Gascoyne Resources Limited announced another exceptional drill hole from near-mine exploration at its Never Never gold deposit within the Dalgaranga Gold Project in Western Australia. Never Never is a high-grade west-striking and steeply-plunging lode system that was discovered as a result of drilling designed to follow up on the wide, high-grade intercepts seen in drilling of the earlier Gilbey's North extension discovery, located immediately north of the Gilbey's open pit at Dalgaranga. The initial Mineral Resource Estimate ("MRE") of 79,600 ounces for Never Never was released on 8 September 2022.

There are already 2 high-grade RC drillholes with assays returned outside the MRE envelope 1, and now 2 diamond drill-holes with logged visible gold in wide mineralised intercepts, down- plunge of that MRE. There are no assays being reported in this release, only images of visible gold intercepts in a position considered very likely to be a down-plunge extension to the Never Never Gold Deposit. Gascoyne is a debt-free Australian gold producer which operates the 100%-owned Dalgaranga Gold Mine, located in the Murchison region of Western Australia.

The operation is underpinned by a modern, 2.5Mtpa CIL gold processing plant which represents a strategic asset in the district. Dalgaranga produced over 71,000oz of gold in the 2022 financial year. While production is currently sourced predominantly from the Gilbey's and Plymouth open pits, Gascoyne has enjoyed recent considerable near-mine exploration success highlighting the potential to develop new higher-grade ore sources within a 1-2km radius of the existing plant.

To this end Initial Mineral Resource Estimates for the newly discovered high-grade Never Never Gold Deposit and lower grade Gilbey's North Gold Deposit have recently been declared in September 2022.