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Glenburgh Gold Project - Western Australia

Gascoyne Resources Limited 100%
EL 09/1325, 09/1079, P09/425-426

Project Summary

• 300km² tenement area located in the Southern Gascoyne region of WA, 250km east of Carnarvon;
• Inferred Resource of 2.4Mt @ 2.6g/t for 203,000oz Au – (Jan 2009);
• Internal scoping study commenced to determine potential mining and development scenarios.

Project Background

The Glenburgh Gold Project is situated in the Southern Gascoyne Province of WA ~250km east of Carnarvon. The project consists of a gold mineralised shear system hosted in remnants of Archaean terrane in a Proterozoic mobile belt. Glenburgh was a grass roots discovery by Helix from regional stream sampling in the 1990’s.

Exploration Update

The resource estimation for the project now stands at 2.4Mt @ 2.6g/t Au for 203,000 ounces. This increases the resource by 88% from the 2005 reported estimate. Additional upside is considered to exist with several prospects remaining open along strike and down dip. Further drilling is required to bring these areas into a reportable category.


Resource Statement and Parameters

Area	Tonnes	Au Cut  g/t	Au Cut Ounces
Icon	952,000	2.3	71,000
Apollo	670,000	3.4	73,000
Mustang	190,000	1.9	12,000
Shelby	124,000	1.7	7,000
Hurricane	93,000	2.1	6,000
Zone 102	185,000	3.3	20,000
Zone 126	96,000	2.8	9,000
North East Four	116,000	1.6	6,000
Total	2,425,000	2.6	203,000

The resource estimate was completed using the following parameters:

• The Glenburgh Resource area extends over a strike length of 7,100m (from 10,075mE to 17,175mE) and includes the vertical extent of 170m from 350mRL to 180mRL. This includes the following domains:
• Icon - strike length of 1150m (from 10,075mE to 11,225mE).
• Apollo - strike length of 495m (from 11,425mE to 11,920mE).
• Mustang - strike length of 455m (from 12,170mE to 12,625mE).
• Shelby - strike length of 255m (from 12,975mE to 13,229mE).
• Hurricane - strike length of 235m (from 15,025mE to 15,260mE).
• Zone102 – strike of length of 265m (from 15,775mE to 16,045mE).
• Zone126 – strike length of 160m (from 16,565mE to 16,725mE).
• North East Four – strike length of 250m (from 16,925mE to 17,175mE).
• Drill holes in the database used for resource estimate included 390 surface RC holes and 9 surface diamond holes for a total of 40,792m of drilling. Most of the drill holes were drilled on 50m EW line spacings and angled 60 degrees towards grid south.
• Wireframes were created using cross sectional interpretations based on a 1.0 g/t Au cut-off (Icon and Apollo) or 0.5g/t Au cut-off grade with a minimum downhole length of 2m.
• Various sampling methods were used during the multiple phases of drilling, from 4m composites to 1m samples. The majority within the resource wireframes were composited to 1m.
• Core was generally NQ size. Core samples were collected as half core over 1m intervals and approximately one third analysed for Au at Analabs (Perth) using a 30g fire assay with carbon rod finish.
• Various assay methods Have been used over the life of the project. In all cases, 4m composite samples were submitted for analysis.
• 1994 to 1995 – 30g Fire Assay fusion and AAS finish (AnaLabs).
• 1995 to 1997 – 30g Fire Assay with carbon rod finish (AnaLabs).
• 1997 to 1998 – 50g charge to 0.01ppm detection limit. Fire Assay following Aqua Regia Digest, Pb collection, DIBK extraction and AAS finish (AnaLabs).
• 2003 – Pb collection Fire Assay with an ICP-OES finish to 1ppb detection limit (Ultra Trace).
• 2005 to 2008 – 40g Aqua Regia Digest, analysis by ICP-MS. 4m composite samples reporting >0.5 g/t or >1 g/t during 2008, were re-sampled at 1m intervals. These samples were assayed at Ultra Trace Laboratories in Perth using a Pb collection fire assay of a 40g charge, with Aqua Regia digest and ICP-OES finish to 1ppb detection level (HLX, 2008)
• Internal Quality control included taking a field duplicate at every 25th sample. External Quality Control by Ultra Trace Laboratories included analysing two reference materials at random positions in every 28 samples analysed by Aqua Regia (2 in every 30 for Fire Assay). Reference materials included the following Gannet Standards; ST154, 381, 245, 257, 270, 299, and 398. Blanks were analysed at the start of each batch and then after every 90 samples.
• All drillhole collar coordinates have been assigned a nominal elevation of 350m. Down hole surveys for post 2005 RC holes were completed using an Eastman single shot camera or electronic camera (2008), whilst diamond holes were surveyed using the Eastman single shot camera.
• Surpac block models were used for the estimate with blocks sized 5m NS by 25m EW by 12.5m vertical with sub-cells of 2.5m by 12.5m by 6.25m. 
• Inverse Distance Squared (ID2) interpolation was used to estimate the Glenburgh Resource. An orientated ‘ellipsoid’ search was used to populate the resource blocks, with major search directions determined by the strike, dip and plunge of each individual object.
• A bulk density value of 2.75t/m3 was assigned to all material. Drilling indicates fresh rock from surface. 
• The resource was classified as Inferred Mineral Resource and was defined where the drill spacing was generally 30m by 50m or less and had multiple drill hole intersections. However, some pods which had only one drill intercept were classified as Inferred where they occurred along the main strike of the mineralised shears or had greater than 1g/t Au intercepts.

This resource estimation will now form the basis for a preliminary desktop scoping study into possible productions options.