The company’s latest holes, up-dip from a recent intercept of 54m at 6.55 grams per tonne from 116m, have allowed the company to define two consistent wide gold zones and a new style of mineralisation at the Dalgaranga project, Western Australia.

The latest parcel of assays have been described as a “game-changer”, with 53m at 3.5gpt from 71m, including 9m at 6.8gpt and 6m at 6.6gpt in the hanging wall, and 18m at 1.36gpt from 132m in the interpreted footwall.

Also in the mix is 31m at 1.24gpt from 68m and 8m at 16.5gpt from 124m, including 1m at 72.8gpt in the hanging wall, and 23m at 1.37gpt from 145m in the footwall.

Further, nearby drilling has delivered hits such as 16m at 9.06gpt from 74m, including 3m at 40.7gpt, and 18m at 3.0gpt from 155m some 50m to the north-west, and 20m at 7.24gpt from 73m, including 1m at 47.9gpt and 5m at 9.3gpt 25m to the south.

Gascoyne says the north-striking footwall resembles the “G-Fin” mineralisation seen in the main Gilbey’s pit, while the higher-grade north-west-to-west striking hanging wall zone is a different style of mineralisation not typical for Dalgaranga.

The hanging wall appears to be more typical of orogenic lode-gold systems seen elsewhere in the WA Goldfields, and is of potentially regional-scale structural origin.

Managing director Simon Lawson said Gilbey’s “is starting to show signs that the regional potential could be much bigger than even we could have imagined”, particularly the shear-zone gold, which has “exciting” implications for future growth.

Gascoyne is now finalising a maiden resource for Gilbey’s North, while the drilling focus will shift to supporting grade control of the Plymouth open-pit and in-fill drilling of the Gilbey’s East footwall, which are already within permitted mining areas.

Gilbey’s East is already presenting an opportunity to modify the mine plan to boost production in the near-term.

A single RC rig will be tasked with exploration at Dalgaranga.

Gascoyne shares defied the market jumping 10% this morning to 22.5c, valuing it at $96 million.

The debt-free gold miner’s stock has traded at 20-48c over the past year.