Hemi discovery transforms De Grey and gold exploration in the Pilbara:
- New style of large scale, high value, near surface intrusion hosted gold mineralisation discovered at Hemi
Near term growth strategy:
- Expand and define the Hemi; Aquila, Brolga and Crow zones
- Drill known mineralised intrusives around Hemi; Scooby, Antwerp, Shaggy
- Identify new intrusive targets tenement-wide from recent aeromagnetics
- Expand the existing shear hosted regional resource base
Drilling during the quarter accelerated and driving growth:
- Exploration activity accelerated – 6 drill rigs now operating
- 16,000 metres of aircore drilling targeting Hemi extensions
- 18,000 metres of RC drilling defining scale and continuity at Hemi
- 9,000 metres of diamond drilling targeting depth extensions at Aquila & Brolga
Hemi is growing across multiple zones & remains open in all directions
- Aquila zone drilling has extended strike length to ~ 1.2km & depth of 150m.
- Aquila zone drilling post quarter end has already seen:
- the strike length increased further to ~1.6km; and
- sulphide mineralisation intersected at a depth of +300m.
- Aquila zone drilling post quarter end has already seen:
- Brolga zone footprint expanded to +640m x 300m, with RC and diamond drilling and potential extensions in aircore drilling to be tested.
- New Brolga South mineralised intrusion zone identified in aircore drilling over 1000m x 200m.
- Crow zone aircore drilling has defined a 1,000m x 300m mineralised intrusion, with extensional RC drilling in progress
- Drill testing of the Antwerp and Scooby intrusions (within the greater Hemi region) had commenced
- Detailed aeromagnetic survey was completed across a prospective 30km area surrounding the Hemi discovery to support upcoming drill targeting
- Metallurgical testwork progressed with initial recoveries from Brolga mineralisation of 93% in oxide and 96.3% in fresh rock
Funding support to continue exploration momentum
- Two tranche placement of $31.2 million completed.
- Cash Reserves end of the quarter ~ $28.2 million
- Additional Cash Reserves ~$5.3 million received in July 2020 (2nd tranche)
- Placement participation by major shareholder DGO Gold Ltd & Non-Executive
- Director Peter Hood’s shareholder approved 10 July 2020 (2nd tranche).
- Glenn Jardine joined the Company as Managing Director in May 2020