Business Overview
De Grey's core business is exploration for base and precious metals in the Pilbara region of Western Australia and the Mt Isa region of Queensland. 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. 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 a new 4,074km2 area project in the Paterson region.
In the central Pilbara, exploration is continuing for copper and gold mineralisation around the Copper Hills area, where very wide spaced drilling has returned up to 9.1m at 1.01% copper.
De Grey recently expanded its exploration efforts 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.
De Grey owns significant iron assets, including an agreement to sell its 20% interest in the Beyondie magnetite iron ore project to Emergent Resources Limited for $4.5 million, plus $2.25 million in future contingent payments. De Grey also retains a 1% - 2% gross royalty on future iron ore production from certain tenements at Turner River. De Grey holds priority rights to the 378km2 offshore Fortescue island Project near Cape Preston in the Pilbara.
In addition to the Pilbara and Queensland exploration efforts, De Grey continually assesses new project opportunities for a variety of commodities in diverse locations. |
