GASCOYNE RESOURCES LTD - ASX: GCY

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Description

Gascoyne Resources is focussed on the discovery and delineation of gold and base metal projects in Australia. Following the successful float of the company in 2009, the company is now tasked with evaluating the Glenburgh gold project in the Gascoyne region of Western Australia, with a JORC compliant resource which currently stands at 520,000 ounces. Further infill and extensional drilling in 2011 should see this resource increase, providing shareholders with an opportunity to profit from this exciting development.

Glenburgh Project, Western Australia

* 300km² tenement area located in the Southern Gascoyne region, 250km east of Carnarvon;
* Current Inferred Resource 7.2Mt @ 1.6g/t for 360,000 oz gold with gold mineralisation contained within shallow westerly plunging shoots in a 16 km long mineralised system;
*Internal scoping study commenced to determine potential mining and development scenarios

Bassit Bore, Western Australia

Located approximately 120km north of Glenburgh and straddling the Dairy Creek to Cobra Road, the central tenement of the Bassit Bore Project, E09/1088 hosts anomalous gold and copper geochemistry in stream sediments and in soils along a 15km long east-west trend across the tenement. Surrounding this central tenement are two exploration licences, E 09/1750 & E 09/1751, that are held by Gascoyne to cover land with enhanced and anomalous gold in stream sediments.

Bustler Bore, Western Australia

The Bustler Well project is located approximately 110 kilometres north east of Glenburgh on the Landor-Mt Augustus Road, and 15 km north east of the Mt James project in the Southern Gascoyne region. Minor historical gold workings based on quartz–veined schistose arkose that were drilled in 1988 and 1989 with narrow width, high grade gold values returned from surface sampling and drillling provide the main exploration focus for the project. This is referred to as the “Old Pit Area”.

Mt James, Western Australia

The Mt James Project is located approximately 90 km from Glenburgh and is accessed from the Landor-Mt Augustus road by limited station and mineral exploration tracks. Gold mineralisation occurs over a total strike length in excess of 8km from the West Point Prospect in the west through the Pigtails Prospect to the Clever Mary Prospect in the east of the licence. The gold mineralisation is situated within a shear zone close to the contact between altered mafic (chlorite-biotite-carbonate-pyrite) schist and felsic schists. The mafic schist has been intruded by numerous small pegmatite dykes, and also contains minor ferruginous chert and BIF horizons.

Murchison Project, Western Australia

Pegging of open ground. 6 new tenement applications made. Three applications are located at the northern end of the Big Bell greenstone belt. One application covers the central part of the Tuckanarra gold mining centre. Further south an application is located approximately 20 Km south of the Hill 50 gold deposits at Mount Magnet.

Higginsville Project, Western Australia

Pegging of 7 tenement applications on open ground. Located at the southern end of the Widgemooltha Dome that hosts extensive nickel deposits currently being mined by Mincor Resources and significant gold deposits in the area including Chalice to the south and Higginsville. Of particular interest within E15/1280 is the Footes Find gold deposit that was explored by Resolute-Samantha in the late 1980s and early 1990s. Subsequently gold production was undertaken from a shallow open pit as a satellite operation to the Higginsville operation.

Sherlock Bay Project, Western AUstralia

One tenement along strike from Sherlock Bay Nickel deposit (25Mt @ 0.4% Ni for 101,300t of contained Nickel) was discovered to have been dropped. A 20 block exploration license has been applied for covering the area. Grant expected late 2011.

North Perth Basin Project, Western Australia

A review of coal prospectively in the area around Mullewa highlighted potential in the area for new coal discoveries. The area was open ground so a large (200 block) tenement was applied for. It covers the northern portion of the Irwin terrace which hosts the Irwin Coal deposits (~1.1Bt of low grade coal).

Mine For

gold

Location of operation(s)

Western Australia

Address

Se 8, 8 Clive St
WEST PERTH, WA, Australia

Phone

(61 8) 9481 3434

Email

Website

http://www.gascoyneresources.com.au

Last Updated

14/09/2011