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5 October 2021
The Study presents an initial evaluation of the Mallina Gold Project. The Company has identified clear opportunities for improvement.
Projected average gold production of approximately 473,000oz pa at an average feed grade of 1.6g/t Au over the first 5 years and approximately 427,000oz pa at an average feed grade of 1.4g/t Au over the 10 year scoping study evaluation period.
Production rate and mine life expected to grow with continued resource definition and extensions as demonstrated in recent announcements at Diucon and Eagle and ongoing exploration activities in Greater Hemi and Regionally.
Board approval to advance to prefeasibility study with results in H2 2022.
De Grey Managing Director and CEO, Glenn Jardine, commenting on the Scoping Study outcomes:
â€śThe Scoping Study provides an initial evaluation of the Projectâ€™s physical and financial metrics, following the discovery of Hemi in February 2020 and the definition of Hemiâ€™s maiden Mineral Resource Estimate of 6.8 million ounces in June 2021. The results of the initial evaluation of the Project are compelling and confirm its status as a Tier 1 gold asset.
The Company sees further improvements and optimisation of the Project with ongoing resource extension and definition drilling and exploration success. This could increase production rates and/or the mine life of the project. For example, the production metrics for Diucon and Eagle incorporated into the Study do not include the recently announced mineralised extensions along strike, in width and at depth.
The six existing zones at Hemi provide the Company with the flexibility to sequence production according to gold grade, gold endowment per vertical metre, mining advance rate and the strip ratio of each zone. The Hemi deposits comprise approximately 80% of the production over the 10 year study evaluation period.
Metallurgical testwork has demonstrated that consistently high gold recoveries can be achieved across the different zones at Hemi using the robust flowsheet developed during the Study. Each of the three potential sulphide oxidation processes (pressure oxidation, biological oxidation and Albion) have delivered excellent gold recoveries and will be carried forward into future studies. Further testwork and trade off studies will optimise capital cost, operating costs, recoveries and operability to enable the Company to select the preferred sulphide oxidation route for the future operation.
The Study provides justification that the Mallina Gold Project is commercially viable and accordingly the Board has approved progression of the Project to a PFS. The PFS will immediately commence in parallel with ongoing resource extension and definition drilling, exploration activities and further metallurgical testwork. The results of the PFS are expected to be provided in the second half of calendar year 2022.
The Company has achieved rapid resource growth and exploration success in the last 18 months and is committed to continuing an extensive program of exploration activities across its 100% owned, 150km long tenement package.â€ť
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DeGrey Mining says the gold mineralisation is similar to whatâ€™s been turned up at adjacent deposits of Aquila, Brolga, Crow, Falcon and Diucon.
And like Diucon, Eagle shows a strong structural overprint which can carry high gold grades and occasional visible gold.
New results include:
53.0m at 5.8 g/t gold from 315m including 3.6m at 76.6 g/t gold from 339.4m (HERC955D) extending mineralisation around 100m below the maiden mineral resource estimate (MRE)
51m at 6.3 g/t from 106m including 0.6m at 143.5 g/t from 147m and 1m at 142.0 g/t from 150.0m (HEDD103) extending mineralisation approximately 40m to the south of the maiden MRE
60.8m at 2.7 g/t from 41.2m including 1m at 36.4 g/t from 68m and 1m at 72.9g/t from 73m (HEDD202); and
7m at 16.5 g/t from 132m including 2m at 55 g/t from 136 m (HMRC010) to the east of Eagle
Moreover, extensional drilling in the northwest of Eagle continues to intersect mineralisation including 31m at 2.1 g/t from 155m and 19m at 1.8 g/t from 192m (HMRC229).
The company says this confirms potential new lodes approximately 240m north of Eagle.