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De Grey Mining Ltd.

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Summary

Project:

Pilbara

Deposit:Pilbara
Location:Australia
Commodities:Gold
Date:10/3/2018
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Pre-Feasibility Study
Report details:3-10-2018: De Grey Mining Ltd. announces a Resource Estimation report for its Pilbara deposit at the Pilbara project. Updated mineral resource estimate at Pilbara gold project. De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report a
Resources:(Resource, Total): 27.25Mt @ 1.6g/t Au for 1.393Moz Au contained
CP/QP:[Resources]: Paul Payne (Payne Geological Services)
ABSTRACT:De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report an updated total Gold Mineral Resource to JORC Code (2012) for the overall Pilbara Gold Project. The Mineral Resource includes all drilling up to the end of 31 July 2018. The base metals Mineral Resources remain unchanged from the September 2017 Total Mineral Resource statement The overall net 25% increase in Measured and Indicated Mineral Resource to 739,200oz is a highly positive outcome, as this will provide for the higher conversion of Mineral Resource to open pit Ore Reserves as part of the Open Pit Pre-Feasibility Study (“OP PFS”). Additionally, the increase points to a more significant mine life may be defined in the OP PFS , than previously reported in the 2017 Scoping Study. Most importantly, the majority of the new resources, including increases in the Measured and Indicated categories, fall within the top 100m from surface. This shallow nature of the Mineral Resources is an underlying theme of all drilling across the project. All Mineral Resource estimates have been completed by Payne Geological Services Pty Ltd, an external and independent mining consultancy. The new additional Mineral Resources updated in this report includes the results of recent RC and diamond drilling completed by De Grey Mining up to 31 July 2018 and complementing previous drilling completed by the vendors prior to 2017. The majority of the recent 2017/2018 drilling programs by De Grey have focused on the Toweranna, Mt Berghaus, Mallina, Amanda, Camel and Roe deposits. The results have been positive and has resulted in updated Mineral Resource estimates being prepared for these deposits. Limited drilling has occurred at the other deposits and the resources remains materially unchanged from the September 2017 Total Mineral Resource statement.

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