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Gascoyne: Aircore drilling extends Hendricks gold discovery

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Gascoyne: Aircore drilling extends Hendricks gold discovery

said April 1 thata follow-up aircore drilling program at the Hendricks prospect, part of the company'sDalgaranga projectin Western Australia, extended the zone of gold mineralization.

Four-meter compositesamples from the infill aircore hole DGAC390 drilled 20 meters west of discoveryhole DGAC303 returned the significant gold intersection of 12 meters at 2.2 g/tof gold from 28 meters, including a high grade hit of 4 meters at 8.9 g/t of gold.

The Hendricksdiscovery is only 3 kilometers east of the Gilbeys deposit and less than 2 kilometerseast of the proposed processing facility for the project.

The companyalso said infill and extensional aircore drilling at the Beefeater prospect havebeen completed, with 17 aircore holes drilled. Two aircore holes have also beencompleted at the Caorunn prospect with results to be announced

Gascoyne alsosaid its feasibility study at the Dalgaranga project is expected to be completedby the end of this year, with final development decision to be announced in early2017. Reverse Circulation drilling for the feasibility study will be undertakenas soon as the initial RC drilling at Hendricks is completed.

The companyalso said its planned drilling at the site has been approved by the Department ofMines and Petroleum and operation is expected to commence by the end of the currentyear. Gascoyne also said its aggressive regional exploration effort at the projectwill continue.