De Grey Mining has announced today an interception of high-grade gold in Toweranna, WA.
Results include 2.0g/t Au, 3.07 g/t Au and 4.38 g/t Au. The company also reports strong mineralisation continuing beyond 200m.
The results come from the first 12 holes of a reverse circulation drilling project. The project is planned for 5,400m in total drilling.
De Grey Technical Director Andy Beckwith says the company now focuses on increasing project depth from 200m to 400m.
“The bonanza high-grade nature of some of the individual veins is also particularly encouraging as it suggests selective or bulk underground mining methods may be possible.
“Importantly, the new drilling shows Toweranna has multiply stacked lodes across the entire intrusion, strong mineralisation extending at depth and remains open,” Beckwith said.
Due to the positive results, the company has accelerated the expansion of drilling and mineralisation testing.
Systematic diamond drilling is also planned.
De Grey rose 8.7 percent in the ASX today.