 | 428 | -60 | 180 |
Golden Wings | DGRC065 | 69 | 529069 | 6922507 | 428 | -60 | 180 |
Golden Wings | DGRC066 | 45 | 529110 | 6922490 | 428 | -60 | 180 |
Golden Wings | DGRC067 | 70 | 529104 | 6922513 | 428 | -60 | 180 |
Golden Wings | DGRC068 | 100 | 529100 | 6922538 | 428 | -60 | 180 |
Golden Wings | DGRC069 | 180 | 529142 | 6922606 | 428 | -60 | 180 |
Gascoyne Resources Ltd. issued this content on 02 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 February 2016 02:00:51 UTC
Original Document: http://www.gascoyneresources.com.au/assets/Uploads/160202-Golden-Wings-RC-results.pdf
