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De Grey Mining Ltd.
Summary
| Project: | Pilbara | |
|---|---|---|
| Deposit: | Pilbara | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/28/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 28-9-2017: De Grey Mining Ltd. announces a Resource Estimation report for its Pilbara deposit at the Pilbara project. Gold resource increase by over 20%. De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report the new upgraded Total | |
| Resources: | (Resource, Total): 23.88Mt @ 1.6g/t Au for 1.21Moz at project | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report the new upgraded Total Mineral Resource to JORC Code (2012) standards for the overall Pilbara Gold Project. The resources include all drilling results up to the end of June 2017. Operations Manager, Andy Beckwith commented: “The 20% increase in gold resources is a great outcome and demonstrates the potential still to be discovered in the region. These resources will now be evaluated and added to our previous scoping study assessment, which noted that any increased mine life will make a significant positive financial impact. Our priorities are to increase project resources through exploration, drilling and acquisition. Priority is for open pit resources within 50km of proposed mine site. De Grey’s new Conglomerate Gold target provides an added dimension to exploration and any new high-grade resource, large or small, can have a tremendous impact to our development plans.”. De Grey’s Pilbara Gold Project comprises the 100% owned Turner River Project and the adjacent Indee Gold Project *, all located within 75km of the mining town of Port Hedland in Western Australia (Figure 1). The Company is currently evaluating potential economics of open pit mining from the various combined deposits and processing through a centralised and purpose built CIL processing plant. De Grey recently completed an initial high-level scoping study which showed a positive cashflow scenario with a 5-year open pit mine life at a processing rate of 1Mt per year. The new additional resources reported in this report remain to be included in the scoping study evaluation. | |
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