Of course, the focus of the Australian gold explorer is De Gray Mining (WKN 633879 / ASX DEG) continued to expand the gold mineralization of the already huge gold discovery Hemi and to improve the quality of the expected resource. In the meantime, however, the company is raising its eyes and dedicating itself to the exploration of targets in the near and far. A dedicated exploration team was put together to accelerate the exploration of new areas.
De Gray is currently active on Hemi with two backwash drills and two diamond core drills. A third diamond core drill will follow this month. The company uses these tools to drill both for resource demarcation and expansion.
And De Gray has been particularly successful this year in demonstrating the continuity of large gold mineralized occurrences in the Aquila, Brolga and Falcon zones. On the Crow Zone, exploratory drilling has also identified previously undiscovered higher grade, sub-parallel veins within the larger mineralization system. With the help of the determination wells, De Gray Mining wants to present not only the largest possible, but also the same high-quality resource for Hemi in mid-2021.
In addition, each of the first zones – Aquila, Brolga and Crow – could be expanded. In particular, aircore drilling was very successful, with the help of which the Falcon Zone and extensions to the northwest of Crow were recently discovered. The Falcon discovery shows that there is still enormous potential just in the immediate vicinity of the known Hemi mineralization! So it’s no wonder that De Gray is continuing to focus on this area for now …
Exploration in the wider Hemi area
Apart from that, the company is already devoting systematic aircore drilling to the wider Hemi area, including the Scooby, Shaggy, Antwerp and Alectroenas intrusions. Promising areas discovered in these holes are being significantly followed up by De Gray with subsequent backwash drilling to delineate the extent of the mineralization. Some of these holes are already being drilled in the wider Hemi area and will continue into the first half of next year.
So these are two areas that have significant potential for further discovery, but that is far from all. As De Gray emphasizes, there is additional, not yet tested exploration potential in the project area as a whole!
For example, four intrusions have already been identified outside of the wider Hemi area and the first aircore wells on these targets, called Charity Well, Calvert and Geemas, have already been planned for the first half of 2021. Calvert already has a small gold resource in a fracture zone in sediments south of the intrusion, but the intrusion has so far only been tested near surface with historical drilling.
30 potential new intrusion targets
But that’s still not the end of the story! De Gray also had a detailed magnetic survey carried out over the entire property and geochemical samples taken, the interpretation of which revealed more than 30 (!) Further, potential intrusion targets that need to be assessed.
This is where the new regional exploration team comes in, which will initially focus on identifying new, high quality deposits in intrusions that are similar to Hemi. At the same time, work is also being carried out to investigate the potential of the project’s shear zones. Because in the entire Mallina project there are 200 kilometers of shear zones and the majority of the already proven 2.2 million ounces of gold (without Hemi!) Lies in such shear zones.
It has been almost exactly 12 months since the discovery of Hemi and since then De Gray Mining has completed a total of approximately 250,000 kilometers of drilling, continuously detecting and expanding new zones of mineralization on Hemi – and there is still a long way to go.
While we very much appreciate that De Gray continues to focus on the exploration and validation of Hemi, as we anticipate a tremendous increase in the resources of the Mallina project from there, we also believe that the timing is well chosen. to focus again on the potential of the property as a whole. A dedicated team for this alignment should accelerate developments in this regard. We are very excited!
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In accordance with Section 34b WpHG and Section 48f Paragraph 5 BörseG (Austria), we would like to point out that partners, authors and / or employees of GOLDINVEST Consulting GmbH can hold shares in De Gray Mining and thus a conflict of interest could exist. Furthermore, we cannot rule out that other stock market letters, media or research firms will discuss the values we have discussed during the same period. Therefore, symmetrical generation of information and opinions can occur during this period. Furthermore, there is a consulting or other service contract between GOLDINVEST Consulting GmbH and a third party in the issuer’s warehouse (De Gray Mining), which creates a conflict of interest, especially since this third party grants GOLDINVEST Consulting GmbH for a fee for reporting De Gray Mining pays off. This third party can also hold, sell or buy shares in the issuer and would benefit from an increase in the price of De Gray Mining’s shares. This is another conflict of interest.
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