De Grey Mining Limited (ASX:DEG) has been granted a trading halt by the ASX with an announcement pending in relation to material exploration results from the Pilbara Gold Project in WA.
The company expects to be able to make an announcement on or before Monday, April 15, 2019.
A trading halt will remain in place until the beginning of trade on April 15 or when an announcement is released to the market, whichever occurs earliest.
Last month the company increased the size of the plant in its development study to a 2 million tonnes per annum throughput.
The increase was put down to a 40% increase in resources from the project’s 2017 scoping study, recent exploration successes and the potential of De Grey’s project tenements as well as increases in gold recoveries between 90% and 94%.
The scoping study suggested average annual production would be nearly 60,000 tonnes.
The company received high-grade drilling results from the Withnell gold deposit, an integral part of its 1.4 million ounce Pilbara Gold Project, which include:
- 5 metres at 7.8 g/t gold from 43 metres, including 2 metres at 14.95 g/t gold;
- 2 metres at 11.14 g/t gold from 61 metres, including 1 metre at 20.6 g/t; and
- 8 metres at 20.11 g/t from 168 metres, including 4 metres at 38.5 g/t.