De Grey Mining Limited Reports Strong Exploration and Resource Expansion in Quarterly Activities Report
De Grey Mining Limited has released its quarterly activities report for the period ending 30 June 2023, highlighting significant progress in exploration efforts, project studies, project financing, and corporate affairs. The report stated that the company achieved several milestones and accomplishments during the period, positioning De Grey Mining Limited for growth and success in the future.
Exploration: Expanding Resource Base and Exploration Footprint
The Hemi Mineral Resource grew by 1. 0Moz to reach 9. 5Moz, including 6. 9Moz JORC Indicated Category. The Global Mallina Gold Project Mineral Resource increased to 11.
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7Moz, and the Global Measured & Indicated Resources grew by 1. 1Moz to 8. 1Moz. All indicated resources are within the Open Pit category to 370m depth. In addition, the company expanded its exploration footprint by 70% to 2,500km2 through the Egina Project Heads of Agreement, where DEG has the right to earn a 50% joint venture interest and management control over exploration activities.
Project Studies: Advancing Studies and Optimisation
De Grey Mining Limited is on track to release the Definitive Feasibility Study (DFS) in September 2023. The company lodged EPBC (Federal) and EPA (State) approval submissions during the June quarter. Hydrogeological and geotechnical modeling and mining schedules for Hemi deposits are completed. Furthermore, the project development schedule, including freight and logistics, is optimised to support tendering requirements for long lead items, while the procurement and contracts manager joined the team.
Project Financing: Assessing Options and Generating Interest
The report highlighted the company's ongoing assessment of project financing options, suggesting strong interest from potential financiers. De Grey Mining Limited is well-positioned to finalise project financing with potential partners as the DFS nears completion.
Corporate Affairs: Strategic Investment and Solid Financial Platform
De Grey Mining Limited announced its strategic A$10 million investment in Novo Resources Corp, resulting in an 11. 6% interest in Novo. The company also reported a solid financial position of approximately $113 million in cash and no debt at the end of the June quarter, even after the investment in Novo.
Overall, De Grey Mining Limited's quarterly activities report demonstrated significant progress in exploration, project studies, financing, and corporate affairs. The company's expanded resource base, ongoing exploration efforts, strong financial foundation, and strategic investments are essential indicators for De Grey Mining Limited's future growth and success.
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