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. Following its successful float in 2009, the Company, through rapid and cost effective exploration and acquisition, has grown its resource inventory to 2.05 million ounces of gold in 3 advanced projects, all located on Granted Mining Leases in a low risk jurisdiction (Western Australia).
At the 100% owned Glenburgh gold project in the Gascoyne Region of Western Australia the Company now has a JORC compliant Measured, Indicated & Inferred Mineral Resource of over 1,000,000 ounces of gold. 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 through put of 1.2Mtpa producing 73,000 ounces pa for 4+ years, life of mine revenue of $448 million, pre-tax operating surplus of $163 million and all in sustaining costs 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.
More recently the Company has acquired an 80% interest in the Dalgaranga gold project located in the Murchison Province of Western Australia. The project has 1,019,000 ounces of gold in JORC Measured, Indicated & Inferred categories. The Company’s recent discovery of the high grade Golden Wings 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. A 2015 Scoping Study on Dalgaranga has found an attractive low capital cost (A$37M) development opportunity producing 60,000 ounces pa for ~6 years (upside case 10 years) from 1.5Mtpa throughput, with cash costs of $813/ounce (all in costs $1025/ounce), and life of mine revenue of $612 million. A Pre-Feasibility Study is underway on Dalgaranga development.
In addition Gascoyne has completed the acquisition of 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. Current Feasibility Studies at Glenburgh and Dalgaranga contemplate sole risk operations, however the Company will consider alternate development structures if commercially attractive. The Board members have a collective track record of technical excellence, and corporate and commercial reputation of delivering outstanding shareholder returns.