On the 29th of May 2013 Gascoyne’s wholly owned subsidiary Egerton Exploration Pty Ltd entered into an exclusive option to purchase agreement with Exterra Resources Ltd for the Egerton gold project. The Egerton project consists of two granted mining leases and two granted exploration licences covering approximately 180km² of the Lower Proterozoic Egerton inlier in the Gascoyne Region of Western Australia.
Location of Egerton Gold project
The project includes the high grade Hibernian deposit which contains a resource of 116,400 tonnes @ 6.4 g/t gold for 24,000 ounces in the Measured, Indicated and Inferred JORC categories. The deposit lies on a granted mining lease and previous drilling includes high grade intercepts, 2m @ 147.0 g/t gold, 5m @ 96.7 g/t gold and 5m @ 96.7 g/t gold associated with quartz veining in shallow south-west plunging shoots. The Hibernian deposit has only been drill tested to 70m below surface and there is strong potential to expand the current JORC Resource with drilling testing deeper extensions to known shoots and targeting new shoot positions.
Hibernian deposit -Long section through interpreted South Shoot
Due to the high grade nature of the Hibernian deposit there is potential to truck ore from Egerton to the company’s near term development project at Glenburgh, currently in a feasibility study. The economic viability of trucking ore from Egerton to Glenburgh will be evaluated during the option period.
Egerton tenements and prospect locations
Twelve kilometres west of the Hibernian resource the Gaffney’s Find prospect occurs on another granted mining lease where a number of shallow historic workings lie on a north east trending shear zone extending over 4km, with drill intercepts including 4m @ 72.3 g/t gold and 5m @ 15.9 g/t gold .Elsewhere within the project there are a number of prospects aligned along the 8km long poorly tested Hibernian shear including the Hibernian West and Western Deeps prospects.