Farno JV Project Located South Of Hemi Gold Find
De Grey Mining Limited (ASX: DEG) has identified a new shear hosted gold target in broad spaced RC drilling at the Gillies prospect within the Farno Joint Venture in Western Australia.
Gillies is located 30 km southwest of the fabulous Hemi gold discovery and has seen only early stage exploration aimed at target generation and early stage delineation of bedrock gold systems. The new gold system is shear-hosted and intersected over a broad 50m thick zone downhole.
The initial phase of RC drilling saw the completion of 21 RC holes for 4,400m undertaken to follow up encouraging aircore and soil sampling completed in late 2019 and to ensure De Grey met its expenditure commitments.
Exploration activities at the Farno JV is in line with De Grey’s broader strategic objective to advance the numerous shear zone and intrusion related targets within the Company’s extensive tenement portfolio. The Company has been actively recruiting and building our geological team that will increase our efforts for new discoveries and build resources across our portfolio, in parallel to our on- going drilling at Greater Hemi.
De Grey has increased its equity from 30% to 75% of the Farno JV and is the JV manager with TSX listed Novo Resources Inc (TSX: NVO) its 25% partner.
Managing Director, Glenn Jardine, said Gillies is an immature target that was identified and briefly explored prior to the discovery of Hemi. Previous work had highlighted widespread anomalous multi-element zones and sporadic gold intercepts from a 2019 phase of aircore drilling together with evidence of past prospecting.
The prospect area shows variably exposed sandstones and siltstone units occurring as low hills over approximately 3.0km long by 0.6km wide. Of particular interest was the northern half of the prospect area which saw shallow and spatially coherent gold results from the 2019 aircore program, with intercepts of 1m @ 1.2g/t Au in GLAC013 and 1m @ 0.9g/t Au in GLAC012. Additionally, there is local evidence of substantial surficial workings from prospectors and an anomalous zone identified in hyperspectral imagery.
The northern-most RC drilling section, comprising of four RC holes was drilled to test this zone the hyperspectral anomaly and has confirmed the gold mineralisation is associated with an altered sandstone unit.
The drilling has intersected strong gold mineralisation 15m @ 1.8g/t Auwithin a broad +50m wide shear zone enriched in sulfide bearing quartz veining, including both pyrite and arsenopyrite and a halo of sericite alteration.
The mineralised shear zone is open down-dip and up-dip on section and along strike. The zone of previously completed anomalous surface soil sampling defines a northeast and southwest trending surface expression over ~700m.
“Gillies is shear zone hosted, similar to Withnell, Wingina, Mallina and Mt Berghaus, which make up a significant portion of the Company’s regional 2.2M ounce existing endowment,” Mr Jardine said.
“Exploration within the Farno JV area is at a very early stage however this new gold system provides strong evidence on the potential of the region.
“De Grey has formed a dedicated regional exploration team which is preparing for the Company to restart exploration outside of the Greater Hemi area, in parallel with extensional and exploration work within the Greater Hemi area. We anticipate following up the Gillies discovery hole in the next quarter.”
