Gascoyne Resources Limited advised that it has commenced a high-resolution SAM geophysical survey at the Dalgaranga Gold Project in Western Australia. The field survey will be conducted by specialist group Gap Geophysics, with support and interpretation work being provided by highly-regarded geophysical consultants, Southern Geoscience. The SAM survey will provide high-resolution magnetics, magnetometric conductivity (MMC) and off-time
electromagnetic (EM) data, with survey orientations selected to provide optimal mapping and illumination of structures that may correlate with "Never-Never-style" high-silica/pyrite mineralisation. The SAM method maps resistivity variations in the near-surface environment, including the regolith and bedrock geology. An electrical current is channelled between two widely separated electrodes located along the strike of interest and straddling the survey area. The current will be channelled along lower resistivity zones in this direction as these form paths of least resistance. Conductive or low resistivity zones could include zones of deeper weathering that may be associated with a fault/shear zone or contact, or a lithological unit that is more susceptible to weathering, e.g. an ultramafic, sulfidic rocks or carbonate alteration. Conductive lithologies in the bedrock, such as shales, may also be mapped, which are an important marker horizon for measuring fault offsets. Because the method preferentially channels electrical current along a particular strike, features either on or close to that trend will be preferentially mapped. Features oblique to this orientation may be poorly defined if it all, and therefore Gascoyne has elected to survey in two orientations to provide the necessary definition for understanding the architecture. Figure 1 below highlights the survey area and orientation lines in blue and red. Never Never is a high-grade gold deposit which strikes and plunges to the south-west. The deposit was discovered while following up wide, high-grade drill intercepts from the earlier Gilbey's North extension discovery immediately north of the Gilbey's open pit at Dalgaranga, and now represents the foundation of the Company's new operating and growth plan. Never Never is distinct from the Gilbey's North discovery due to considerable differences in tenor, thickness of mineralisation, mineralogy, scale, orientation and host structure/rock-type. Never Never and Gilbey's North deposits are now collectively known as the "Never Never Gold Deposit". Never Never is much higher grade than any of the previously defined ore bodies at Dalgaranga and appears to be far more structural, fold and/or shear-hosted as opposed to the more stratigraphic/shale associated Gilbey's series of gold deposits. An initial Mineral Resource Estimate ("MRE") of 79,600 ounces gold for the Never Never Gold Deposit was released on 8 September 2022. On 23 January 2023, a substantial upgrade to the Never Never Gold Deposit MRE was released. This latest MRE incorporated all drill results received to date and increased the Never Never MRE total ounces by 183% to 303,100 ounces @ 4.64g/t gold (comprising 1.0Mt @ 2.45g/t for 86,500oz Au "OpenPit" (>0.5g/t Au) and 0.93Mt @ 7.22g/t for 216,600oz Au "Underground" (>2.0g/t Au)). In February 2023, Gascoyne announced a $50 million recapitalisation of the business and has now resumed exploration and evaluation activities focused on the Dalgaranga and Yalgoo Gold Projects.