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De Grey Mining Ltd.
Summary
| Project: | Pilbara | |
|---|---|---|
| Deposit: | Withnell | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/1/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 1-10-2018: De Grey Mining Ltd. announces an Exploration/Drilling Update report for its Withnell deposit at the Pilbara project. Drilling results incl. 4.85m @ 8.46g/t Au from 158.15m and exploration target for Withnell East. De Grey Mining Limited (ASX: D | |
| Resources: | Exploration Target: 2.6 - 3.5Mt @ 4.0 - 6.5g/t Au at Withnell East UG | |
| CP/QP: | [Overall Report]: Phillip Tornatora (Internal) | |
| ABSTRACT: | De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report results from the first 9 holes of a recently completed 15 hole diamond drilling program targeting high grade underground lodes below the Withnell proposed open pit. The Pilbara Gold Project (PGP) located 60km south of Port Hedland, Western Australia (Figure 1), has excellent potential to define significant additional resource ounces along its 200 km plus strike length of mineralised shear zones and at depth throughout the large >1500km2 landholding. To date, approximately 10% of the shear zones have received detailed shallow RC and diamond drilling to a nominal depth of 100-150m, which has already defined Mineral Resources containing over 1.2Moz* of gold, with a resource update expected to be reported early October 2018. The underground potential at the two largest gold deposits, namely Withnell and Wingina, is considered high in terms of additional tonnes, grade and resource ounces. The economic impact of a high-grade underground mine being added to the proposed open pit mining strategy is substantial in terms of potential to increased revenues, mine life and annualised production rates. The PGP boasts a large pipeline of attractive exploration targets and the Company is actively ramping up exploration throughout the tenement package in a drive to discover new resources and expand the current 1.2Moz resource*. The pipeline of targets includes over 40 identified and as yet untested soil anomalies along the highly prospective regional scale shear zones and the newly discovered conglomerate gold style of mineralisation. “Our focus going forward will be to continue step-out drilling to define the limits of the high-grade lodes both down dip and along strike, as the potential to materially increase resources and improve economics to include high grade underground mining is compelling.” commented Andy Beckwith (Technical Director) | |
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