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De Grey Mining Ltd.
Summary
| Project: | Turner River | |
|---|---|---|
| Deposit: | Discovery, Orchard Tank | |
| Location: | Australia | |
| Commodities: | Gold-Zinc-Lead-Gold-Silver | |
| Date: | 11/8/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-11-2016: De Grey Mining Ltd. announces a Resource Estimation report for its Discovery, Orchard Tank deposit at the Turner River project. Resource increase for the project. De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to announce up | |
| Resources: | (Total for Discovery and Orchard Tank, I+I):3.5Mt @ 3.2%Zn, 1.3%Pb, 0.8g/t Au, 110g/t Ag | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to announce updated Mineral Resource Estimates for its 100% owned Discovery and Orchard Tank VMS style base metal deposits, located within the Turner River Project and in an infrastructure, rich area, about 50km south of Port Hedland, with easy access via dominantly bitumen and graded gravel roads. Port Hedland hosts excellent support facilities with a deep port, international airport and mining related businesses. The resource updates were completed to include the results of shallow infill RC drilling recently completed at the Discovery deposit. Geological interpretations at both deposits were revised to better identify and quantify the massive sulphide mineralisation that occurs within a broader zone of disseminated mineralisation. Improved bulk density data was also applied to both deposits. Modelling and estimation was completed by Payne Geological Services Pty Ltd, an external and independent mining consultancy, using data provided by De Grey. The following Tables C and D provide a comparison of the new updated November 2016 Mineral Resource estimates with the June 2014 estimates. The November 2016 estimates provide a substantial upgrade of tonnes, grade and contained metal for both the deposits. The Orchard Tank deposit shows the greatest overall increase in contained metals with a range from 62% to 77%, 34% to 43% in grades and 23% in overall tonnes. Increases at Discovery shows range of increases in contained metals from 39% to 53%, 23% to 35% increase in grade and an overall 13% increase in tonnes. The resource has also been upgraded with approximately 30% of the estimate now in the Indicated category. Copper was previously reported in the June 2014 resource estimate, and while the grade has also increased in the new estimate, it is not reported due to the comparatively lower value relative to other metals. | |
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