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De Grey Mining Ltd.
Summary
| Project: | Pilbara | |
|---|---|---|
| Deposit: | Withnell | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/5/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 5-11-2018: De Grey Mining Ltd. announces an Exploration/Drilling Update report for its Withnell deposit at the Pilbara project. Drilling results incl. 4.13m @ 10.23g/t Au from 125.47m. De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to | |
| Resources: | (Resource, Total): 27.25Mt @ 1.6g/t Au for 1.393Moz Au contained | |
| CP/QP: | [Overall Report]: Phillip Tornatora (Internal) | |
| ABSTRACT: | De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report results from the remaining 6 holes of the recently completed 15 hole diamond drilling program successfully targeting high grade underground lodes below the Withnell proposed open pit. Overall the high grade underground lodes are considered highly prospective for resource extensions. 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. In October 2018, De Grey updated the Total Mineral Resources to 1.4Moz* of gold with all the deposits remaining open. 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 1.4Moz 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. 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 development scenario whereby a high-grade underground mine is added to the proposed open pit mining strategy is significant in terms of potential to increase revenues, mine life and annualised gold production. Grade is King – and the Withnell Underground Lodes immediately beneath the proposed open pit are an important component of our near-term resource growth strategy. The scale of target and the significantly higher grade mineralisation has the potential to drive a significant step change in the overall mining economics.” commented Andy Beckwith (Technical Director) | |
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