Gascoyne Resources Confirms Sly Fox Mineralisation

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THE DRILL SERGEANT: Gascoyne Resources (ASX: GCY) released further assay results from RC drilling on the recent discovery at the Sly Fox prospect within the company’s 100 per cent-owned Dalgaranga gold project in Western Australia.

Gascoyne Resources carried out shallow RC follow-up drilling testing up-dip of previous holes at Sly Fox, which it claims has confirmed wide zones of mineralisation extending virtually right to surface, which can be traced over 250m along strike and to a depth of more than 150m

The shallow intersections include:

27m at 1.6 grams per tonne gold from 20m, including 9m at 3.1g/t gold;

32m at 1g/t gold from 4m, including 16m at 1.5g/t gold;

19m at 1.5g/t gold from 16m, including 10m at 2.45g/t gold;

13m at 1.2g/t gold from 11m gold; and

14m at 1g/t gold from 40m, including 7m at 1.6g/t gold.

“At the same time as the shallow drilling was completed, two deep RC drillholes were drilled to test the depth potential at Sly Fox,” Gascoyne Resources said in its ASX announcement.

“The first deep RC hole intersected the Sly Fox shear zone and a highly altered package of rocks in the expected position, with results for this hole expected shortly.

“The second hole deviated from the planned position and as a result the RC rig was unable to drill to the required depth to reach the projected ore zone.

“A diamond tail is required to extend this RC hole.”

Gascoyne Resources indicated it has also commenced preliminary metallurgical test work on the Sly Fox mineralisation to determine if it will be capable of being treated through the proposed Dalgaranga process plant.

While all this has been happening, at Dalgaranga, a Helicopter Airborne Electromagnetic (HEM) geophysical survey covering approximately 50 square kilometres has been completed.

The survey has been designed to identify and map conductive stratigraphy, in particular black shales that are intimately associated with gold mineralisation at the Gilbeys, Sly Fox and Golden Wings Deposits.

The Dalgaranga gold project contains a Measured, Indicated and Inferred Resource of 29.6 million tonnes at 1.3g/t gold for 1,230,000 ounces of contained gold including Proved and Probable Ore Reserve of 552,000 ounces of gold.

Email: admin@gascoyneresources.com.au

Website: www.gascoyneresources.com.au