Mt Hawthorn, WA / October 30, 2017 / JMN Wire / De Grey Mining Limited (ASX: DEG, “De Grey”, “Company”) is pleased to report the discovery of two prospects where highly prospective conglomerate units have been mapped and associated gold nuggets have been found by De Grey personnel.
This new conglomerate horizon beneath the previously reported 12km zone of Mt Roe Basalt significantly expands De Grey’s footprint for Conglomerate Gold style mineralisation within the Pilbara Gold Project.
- Pitted and flattened gold nuggets confirm two new conglomerate discoveries - Jarret Well and Steel Well - within 12km target area and separate from Loudens Patch.
- Highly prospective pyrite bearing lower conglomerate bed appears similar to gold bearing rocks reported at Purdy’s Reward (Novo/Artemis) near Karratha.
- Conglomerates interpreted to be same unit providing over 2.5km of continuous strike length based on geophysical and aerial photography interpretation. Unit remains open to the north and dipping beneath Mount Roe Basalt.
- Mapping and metal detecting along the zone remains limited - less than 10% of 12km zone has been metal detected.
“Our geological team understood the significance of Novo/Artemis’s activities earlier than most and moved rapidly to the initial Loudens Patch discovery. They have now made more exciting new discoveries of highly prospective conglomerates with associated gold nuggets. The scale of this 12km zone could dwarf Loudens Patch.
Ongoing detailed mapping, metal detecting and geochem sampling are underway and we are commencing heritage clearance activities as we push forward to defining drill targets.
We are also looking forward to commencing drilling at the high grade Toweranna and Blue Moon prospects shortly.” commented Executive Chairman, Simon Lill.