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De Grey Mining Ltd.
Summary
| Project: | Pilbara | |
|---|---|---|
| Deposit: | Turner River, Indee | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 3-4-2017: De Grey Mining Ltd. announces a Resource Estimation report for its Turner River, Indee deposit at the Pilbara project. Updated Mineral Resource for Indee (in acquisition for Pilbara Project). De Grey Mining Limited (ASX: DEG, “De Grey”, “Company | |
| Resources: | (Resource, Total): 18.84Mt @ 1.7g/t Au for 1.002Moz Au contained at project | |
| CP/QP: | [Resources]: Paul Payne (Payne Geological Services) | |
| ABSTRACT: | De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report an updated Mineral Resource for the Indee Project to JORC Code (2012) standards. The Indee Project remains subject to an option agreement whereby De Grey must pay $15M to acquire the asset by July 24, 2018. Geology Manager, Andy Beckwith commented: “Across both projects, the shallow resources are well drilled to Measured and Indicated categories. We expect a high conversion rate to open pit reserves as we progress through feasibility studies. The deeper drilling at Indee, completed by the vendors, demonstrates considerable potential at depth. High grade plunging shoots are evident in most deposits and provide longer term upside together with advanced resource targets and untested anomalies throughout both projects. The scoping study and drilling program are our immediate focus and should provide strong news flow over the next few months.” De Grey’s Pilbara Gold Project comprises the 100% owned Turner River Project and the adjacent Indee Project, all located within 75km of mining town of Port Hedland in Western Australia (Figure 1). The combined Total Resources are provided in Table 2 with a full breakdown of the deposit resources provided in Table 3. The Company has commenced a scoping study to evaluate the potential economics of a proposed stand-alone mining operation on the two combined projects. The proposed operation plans on simple open pit mining from the various deposits with processing through a new processing plant located on the granted mining leases at the Indee project. | |
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