Gascoyne Resources Limited
Gascoyne Resources Limited
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
West Australian company Gascoyne Resources has delivered more spectacular resource figures for the Never Never gold deposit at its 100%-owned Dalgaranga project, lifting it by 183% to 303,100oz (2.03Mt @ 4.64g/t).
The update comprises an openpittable resource of 1.1Mt @ 2.45g/t for 86,500oz, at 0.5g/t cutoff, and underground resource of 0.93Mt @ 7.22g/t for 216,600oz, at 2g/t cutoff.
Battling West Australian miner Gascoyne Resources will turn its focus to a financial restructuring and progressing higher-grade exploration assets to support a long-term mining plan after the sudden shutdown of its flagship Dalgaranga mine.
West Australian miner Gascoyne Resources has succumbed to the unrelenting pressures of abnormal rainfall, labour shortages and COVID-19 impacts, shutting down its 100%-owned Dalgaranga gold project immediately and preparing to close its processing plant.
Gascoyne has already begun talks with its contractors and creditors on financial restructuring to enable the company to hold the project on care and maintenance for the medium term.
WA miner Gascoyne Resources has declared the Never Never deposit, identified less than six months ago from near-mine drilling at its Dalgaranga project, as one of Australia’s most significant new gold discoveries after diamond drilling delivered outstanding new results.
The company reports peak results of 12m @ 34.5g/t Au from 397m and 39m @ 4.6g/t Au from 233m in drilling that intersected visible gold mineralisation – outside its indicated and inferred resource of 79,600oz (0.66Mt @ 3.78g/t) announced last month.
The challenges of abnormal rainfall levels and continuing labour and skills shortages have seen West Australian miner Gascoyne Resources post lower gold production of 13,905oz for the Sept 2022 qtr (Q1FY23), compared with 16,298oz in the previous period.
Costs performance also deteriorated, with AISC of $A3,135/oz (Q4FY: $2,396/oz).
Dec qtr AISC is expected to be similar while Gascoyne is forecast Dec half (H1FY23) production to be 25,000-30,000oz.
West Australian miner Gascoyne Resources has advanced its strategy of de-risking feed sources for its 2.5Mtpa Dalgaranga processing plant in the Murchison region with the declaration of an initial 107,200oz resource for its Never Never and Gilbey’s North gold deposit.
The emerging high-grade Never Never deposit, discovered earlier this year, is less than 1km from the Dalgaranga plant and has an initial indicated and inferred resource of 79,600oz (0.66Mt @ 3.78g/t).
Inclement weather and significantly higher COVID-19 cases that reduced final quarter output have not prevented West Australian miner Gascoyne Resources from meeting its gold production guidance for the year to end-June (FY22).
Its Q4 output fell to 16,298oz, well down from its Q3 record of 21,669oz, delivering full year production of 71,153oz (FY21: 77,278oz) within its 70,000-75,000oz forecast.
West Australian miner Capricorn Metals has identified an opportunity to add satellite resources and potential mill feed to its Karlawinda gold project with agreement to acquire the prospective Mumbakine Well project from Gascoyne Resources.
Capricorn will pay $A1.25M upfront plus contingent deferred payments of $3.5M up to a decision to mine, plus 0.5% net smelter royalty for the transaction.
Record production from its Dalgaranga project has enabled Western Australian miner Gascoyne Resources to emerge debt-free for the first time since 2017 and with net cash of $A31.2M at the end of the March qtr (Q3FY22).
The strong recovery from its mid-2021 challenges saw Dalgaranga lift Q3 output to 21,669oz gold from 16,442oz in Q2. Gold sales of 21,260oz (Q2: 16,578oz) at $2,586/oz ($2,536/oz) generated nearly $55M in revenue.
Gold miner Gascoyne Resources is looking to raise another debt retiring $A19M on its 100%-owned Dalgaranga gold project in Western Australia.
The company has received firm commitments for $15M via placement at $0.30cps and launched another $4M existing shareholder purchase plan for up to $30,000 apiece at the same $0.30cps.