De Grey Announced Positive Results Of New RC Drilling From Toweranna Gold Deposit

De Grey Announced Positive Results Of New RC Drilling From Toweranna Gold Deposit

De Grey Mining Limited (ASX: DEG) announced results of new Reverse Circulation (RC) drilling from Toweranna Gold Deposit on 15th April 2019. The company initially planned 5,400m resource extension drilling at the prospect and successfully completed 2,888m (54%) of the proposed drilling on a 40m x 40m basis, and presented the results comprises of 12 holes from the completed drilling.

De Grey targeted lateral and depth extensions to its existing shallow 2018 Toweranna Mineral Resource of 2.01Mt, with a grade of 2.2g/t Au for 143,900 ounces of gold, which resulted in 12 holes for 2,888m. As per the company, the drilling will recommence within two weeks following heavy rains associated with the Tropical Cyclone Veronica, which hit the Pilbara region recently and hampered operations of various mining companies operating in the region.

As per the company, it received highly positive results, which includes significant side extensions to the existing shallow supply and many new lodes at penetration, between hundred meters and two hundred meters below the surface.

De Grey mentioned that a series of generally shallow east dipping lodes with multiple quartz-sulphide veins cutting the slightly altered to largely unaltered granite intrusion (an intrusive plug) defines the mineralized zones. As per the company, these intrusions have a circular diameter of approx. 300m and it extends to at least 450m below surface, which is indicated by limited historic drilling and is further expected by the company to continue at the depth below 450m.

Results:

As per the company, many new lodes present bonanza gold grades in excess of 20g/t and shows individual veins of 1-2m width. The high-grade mineralization includes intercept of:

1m @ 58.9g/t, 1m @ 20.3g/t, 1m @ 51.7g/t, 2m @ 22.15g/t, 1m @ 22.9g/t, 1m @ 22.7g/t, 1m @ 21.4g/t, 1m @ 41.9g/t and 2m @ 29.9g/t.

 and are also demonstrated by historic small-scale underground mining along selected shallow lodes, where the mine produced 5,000 ounces of gold at an average grade of 40g/t.

The significant result includes the best intersection of 136m @ 2.0g/t of gold from 94m in the drill hole identified as TRC138, which further includes; from 26m @ 3.07g/t of gold and 29m @ 4.38g/t of gold.

The new high-grade intersection includes:

 The drill hole identified as TRC138 intersected 29m @ 4.38g/t of gold from 201m including 1m @ 41.9g/t of gold and 2m @ 29.9g/t of gold.

 The drill hole identified as TRC138 intersected 26m @ 3.07g/t of gold from 94m including 5m @ 8.36g/t of gold.

The drill hole identified as TRC131 intersected 6m @ 6.45g/t of gold from 135m including 1m @ 20.3g/t of gold.

The drill hole identified as TRC133 intersected 6m @ 3.5g/t of gold from 204m.

The drill hole identified as TRC134 intersected 3m @ 7.02g/t of gold from 150m.

The drill hole identified as TRC134 intersected 5m @ 5.04g/t of gold from 218m in including 1m @ 22.9g/t of gold.

The Shallow high grade above 100m includes the intersection of:

The drill hole identified as TRC130 intersected 4m @ 15.26g/t of gold from 79m including 1m @ 58.9g/t of gold.

The drill hole identified as TRC134 intersected 4m @ 11.39g/t of gold from 94m including 2m @ 22.15g/t of gold.

 The drill hole identified as TRC132 intersected 7m @ 8.14g/t of gold from 31m including 1m @ 51.7g/t of gold.

The new drilling results support one of the company’s priorities to meaningfully grow the Pilbara Gold Project resource inventory, with a target of 2M ounces by 2019 end. The company previously hit high-grade gold at Withnell Deposit.

The share of the company closed at A$0.096 (as on 15th April 2019), up by 4.348% as compared to its previous close.


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