Exceptional Thick, High-Grade Results From New Phase Of Drilling At Never Never

Gascoyne Resources Limited (“Gascoyne” or “Company”) (ASX: GCY) is pleased to advise that latest exploration drill results received from the Dalgaranga Gold Project in Western Australia provide further validation of the scale, significance and growth potential of the rapidly emerging Never Never gold discovery at the Dalgaranga Gold Project.

Key Points:

• Outstanding initial assay results received from Reverse Circulation (RC) drilling at the Never Never gold deposit (303koz at 4.64g/t), at the Dalgaranga Gold Project:
  
  • 50m @ 6.46g/t gold from 144m including 10m @ 23.7g/t gold (50g/t Au top cut) – DGRC1186.
  • 13m @ 8.20g/t gold from 226m including 6m @ 15.7g/t gold – DGRC1181, outside the current MRE
  • 10m @ 2.9g/t gold from 214m – DGRC1180 outside the current MRE.
  • 1m @ 9.1g/t gold from 246m – DGRC1182, from a “new” position well outside (70m west and along-strike) of the modelled Never Never MRE envelope.
• Visible gold logged at 470m and 473m down-hole, as part of a 21.5m interval of strong “Never Never-style” mineralisation from 454.5m, located directly down-plunge and 110mbelow and outside current MRE envelope – DGRC1183-DT (assays pending).
  
• Visible gold logged at 360m down-hole in a 15m interval of strong “Never Never-style” mineralisation from 353m. This intercept is located 130m to the south of DGRC1183-DT, 60m from DGDH0321 (previous deepest visible gold intercept from 2022 drilling campaign) and 70m below and outside current MRE envelope – DGRC1194-DT (assays pending).
  
• Visible gold logged at 230m down-hole, in a 15m interval of strong “Never Never-style” mineralisation from 216m on the northern upper perimeter of the MRE (on “Inferred” to “Unclassified” resource classification boundary) – DGRC1177-DT (assays pending).

“Following the discovery of Never Never in 2022, the team has done an amazing job in rapidly defining a high-quality Mineral Resource Estimate (MRE) of 303,000oz at 4.64g/t Au, together with developing a 2023 drilling campaign aimed at realising the growth potential we see in this new position located adjacent to the Gilbey’s open pit and next to the process plant.

“With these initial results from the new exploration campaign that we commenced in March, we are on track for rapid MRE growth for Never Never in 2023.

“The first drill-holes for 2023 targeted in-fill of a few data gaps in the existing Resource where we felt we needed more confidence. The first of those in-fill holes has returned our 5^th best intercept at Never Never of 50m @ 6.46g/t gold with a 10m section grading over 23g/t, and that’s using a 50g/t top cut limit on one particular metre interval that went ‘overlimit’ at 393g/t – highlighting the extraordinary endowment of this mineral system.

“In addition to the in-fill work our RC rig is drilling monitoring water-bores for future Never Never mining activities and cost-effective pre-collar setups for the diamond rigs while also working through some shallow resource extension holes testing the perimeter of the current Resource envelope and beyond.

“The latter focus is also delivering significant intersections, including the thick high-grade results of 13m @ 8.2g/t and 10m @ 2.9g/t gold south of, and outside the existing Never Never MRE extents. These results will be included in an updated MRE which we are targeting in the second half of 2023.

“Additionally, a reconnaissance RC hole drilled 100m to the west of, and along-strike of the Never Never MRE has also returned a narrow interval of 1m @ 9.1g/t gold. When viewed in the context of being located along strike from a rapidly growing 300koz deposit – the extents of which excitingly remain open in all directions – this could open up regional-scale exploration opportunities in terms of the potential strike continuity of the mineralisation to the west. Follow-up drilling is underway to test this potential.

“While the RC rig is able to move quickly around providing early assay results, some of the most exciting news is starting to come from our two diamond drill rigs as they complete core drill-holes testing the deeper regions below and outside the current MRE.

“The thick intervals of strong Never Never-style mineralisation we are logging in core from holes targeting well below the Never Never MRE are just spectacular. To see visible gold in almost all of these initial diamond cores is obviously a really good sign. What these intercepts may mean for the potential down- plunge extension of the Never Never Gold Deposit will obviously depend on the assays but we certainly like what we are seeing.

“Our strategy for 2023 is to be systematic and aggressive, fearless but rational, deliver on what we define and provide valuable outcomes for our shareholders. We have outlined our 365 strategy – we are fully funded to deliver on that strategy and these exciting initial results are just the start of the great growth story we have ahead of us in 2023 and beyond.”

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