October 26, 2022 (The Assay) - Gascoyne Resources Limited’s (ASX: GCY) updated Mining Proposal for the Dalgaranga Gold Project in Western Australia has been approved by the WA Department of Mining, Industry Regulation & Safety (DMIRS).

The go-ahead clears the way for mining of the higher-grade Never Never and Gilbey’s North deposits to commence and extend the mining footprint of the Gilbey’s East deposit.

Highlights

• Revision to the Mining Proposal covering the Never Never and Gilbey’s North deposits and extension of the Gilbey’s East deposit at Dalgaranga approved by the Department of Mining, Industry Regulation & Safety (DMIRS).

• Approval clears the way for the mining of these high-grade deposits to commence, with first ore expected to be accessed shortly after mining commences in November.

• Approval supports Gascoyne’s plan to target higher-grade ore sources and increase the head grade at Dalgaranga.

• Recent drilling has delivered exceptional high-grade intercepts including 12m @ 34.5g/t gold and 26m @ 10.27g/t at Never Never, confirming outstanding potential to continue to grow the existing Resource and Reserve base.

With this approval in place, Gascoyne expects to commence mining of these areas in November.

Since their recent discovery, the high-grade Never Never and Gilbey’s North deposits have become a key target for Gascoyne, supporting the company’s plan to mine higher-grade ore sources to increase the overall head grade at Dalgaranga.

The deposits have an initial Mineral Resource Estimate (MRE) of 1.43Mt @ 2.32g/t gold for 107,200 ounces1 and an Ore Reserve of 0.38Mt @ 1.63g/t gold for 20,000 ounces.

Gascoyne has delivered numerous high-grade intercepts outside the Resource and Reserve envelopes3, indicating outstanding potential for significant ongoing growth. An updated MRE for the Never Never deposit is scheduled for release in the December 2022 Quarter.

In addition to mining of the Never Never, Gilbey’s North and Gilbey’s East deposits, the approval also covers:

• The construction of the initial lift of the Golden Wings Tails Storage Facility (GWTSF Lift).

• An increase to the height of the existing waste dumps to 40m.

• Additional storage capacity for Potentially Acid Forming (PAF) waste.