RC drilling at the 303,000 ounce grading 4.64 gram per tonne deposit has delivered a string of good hits such as 50m at 6.46gpt from 144m, including 10m at 23.7gpt, within the resource – the fifth best intercept to date.
A 50gpt top-cut was used to calculate the grade, with at least 1m sample logged at a bonanza 393gpt.
Other assays from outside the resource envelope included 13m at 8.2gpt from 226m, including 6m at 15.7gpt, while encouragingly reconnaissance drilling 70m west of the deposit returned 1m at 9.1gpt in a new position.
More good assays are expected in coming weeks with diamond core logging 21m of Never Never-style mineralisation from 455m, about 110m below the resource with visible gold noted at 470m at 473m.
Yet more visible gold has been logged 130m to the south of that drilling in a down-dip position at 360m, and at 230m in the northern upper perimeter of the resource.
Managing director Simon Lawson said the results looked “spectacular”.
“To see visible gold in almost all of these initial diamond cores is obviously a really good sign,” he said.
The aim of the early 2023 program was to infill data gaps in the resource, before switching focus to exploration.
Basically, Gascoyne’s hype describing the Never Never as “one of the most exciting new gold discoveries in Australia” has more weight.
The high-tenor, high-grade system that is just north of the Gilbey’s pit remains open at depth.
Never Never was only defined last year during assessment of the new Gilbey’s North discovery, and is a distinct style of deposit that is by far the best deposit discovered at Dalgaranga.
A geophysical survey north of Never Never is in process, with early suggestions of similar signatures. Metallurgical results are also pending.
Never Never is now the lynchpin of the company’s plan to get back into production after operations ceased in November.
In February the company announced a A$50 million rescue plan, raising at 10c, to give it the breathing room needed to take a restart decision later in 2024.
Production of 130,000-150,000ozpa is targeted, and may also include the nearby 244,000oz Yalgoo project.
