Gascoyne Resources Ltd is a gold exploration and development company led by an experienced board and management with a strong blend of discovery and mining backgrounds. The Board members have a collective track record of technical excellence, and corporate and commercial reputation of delivering outstanding shareholder returns.
Following its successful float in 2009, the Company, through rapid and cost effective exploration and acquisition, has grown its resource inventory to over 2.1 million ounces of gold in 3 advanced projects, all located on Granted Mining Leases in a low risk jurisdiction (Western Australia).
In November 2016 the Company completed a full Feasibility Study on its 80% owned Dalgaranga gold project, which has found an attractive low capital cost (A$86M) development opportunity producing ~100,000 ounces pa for ~6 years from 2.5Mtpa throughput, with life of mine all in sustaining costs (AISC) of $931/ounce. The Dalgaranga gold project is located in the Murchison Province of Western Australia. The project has resources of 25.7 million tonnes @ 1.4 g/t gold for 1,016,000 ounces in JORC Measured, Indicated & Inferred categories, and initial Proven & Probable Reserves of 552,000 ounces. The Company’s recent discovery of significant extensions immediately south of the flagship Gilbeys deposit underlines the high potential at Dalgaranga for further discovery and resource growth within Gascoyne’s 500 km2 tenement holdings. Prior to Gascoyne’s recent drilling there had been no exploration activity at Dalgaranga for ~ 15 years, and many outstanding targets remain untested. First production for Dalgaranga is planned for early 2018.
The Company’s second +1million ounce gold project provides the opportunity for organic growth. The 100% owned Glenburgh gold project in the Gascoyne Region of Western Australia has a JORC compliant Measured, Indicated & Inferred Mineral Resource of 21.3 million tonnes @ 1.5g/t gold for over 1,000,000 ounces. Gascoyne holds over 1,000 km2 of the prospective and underexplored Glenburgh belt, which is viewed as having strong similarities to the 8 million ounce Tropicana district. A Preliminary Feasibility Study in 2013 found that Glenburgh can support a viable project with an annual throughput of 1.2Mtpa producing 73,000 ounces pa for 4+ years, with ASIC of $991/ounce. Sampling and shallow drilling has so far outlined gold mineralisation over 18km strike of the mineralised structures on the Company’s 50km long holdings at Glenburgh, with detailed resource drilling restricted so far to only ~10% of the prospective strike, highlighting the potential for significant exploration upside. Gascoyne plans to develop Glenburgh from cash flows generated by the Dalgaranga project.
In addition Gascoyne has 100% interest in the Egerton gold project located within trucking distance of Glenburgh. The project covers an entire historic goldfield in a Lower Proterozoic inlier and includes the high grade Hibernian deposit which contains a resource of 116,400 tonnes @ 6.4 g/t gold for 24,000 ounces in the Measured, Indicated and Inferred JORC categories, along with the Gaffney’s Find deposit where recent Gascoyne drilling returned intersections including 8m @ 11.4g/t gold and 4m @ 72.3g/t gold, confirming the high grade nature of the Egerton goldfield.
The Company is focussed on continuing to add value to its gold projects through ongoing resource growth via exploration and discovery, and is determined to maximise benefit to shareholders through progressing its advanced projects to near term development.