Gascoyne Resources Announces First Fold from Dalgaranga Gold Project Ahead of Schedule and Under Budget

Gascoyne Resources Limited advised that it has poured first gold from the new 2.5Mtpa processing plant at the Company’s 100% owned Dalgaranga Gold Project, joining the ranks of Australian gold producers.

Dalgaranga contains a Measured, Indicated and Inferred Resource of 31.1Mt @ 1.3 g/t for 1,320,000 ounces of contained gold, which is inclusive of Proved and Probable Ore Reserves of 15.3Mt @ 1.3 g/t for 612,000 ounces of gold (see Figures 1 & 2 and Tables 1 & 2 below). The Company remains focused not only on ramping up to full production, but also an ongoing aggressive exploration effort aimed at increasing the mine life towards 8-10 years, as well as progressing the Glenburgh Gold Project, the Company’s second +1.0 million ounce gold project in Western Australia.

“To say that I am pleased to have poured our first gold would be a massive understatement. The Company has managed to put together a fantastic team which has grown the global resource base from under 200,000oz on listing, to now having two gold projects which each contain more than 1 million ounces, and progressed Dalgaranga through feasibility. We have built a 100% owned new gold processing facility and associated infrastructure under budget and ahead of schedule, and now poured first gold.

The construction of the Dalgaranga mine would not have been possible without the Company’s Director of Operations and Development, Mr Ian Kerr who with his highly experienced (but small) development team of Warren King and Garry Moore, along with GR Engineering’s Team of Andrew Bennett and Matt Gordon have delivered the project ahead of schedule and under budget. A very rare feat indeed.

With the plant now operational, the aim for the next few months is to achieve consistent performance from all aspects of the process plant.

While the recent attention has been on delivery of the Dalgaranga Gold Project, the Company remains focused on continuing the exploration success that has so far resulted in discovery of over 2 million ounces of gold since listing. The current 75,000 metre drill programme is split between Dalgaranga, to extend the mine life to 8 – 10 years, and Glenburgh, where exploration outside the known 1.0 million ounce resource base is aiming to increase the global resource prior to feasibility and ultimately development.


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