De Grey Mining Limit

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End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 07/19
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De Grey Mining : Withnell drilling continues to delineate high grade gold lodes

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07/12/2019 | 04:19 pm

De Grey Mining Limited (ASX: DEG, 'De Grey', 'Company') is pleased to announce new RC and diamond drilling results at the Withnell gold deposit, an integral part of the 1.4Moz Pilbara Gold Project, located near Port Hedland in the Pilbara region of Western Australia.

Withnell is currently the largest deposit (6.37Mt @ 1.8 g/t for 377,300 oz) within the project area and is located on the Withnell Shear (formerly named the Mallina Shear). A shallow oxide resource has been previously mined to 45m depth by a previous owner. In the De Grey 2017 Scoping Study, an open pit cutback was proposed to approximately 120m depth. De Grey continues to expand the resource at depth and is targeting the higher grade plunging shoots below the shallower proposed open pit mineralisation. Further potential occurs along strike including the known mineralised 6km trend that hosts the Camel, Roe and Dromedary deposits. The remaining 60km of the Withnell Shear to the east and west remains essentially untested with only very limited drilling testing under the thin veneer of sand cover.

The following drill results reported in this release covers an on-going RC and diamond drilling program during 2019 targeting the high-grade lodes beneath the proposed Withnell Open Pit. The gold mineralisation occurs as multiple vertical lodes associated with quartz-sulphide (pyrite) veining and alteration. The results continue to build on previous drilling and highlight multiple lodes with a series of high-grade plunging shoots that remain open at depth. Several significant but isolated intercepts (such as 4m @ 5.11g/t Au in NRC104 and 0.56m @ 49.8g/t Au in NDD134 may develop into additional lodes with follow up drilling.

The results cover 11 RC holes which were previously reported as 4m composite samples and have been upgraded to 1m sample intervals, as well as new results from8 diamond holes.

All of the drilling results are considered to represent gold mineralisation that would be beneath the proposed 2017 Scoping Study open pit and will be included in a maiden Withnell underground resource model, expected to be completed during the quarter.

Contact:

Simon Lill

Tel: +61 8 6117 9328

Email: admin@degreymining.com.au

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