Business Overview
De Grey's core business is exploration for base and precious metals , and uranium. Early exploration success saw the company discover and delineate the 220,000 ounce Wingina Well gold deposit at the Turner River Project, near Port Hedland in Western Australia's Pilbara region. Continuing exploration to add to this resource led to the discovery of a virgin VMS-style Zn-Pb-Ag-Au system. De Grey has commenced a farm out of up to 75% of the gold and base metal projects at Turner River in order to secure minimum exploration funding commitments of $1 million and $700,000, respectively, over two years. The Wingina Well gold deposit is retained 100% by De Grey.
The Company's exploration interests also extend to the eastern Pilbara, with exploration targets defined for Kintyre-style uranium and Nifty-style copper mineralisation within nearly 5,000 km2 in the Paterson region.
In 2009, De Grey 's exploration efforts were extended to the highly prospective Mt Isa region of Queensland where an Ernest Henry-style (iron oxide copper gold) geophysical target lies untested beneath later sedimentary cover.
More recently, De Grey has secured exploration rights over nearly 2,200km2 in the Deseado Massif of Santa Cruz Province, Argentina. The Deseado has recently been recognised as one of the world's premier regions of low-sulphidation epithermal Au-Ag mineralisation. Mineral resources and reserves discovered since 1990 total about 11.5Moz Au and 245Moz Ag.
De Grey owns significant iron assets . The Company holds priority rights to the 378km2 offshore Fortescue Island Project near Cape Preston in the Pilbara and 1% - 2$ gross royalties on future iron ore production from certain tenements at Turner River. De Grey has recently agreed to sell its 20% interest in the Beyondie magnetite iron project for $6.05 million cash..
In addition to its established projects , the Company continually assesses new project opportunities for a variety of commodities in diverse locations. |
