Landmark Resource Upgrade Confirms Never Never as a Major Australian Gold Discovery
Gascoyne Resources Limited
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Landmark Resource Upgrade Confirms Never Never as a Major Australian Gold Discovery

Gascoyne Resources Limited (“Gascoyne” or “Company”) (ASX: GCY) is pleased to announce a significant upgrade to the Mineral Resource Estimate (MRE) for the Never Never Gold Deposit, part of its 100%-owned Dalgaranga Gold Project in Western Australia. The upgrade confirms Never Never as a major Australian gold discovery.

The updated MRE for the high-grade Never Never Gold Deposit reveals an impressive resource of 3. 83 million tonnes at a gold grade of 5. 85 grams per tonne, resulting in a total of 721,200 ounces of gold. The deposit remains open at depth, indicating further potential for future exploration and expansion.

Key highlights of the updated MRE for the Never Never Gold Deposit include:

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57 million tonnes at a grade of 7. 64 grams per tonne, totaling 630,100 ounces, classified as "Underground" (>2. 0 grams per tonne)

1. 27 million tonnes at a grade of 2. 24 grams per tonne, totaling 91,100 ounces, classified as "Open Pit" (>0. 5 grams per tonne)

76% of the updated MRE ounces classified as Indicated, with 548,400 ounces at a grade of 5. 78 grams per tonne

24% of the updated MRE ounces classified as Inferred, with 172,800 ounces at a grade of 6. 10 grams per tonne

The highly successful systematic in-fill drilling contributed to the conversion of over 76% of the updated MRE ounces to the higher confidence Indicated Resource classification. This provides a solid foundation for future conversion to Ore Reserves.

With the release of the updated Never Never Gold Deposit MRE, the average global resource grade of the Dalgaranga Gold Project has increased by 40%, and the reportable ounces have seen a significant boost of 51%. The discovery cost to date for the Never Never MRE stands at just A$13 per ounce.

The underground component of the MRE showcases an impressive average of approximately 1,590 ounces per vertical meter over a short strike length. Furthermore, this grade appears to be increasing with depth, highlighting the substantial endowment of the Never Never deposit.

In addition to the Never Never Gold Deposit upgrade, the updated Dalgaranga Gold Project Mineral Resources now stand at 16. 70 million tonnes at a grade of 2. 2 grams per tonne, amounting to 1,183,300 ounces. This resource is conveniently located within 10 kilometers of the project's 2. 5 million tonnes per annum processing plant.

The overall Mineral Resources of the Murchison Region, which include the Dalgaranga and Yalgoo Gold Projects, have also experienced significant growth. The updated Murchison Region Mineral Resources now stand at 21. 94 million tonnes at a grade of 2. 0 grams per tonne, totalling 1,426,900 ounces. This represents a 31% increase in grade and a 39% increase in contained ounces.

Furthermore, the Gascoyne Group Mineral Resources, encompassing the Murchison and Gascoyne Region Mineral Resources (Glenburgh and Egerton Gold Projects), now amount to 38. 51 million tonnes at a grade of 1. 6 grams per tonne, equating to 1,964,000 ounces.

Gascoyne Resources Limited is thrilled with the updated MRE for the Never Never Gold Deposit, which solidifies its position as a major Australian gold discovery. The company is excited about the potential for further exploration and expansion and looks forward to unlocking the full value of the Never Never deposit.

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