De Grey picks up more than 200 nuggets across Indee gold project, exploration continues

De Grey Mining ASX DEG gold nuggets Indee gold project
Gold nuggets found on De Grey's south-eastern portion of Loudens Range.

De Grey Mining (ASX: DEG) has revived interest in its Pilbara conglomerate gold deposits after the company reported numerous visible gold sightings and picked up more than 200 gold nuggets across the deposits which form part of the Indee gold project.

In recent months, prospecting, metal detecting, mapping and sampling have been undertaken at the primary deposits Loudens Patch, Jarret Well and Steel Well. According to De Grey about 12km of strike has been identified.

In addition to the gold nuggets, finer grain “halo” gold has been noted in rock specimens from the project area.

De Grey claims the nuggets and the existence of the halo gold are similar to the gold mineralisation Novo Resources (TSXV: NVO) and Artemis Resources (ASX: ARV) have found at Purdy’s Reward about 130km away.

As a result, De Grey stated it gives the theory more weight that this type of conglomerate gold and halo gold mineralisation occurs across a “large region of the Pilbara”.

The company has also discovered visible gold in it several 15kg samples and one 100kg sample from the project.

Stream sampling from Loudens Patch hosted visible gold in 80% of the samples taken across 1km of strike. Meanwhile, gold was seen in 100% of the Jarret Well samples over 550m and in 60% of the samples from Steel Well over 700m of strike.

Although assays are yet to be reported, De Grey stated “the immediate visual identification of gold particles” afforded the company early identification of targets for follow-up exploration.

Upcoming exploration will involve more detailed mapping, further stream sediment sampling and metal detecting.

Additionally, the company is advancing its heritage clearance application, which, once granted, will pave the way for earthworks and bulk sampling at the three deposits.

An initial program of works has been permitted with a larger one that allows for drilling awaiting approval.

Drilling kick-off at Mt Berghaus

This latest news on the Indee gold project follows De Grey’s announcement last week it has started a reverse circulation drilling program at its Mt Berghaus gold deposit, which is part of the company’s Pilbara gold project.

Drilling will also be undertaken at Amanda, Hester, Mallina and Toweranna deposits to boost the project’s resources.

The Pilbara gold project’s current resource sit at 23.88 million tonnes grading 1.6 grams per tonne for more than 1.2 million ounces of the precious metal.

Shares in De Grey were unchanged at A$0.13 by mid-morning.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.