How has De Grey Mining's Hemi Gold Project exceeded expectations? De Grey Mining Limited

How has De Grey Mining's Hemi Gold Project exceeded expectations?

Hemi Gold Project Resource Update – November 2023: De Grey Mining's Latest Discovery Exceeds Expectations

Hemi Mineral Resource Surpasses 10 Million Ounces of Gold, Marking a 1 Million Ounce Increase

21 November 2023, ASX: DEG – De Grey Mining has announced a remarkable new achievement in its Hemi Gold Project with the latest resource update revealing a significant growth in mineral reserves. The company's relentless pursuit of new discoveries has paid off, as the Hemi Mineral Resource estimate has expanded by an impressive 1 million ounces to reach a total of 10. 5 million ounces of gold. This extraordinary development is a result of eight months of intensive drilling since the previous estimate in June 2023.

Unveiling Hemi Mineral Resource Estimates

The updated Mineral Resource Estimate (MRE), guided under the Joint Ore Reserves Committee (JORC) 2012 standards, showcases the project's substantial growth and potential. The Hemi MRE now stands at an impressive 255 million tonnes at a grade of 1. 3 grams per tonne of gold, equivalent to 10.

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5 million ounces.

The breakdown of the MRE includes an indicated resource of 166 million tonnes, representing 65% of the total estimate, with a gold grade of 1. 3 grams per tonne, equivalent to 6. 9 million ounces. Additionally, the inferred resource is estimated to be 89 million tonnes, reflecting 35% of the total estimate, with a gold grade of 1. 3 grams per tonne, equivalent to 3. 6 million ounces. It is important to note that the cut-off grade for this estimate is set at 0. 3 grams per tonne above a depth of 390 meters, and 1. 0 grams per tonne below that depth.

Hemi Project Resource Expansion

The growth in the Hemi Mineral Resource Estimate contributes to the overall expansion of the Hemi Project, including the Regional deposits. With the new update, the combined MRE for the entire project now stands at an impressive 296 million tonnes, grading at 1. 3 grams per tonne of gold, amounting to 12. 7 million ounces.

The breakdown of the project's resource estimate showcases a measured resource of 5 million tonnes, accounting for 2% of the total estimate, with a gold grade of 1. 7 grams per tonne, equivalent to 0. 3 million ounces. The indicated resource consists of 184 million tonnes, representing 62% of the total estimate, with a gold grade of 1. 3 grams per tonne, equivalent to 7. 8 million ounces. Lastly, the inferred resource is estimated to be 107 million tonnes, reflecting 36% of the total estimate, with a gold grade of 1. 3 grams per tonne, equivalent to 4. 6 million ounces.

Fueling Resource Growth and Extending the Project's Potential

The remarkable growth in the Hemi Mineral Resource Estimate is a direct outcome of the company's efforts to expand resource reserves through infill drilling for the Definitive Feasibility Study (DFS). Additionally, De Grey Mining has focused on resource extension in and around the Hemi Project, leading to new discoveries throughout the project. The ongoing drilling programs have been tailored to demonstrate increased mine life and boost the annual gold production rate from both open pit and underground sources, surpassing the DFS production profile.

De Grey Mining is now set to conduct new pit shell optimizations to fully explore the potential for additional open pit production that exceeds the previous DFS production profile. By targeting new near-surface gold discoveries and large-scale resource step-outs through extensive drilling, the company aims to unleash the full potential of the Hemi Project. Phil Tornatora, the General Manager of Exploration at De Grey Mining, expressed his excitement about the recent discoveries, stating, "It is great to see Hemi surpassing 10 million ounces in less than four years since its discovery. "

The Path Ahead: Unveiling New Prospects

As the company continues its relentless pursuit of gold resources, De Grey Mining is not resting on its laurels. Drilling efforts at the Hemi Project now focus on new shallow potential resources adjacent to the existing deposits, as well as strike and depth extensions to maximize the potential of the Hemi deposits. Notably, the Diucon-Eagle area, along with the Crow North deposit, holds immediate potential for strike extensions.

Emphasizing the company's commitment to ongoing exploration, Tornatora stated, "All of the Hemi deposits remain open at depth, and we see significant potential for further resource increases. " In addition to the Hemi focus, exploration efforts are also underway at the Regional prospects, aiming to make new large-scale discoveries.

Furthermore, De Grey Mining has initiated collaborative work with Novo Resources on the new Egina Joint Venture tenement package, demonstrating their dedication to uncovering even more potential in the mining industry.

With the Hemi Gold Project surpassing expectations and achieving monumental growth, De Grey Mining cements its position as a leading player in gold exploration and production. As the company continues to unlock the full potential of its resource reserves, the future looks brighter than ever for De Grey Mining and the Australian mining sector as a whole.

DISCLAIMER: The information provided in this article is for informational purposes only and should not be considered as financial advice.

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