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Gascoyne updates ore reserves for Dalgaranga gold project

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Gascoyne updates ore reserves for Dalgaranga gold project

Gascoyne Resources Ltd., which is currently under administration, said Oct. 3 that an updated proved and probable ore reserve for its Dalgaranga gold project in Western Australia totaled 501,800 ounces of gold contained in 16.9 million tonnes grading 0.9 g/t gold.

Above a 0.5 g/t cut-off grade, ore reserves totaled 438,300 ounces of gold contained in 12.4 Mt grading 1.1 g/t gold.

The ore reserve update, part of a detailed life of mine planning study, took into account mining depletion as of June 30 and was constrained within final pit designs based on a A$1,800-per-ounce gold price optimized pit shell, against a previous ore reserve estimate that was based on a gold price of A$1,600/oz.

In 2017, the ore reserve was outlined at 612,000 ounces of gold contained in 15.3 Mt grading 1.25 g/t gold.

Voluntary administrators appointed to Gascoyne said in June that they are pursuing a sale of the company in parallel to a recapitalization.