PERTH (miningweekly.com) – Gold miner Gascoyne Resources on Thursday announced plans to double its exploration budget for 2021 from A$3-million to A$6.3-million following strong results.
The miner told shareholders that it was planning some 70 000 of continuous drilling for its Western Australian assets, with aircore drilling having started at Dalgaranga regional targets and follow-up extensional reverse circulation drilling under way at the southern end of Gilbey’s, and set to move to Sly Fox.
“We are very pleased to now be in a sufficiently strong financial position to do greater justice to the excellent exploration potential we see at Dalgaranga and our other exploration projects in Western Australia,” said MD and CEO Richard Hay.
“The doubling of our 2021 exploration budget to A$6.3-million with the increase fully funded from operational free cash flows, is primarily as a result of solid operational results and an excellent in-the-money hedge position.
“Beyond the recent success we’ve been having at the core Gilbey’s, Sly Fox and Plymouth deposits, the 1 000 km2 Dalgaranga tenements have numerous large, lightly tested regional structures such as the 25-km-long Greencock trend.
“In addition, several walk-up drill targets at the exploration starved 2 000 km2 Glenburgh-Mt Egerton project now have substantial drill meters budgeted for the June quarter, setting off an exciting next six months for the company’s second most advanced asset.”