THE DRILL SERGEANT: De Grey Mining (ASX: DEG) claimed a new gold discovery, located 30 kilometres southwest of the company’s Hemi gold discovery in Western Australia.
De Grey Mining identified a new shear hosted gold target via broad spaced RC drilling at the Gillies prospect, situated within the Farno Joint Venture.
De Grey undertook the drilling to increase its equity from 30 per cent to 75 per cent interest in the JV that involves tenement E47/2502 where De Grey is manager with TSX-listed Novo Resources Inc (TSX: NVO) its 25 per cent partner.
A follow-up RC drilling program is already planned for Q2 2021 along with additional aircore drilling is planned to test numerous bedrock gold anomalies, including several Hemi style intrusion targets within the Farno JV.
“Gillies is shear zone hosted, similar to Withnell, Wingina, Mallina and Mt Berghaus, which make up a significant portion of the company’s regional 2.2 million ounce existing endowment,” De Grey Mining managing director Glenn Jardine said in the company’s ASX announcement.
“Exploration within the Farno JV area is at a very early stage however this new gold system provides strong evidence on the potential of the region.
“De Grey has formed a dedicated regional exploration team which is preparing for the company to restart exploration outside of the Greater Hemi area, in parallel with extensional and exploration work within the Greater Hemi area.
“We anticipate following up the Gillies discovery hole in the next quarter.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE