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Gascoyne ups indicated resources at Sly Fox gold deposit by 25%

Gascoyne Resources Ltd. updated the mineral resource estimate for its Sly Fox gold deposit, part of the Dalgaranga gold project in Western Australia, to 1.7 million tonnes at 1.5 g/t gold containing 83,000 ounces.

The indicated resources increased 25% to 50,000 ounces contained in 1.1 million tonnes at 1.4 g/t gold, according to an Aug. 7 release.

With the addition of the new resource, the global Dalgaranga project resource now stands at 31.3 million tonnes at 1.3 g/t gold containing over 1.3 million ounces of gold and proved and probable ore reserves of 581,000 ounces.

Meanwhile, diamond drilling at Sly Fox intersected near surface high grades including 10 meters at 2.9 g/t gold from 18 meters, 27 meters at 1.6 g/t gold from 15 meters including 9 meters at 3.6 g/t gold from 25 meters, and 4 meters at 6.5 g/t gold from 5 meters.

The company expects to complete an initial ore reserve for Sly Fox in the next month.