Gascoyne buys gold tenement north-west of Dalgaranga

JOHANNESBURG (miningweekly.com) – Gascoyne Resources has acquired a 100% interest in exploration licence E53/2053, near its Dalgaranga gold project, in the Murchison gold mining region of Western Australia.

The tenement, which is considered to be highly prospective for gold and base metal mineralisation, was purchased for $100 000 in cash and 475 000 Gascoyne shares escrowed for six months and a further 475 000 shares escrowed for 12 months.

The tenement lies immediately to the north west of the company’s Dalgaranga project, which contains a measured, indicated and inferred resource of 31.1-million tonnes at 1.3 g/t for 1.32-million ounces of contained gold, which is inclusive of proved and probable ore reserves of 14.3-million tonnes at 1.27 g/t for 581 000 oz of gold

While Gascoyne’s immediate priority is the gold prospectivity in the Greencock prospect, the tenement also contains a number of base metal prospects which were the focus of a number of explorers from 1968 to the mid-1990s using the Golden Grove volcanic massive sulphide deposits as the exploration model. Ground and airborne electromagnetic geophysical techniques found a number of sulphide rich conductor zones, some of which have been partially drill tested, while others remain untested.

High grade base metal intersections were recorded at the Lasoda prosect, which contains zinc, copper, lead, silver and gold mineralisation.