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De Grey's gold resource at Pilbara crosses 1 million-ounce mark

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De Grey's gold resource at Pilbara crosses 1 million-ounce mark

De Grey Mining Ltd. announced an updated resource estimate for its Indee gold project in Western Australia, which hosts measured, indicated and inferred resources totaling 9.15 million tonnes at 1.8 g/t of gold for 538,400 ounces of gold.

The company noted April 3 that 57% of the Indee resources are in the measured and indicated categories, with 5.55 million tonnes at 1.7 g/t of gold for 308,500 ounces, while 24% of resources comprise oxide material, with 2.36 million tonnes at 1.7 g/t of gold for 131,700 ounces.

De Grey holds an option to acquire the Indee project by paying A$15 million by July 24, 2018.

Following the update, resources at the company's Pilbara property, which comprises the Indee and Turner River projects, total 18.84 million tonnes at 1.7 g/t of gold for slightly more than 1 million ounces of gold.

De Grey has initiated a scoping study to evaluate the potential of a stand-alone open-pit mining operation combining the two projects, with results expected by late May.

The company is also planning a drill program focused on extending resources and drill testing new targets, scheduled to start in early May.