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De Grey Mining Ltd.
Summary
| Project: | Turner River | |
|---|---|---|
| Deposit: | Discovery | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper-Lead-Zinc | |
| Date: | 8/30/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-8-2016: De Grey Mining Ltd. announces an Exploration/Drilling Update report for its Discovery deposit at the Turner River project. Drilling result incl. 18m @ 2.58g/t Au, 269.8g/t Ag, 0.29% Cu, 2.54% Pb, 4.88% Zn from 72m. De Grey Mining Ltd (ASX: DEG, | |
| Resources: | (Resource, Inf.): 1.2Mt @ 0.8g/t Au, 87.0g/t Ag, 0.94% Pb, 2.34% Zn at Discovery | |
| CP/QP: | [Overall Report]: Andrew Beckwith (Internal) | |
| ABSTRACT: | De Grey Mining Ltd (ASX: DEG, “De Grey”, “Company”) is pleased to advise that the 1m sample results for Discovery (Au-Ag-Zn-Pb) deposit have now been received and finalised. The Discovery VMS deposit is located along the Tabba Tabba greenstone belt in the eastern portion of the Turner River Project (Fig 1), approximately 25km east of the Wingina Gold Deposit. Other encouraging VMS targets occur along the greenstone belt including Orchard Tank with an inferred resource estimate of 1.7Mt @ 0.5g/t Au, 78.6g/t Ag, 0.99% Pb, 2.38% Zn (JORC 2012), Tabba Tabba, Hakea and Cassia prospects. At the Discovery deposit, previous drilling had defined encouraging Au-Ag-Cu-Pb-Zn VMS style mineralisation to 250m depth with a inferred resource estimate of 1.2Mt @ 0.8g/t Au, 87.0g/t Ag, 0.94% Pb, 2.34% Zn (JORC 2012). An earlier review of the existing drilling data highlighted significant high grade gold and silver mineralisation occurring within the deposit that was not well represented in the current resource model. The strong zones of gold and silver mineralisation are evident from surface to the full depth of drilling (250m depth), however the Au-Ag zones do not always lie directly within the Zn-Pb zones. The result of this difference leads to a dilution of the dominant gold, silver and zinc grades within the overall existing resource. In line with the Company’s strategy of defining additional shallow gold resources to support development of the flagship Wingina Gold Deposit (268,000oz), a systematic RC drilling program, on 40m spaced sections, was undertaken over a 300m strike length of the deposit testing to approximately 80m vertical depth. The drilling aimed to provide sufficient drilling density to upgrade the near surface resource to a minimum of “indicated category” and better define the potential open pittable and high value Au-Ag and Pb-Zn lodes. A total of 24 holes were completed for an advance of 1646m | |
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