(MENAFN- ProactiveInvestors)
(ASX:GCY) has completed the acquisition of the Egerton Gold Project in Western Australia from ().
In September 2014 the company exercised its option to acquire the project for 4166667 GCY shares plus 500000 Gascoyne options exercisable at $0.25 within a three year term.
Egerton includes the high grade Hibernian deposit (23800 ounces at 6.4 grams per tonne gold) on a Granted Mining Lease within trucking distance to its Glenburgh Project.
It also hosts a number of other high grade exploration targets such as the Gaffneys Find Prospect where recent shallow reverse circulation drilling resulted in intersections up to 8 metres at 11.4g/t gold.
Extensions have been identified to known deposits over 15 kilometres of strike.
Gascoyne had $1.2 million in cash as at 30th June 2015.
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