It contains an Measured, Indicated and Inferred Resource of 14.1Mt @ 1.7 g/t gold for 756,000 ounces of contained gold.

The recently completed positive Scoping Study outlined that the project could operate with low costs and high margins producing around 60,000 ounces for between 6-10 years. As a result a Pre-Feasibility study has commenced. This drilling forms part of that study.

The programme has been designed to test the continuity of the gold mineralisation immediately below the existing Gilbeys Open pit and within the Gilbey’s Stage 3 pit design, with a total of 2,000 metres being planned.

The objective of the drilling is to classify the vast majority of Mineral Resource within this design to Measured or Indicated status.

Drilling is expected to be completed within ten days, with the first results expected in the first week of September.

This new drilling data will then be incorporated into a revised Mineral Resource by the end of September, which will inturn form the basis for the current PFS which is expected to be completed by the end of October or early November 2015.

The Company is also in the process of planning and permitting a significant exploration aircore drilling programme at Dalgaranga to test a number of high potential regional targets. Gascoyne’s tenements cover over 50 kilometres of strike of the Dalgaranga greenstone belt, with virtually no drilling conducted outside the known deposits since the mid 1990s.