Gascoyne Resources Provides Dalgaranga Exploration Update

Gascoyne Resources Limited advised of the positive results from the Greencock prospect RC drilling programme at the Company’s Dalgaranga Gold Project in the Murchison of Western Australia (see Figure 1). As announced on 16 January 2018 a multi rig exploration drill programme is underway designed to test a number of the highest priority targets at the Company’s 1.3 million ounce Dalgaranga Gold Project and the 1.0 million ounce Glenburgh Gold Project. The programme is continuing with four rigs currently drilling.

Greencock

Assays from the initial RC drilling program at the Greencock prospect have been returned with very positive results. A total of 16 RC holes for 1,762m were completed with significant mineralisation intersected in every drill hole. The drilling targeted several significant historic intersections including, 19m @ 1.6g/t gold, 15m @ 1.5 g/t gold, 15m @ 1.1g/t gold (see ASX announcement 17 April 2018), which the Company interpreted to be possibly incorrectly oriented (see figure five). The recent wide spaced initial RC drilling has confirmed Gascoyne’s interpretation of southerly dips and shown continuity of the mineralisation over more than 250 metres of strike length, and to a vertical depth of approximately 80 metres. A distinctive fine-grained basalt at the base of several holes mark the footwall to a mineralised mafic host. The host unit is a variably sheared coarse grained quartz gabbro, with zones containing strong silica and sulphide mineralization.

Mineralisation is open at depth and along strike, confirmed by significant results in holes DGRC360 and DGRC353, drilled respectively at the eastern and western strike extents of RC drill grid.

The regional strike extensions of Greencock prospect mineralisation has now been drilled along 3.6km’s of strike with initial shallow Aircore Drilling, results are awaited.


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