The Boleadora Project comprises six tenements covering 527 sq km area in the north western Deseado Massif.  The project is strategically located between Goldcorp’s Cerro Negro Project (ex Andean Resources), about 25km to the north, and Mirasol Resources' recent grass roots Virginia silver vein field discovery, located about 30km to the southeast.

The Boleadora tenements are owned by Minera Kingsgate Argentina S.A., a wholly owned subsidiary of Kingsgate Consolidated Limited. De Grey can earn 60% interest in the project by sole funding US$200,000 exploration expenditure over 3 years, with a commitment to minimum expenditure of US$50,000 per year.  Upon earning 60% interest, De Grey can elect to carry on sole funding of a further US$1 million expenditure, including at least 1000 metres of drilling, over a further 2 years to increase its interest to 80% at which point an 80:20 joint venture is formed.

Kingsgate undertook limited surface sampling of the project area prior to that company refocusing its South American exploration efforts in early 2008.  The area hosts large areas of Chon Aike Formation, the Jurassic volcanic rocks that are host to most of the epithermal gold-silver mineralisation in the Deseado Massif.

In the 2010-2011 field season De Grey completed a property-wide stream sediment sampling campaign, with sampling of two screened size fractions at 221 sites.  That work has outlined eleven target areas of elevated gold and/or multi-element signatures, mainly in areas associated with northwest to northeast trending faults, the typical control of most known epithermal vein deposits in the Deseado Massif.  The clustered anomalous points in the central-western and south-western parts of the project area are of particular interest given their highly anomalous spot Au and Ag values.

Detailed follow-up is planned for the 2011-2012 summer field season.

Boleadora 2010-2011 stream sediment results, Santa Cruz, Argentina