Visible coarse gold panned from the high-grade zone.
Drilling at the Tanqueray prospect of the Dalgaranga gold project, near Mount Magnet, Western Australia, has intersected ultra-high gold mineralisation, Gascoyne Resources announced on Wednesday, sending its stock up 18%.
Drilling intersected 373.5 g/t gold (12 oz/t) from 53 m, including 3 m at 987 g/t (31.7 oz/t) from 53 m.
“This intersection is by far the highest gold grades ever identified at Dalgaranga and highlights the potential for a completely different style of mineralisation to the known 1.3-million-ounce resource, which is currently being mined only 1.8 km to the south of Tanqueray,” said MD Mike Dunbar.
The Tanqueray prospect is located about 1.8 km north-west of the Dalgaranga processing plant. Follow-up drilling is planned.
Gascoyne jumped to A$0.32 a share on Wednesday, from the previous day’s closing price of A$0.28 a share.