De Grey Mining (ASX: DEG)
De Grey Mining (ASX: DEG) is set to commence a major drilling programme in early May, just weeks after announcing it had hit one of its biggest milestones to date.
The big news to come out of the DEG stable is that its total Project Resource has passed the 1 million ounce mark – and looks like it may keep climbing.
The milestone follows, and is directly related to, DEG’s purchase of an option for the Indee Project, which is along strike and contiguous with DEG’s Turner River gold tenements in Western Australia.
The acquisition was not only important to increase DEG’s resource, but it also means that DEG does not have the same drill out requirement to achieve a Bankable Feasibility Study as some of its peers.
DEG’s drilling program will target extensions to existing resources, and with some exploration targets in the 50,000 to 100,000 ounce range, DEG’s resource inventory may grow quickly.
Following a recent $1.8 million capital raise, it is well funded to meet its current drilling objectives.
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DEG has begun a Scoping Study to determine the feasibility of turning Turner River and Indee into a stand-alone production centre and it is progressing well towards its gold ambitions.
With a lot of newsflow to come, there appears to be a lot of upside for this $10.4 million market capped company, as it hopes to be the next cab off the rank for growing Australian gold developers.