Gascoyne Resources (ASX:GCY) has completed the acquisition of...

Gascoyne Resources (ASX:GCY) has completed the acquisition of the Egerton Gold Project in Western Australia from Exterra Resources (ASX:EXC).

In September 2014, the company exercised its option to acquire the project for 4,166,667 GCY shares plus 500,000 Gascoyne options, exercisable at $0.25 within a three year term.

Egerton includes the high grade Hibernian deposit (23,800 ounces at 6.4 grams per tonne gold) on a Granted Mining Lease within trucking distance to its Glenburgh Project.

It also hosts a number of other high grade exploration targets such as the Gaffneys Find Prospect where recent shallow reverse circulation drilling resulted in intersections up to 8 metres at 11.4g/t gold.

Extensions have been identified to known deposits over 15 kilometres of strike.

Gascoyne had $1.2 million in cash as at 30th June 2015.