Drilling programs that commenced in early August are now ramping up with three rigs actively operating on site at Toweranna, Withnell, Mallina and on new regional targets.
All results remain pending and a strong news flow is expected over the coming months.
De Grey aims to increase its 1.7 million ounce gold resource base in the Pilbara region up to 3.0 million ounces.
Completion of a major milestone for De Grey
De Grey’s executive chairman Simon Lill said: “Today is a major milestone for De Grey and an extremely pleasing conclusion to a process that we commenced in February 2017 where, with a market capitalisation of ~ $3.5 million, we reached agreement with our Chinese partners and friends to acquire Indee Gold Pty Ltd for $15 million.
“Since this time, we have rapidly grown the overall project resources to 1.7 million ounces and can clearly see significantly more ounces on the horizon.
“We now have 100% control of one of the best underexplored new gold provinces in Australia.
“We are fully funded to continue our focus on growing resources at our five large and under drilled resource areas, Toweranna, Withnell, Mallina, Mt Berghaus, and Wingina and we are also embarking on regional drilling for the first time in the search for new discoveries along our 200 kilometres of highly prospective shear zones and new intrusion targets.”
$22 million recently raised to complete acquisition
The shareholding is a result of the recent $22 million capital raising and means DGO Gold will hold 11.6% of the company.
These funds played a pivotal role in completing the Indee acquisition with the remainder being put towards exploration underway.