De Grey turns up the base (metals) at Turner River

Published at Jul 27, 2016, in Small Caps

De Grey Mining (ASX:DEG) says high grade hits at its base metals play “demands” follow-up drilling as it eyes a resource upgrade by the end of the year.

While DEG is considered to be a predominately gold play, it also has the Discovery and Orchid base metals play under its purview in the Pilbara.

It has been drilling its flagship Wingina gold deposit – but it has also moved to conduct drilling at Discovery with the aim of extending the strike length of the VMS-style deposit.

The deposit hosts gold, silver, zinc, lead, and copper.

The drilling program undertaken by DEG aimed to extend the known strike length of the deposit, with previous drilling confirming high grades at depth at up to 250m.

The program effectively extended the strike to over 300m, and with potentially more to come given there are still assays due back from the lab.

Illustration of the latest round of drilling at Discovery

Illustration of the latest round of drilling at Discovery

Hits from the drilling included:

DEG said that in light of the new hits extending the strike length at Discovery, that it would move to plan a new drilling program to see whether mineralisation continued at depth along the 300m strike zone.

“The results demand a further drilling program aimed at better defining the overall scale and grade of the Discovery deposit,” executive chairman Simon Lill told shareholders.

“Based on these positive results we will look more closely at the depth potential at Discovery and also review the nearby Orchard Tank VMS deposit and other nearby VMS targets.”

The company said the new drilling would allow it to upgrade a resource estimate at Discovery by the end of the year.

There is no guarantee at this stage that a resource upgrade would be material in nature, and potential shareholders are advised to seek the advice of a professional before investing.

The resource estimate at Discovery currently stands at 1.2 million tonnes at 0.8 grams per tonne Au, 87g/t Ag, 2.34% Zn, and 0.94% Pb.

DEG said the zinc potential of the VMS deposit held particular interest, given the pick-up in the market for the commodity in recent times.

About De Grey Mining (ASX:DEG)

De Grey Mining (ASX:DEG) is primarily focused on the gold potential of its Turner River project in the Pilbara region of WA – about 50km from the port town of Port Hedland.

The main deposit is the Wingina deposit – which is currently being drilled, while there are two other deposits which are being developed as potential feeder deposits for any potential gold mill based at Wingina.

Aside from the straight gold plays, DEG also has its hands on potential lithium pegmatites, and two base metals deposits – being the Discovery and Orchard Tank deposits.

tags

GOLD

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X