(MENAFN- ProactiveInvestors - Australia) Gascoyne Resources (ASX: GCY) has discovered extensions to the Glenburgh gold trend, within its above 1 million ounce Glenburgh Gold project, that continue for over 5 kilometres to the northeast.
Detailed soil sampling has been conducted northeast of the Zone 126 deposit, which contains 151,000 gold ounces, with results showing a very strong gold geochemical anomaly.
Within this strong gold trend extensive zones averaging above 100 parts per billion gold have been defined, with individual samples grading up to 1,341 parts per billion gold, or 1.34 grams per tonne (g/t).
Further infill sampling is underway, and the anomaly remains virtually untested by drilling.
Results from this sampling have provided numerous resource growth targets which will be part of Gascoyne's discovery drill program in early 2013.
Just last month Gascoyne delivered a 56% increase in resource tonnes and a 47% increase in contained gold ounces, with the new Indicated and Inferred resource now 27.1 million tonnes at 1.2g/t for 1.04 million gold ounces.
The upgrade also increased the higher confidence Indicated resources by 305% to 419,000 ounces. The Indicated resource will underpin the well advanced Feasibility Study.
Of significant note is the size and tenor of the new gold anomalies which are similar to the soil geochemical anomalies that overlie the known gold deposits at Glenburgh.
The final 10,000 metres of the 2012 drill program, largely shallow exploration drilling, is underway, with completion expected to take around three weeks.
Reverse circulation drilling will recommence in early 2013, targeting the new soil anomalies in the northeast zone, along with infill and extension drilling within and around known deposits.
A Feasibility Study is well advanced with the following activities scheduled for the coming months:
- Mining studies, including pit optimisation, pit and dump design, and mining schedules;
- Mining reserve calculation;
- Tailings storage facility design;
- Process plant design; and
- Capital and operating cost estimates.
The study is on track with completion slated for early 2013.
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