De Grey meets initial Egina gold project commitment
Australia-listed De Grey Mining has completed its minimum expenditure of A$7-million to earn into Novo Resources’ Egina project, in Western Australia.
In terms of the 2023 agreement with Novo, De Grey had to spend A$7-million within 18 months and a further A$18-million within four years to earn a 50% stake in the project.
Egina comprises a large 1 034 km2 tenement package adjacent to De Grey’s existing Hemi gold project and the majority of tenements are located immediately south of Withnell and south-west of the Hemi deposits.
“The Egina project is an important part of De Grey’s strategy to grow a large regional-scale resource base around the planned Hemi processing plant,” says GM for exploration, Phil Tornatora.
As part of the A$7-million minimum expenditure requirement, De Grey has completed 34 180 m of aircore drilling and 9 129 m of reverse circulation drilling across four main prospects, including prospective intrusions and regional structures.
The minimum spend was completed in 15 months.
“Our intention is to continue to progress exploration on the Egina tenements towards forming a 50:50 joint venture subject to ongoing assessment of exploration results on the project,” said Tornatora.
Novo nonexecutive chairperson and acting CEO Mike Spreadborough added in a separate statement that the company was pleased that De Grey shared its enthusiasm for the Egina project.
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