De Grey Mining (ASX: DEG) has undertaken a geological review of the Pilbara Gold Project for conglomerate hosted gold potential similar to Witwatersrand.
This review is a result of recent new discoveries made by Novo Resources Limited (TSX-V: NVO) and Artemis Resources (ASX: ARV) in the Karratha region.
- 12km target zone of prospective Fortescue Group rocks, including the basal Mt Roe Basalt, identified within the Pilbara Gold Project.
- Stratigraphy is the same as recent discoveries by Novo Resources and Artemis Resources in Karratha, being described as “Witwatersrand like”.
- No known sampling for gold along the 12km long target.
- Mapping and sampling commencing to assess the area for conglomerate hosted gold mineralisation.
As a result of recent surface gold discoveries made near Karratha by Novo Resources Corporation and Artemis Resources, together with a significant “land grab” in the region, De Grey has undertaken a project wide review.
This review has identified a large target area of prospective Fortescue Group rocks in the same stratigraphic position that hosts the Novo/Artemis discoveries.
Exploration Manager, Mr. Phil Tornatora, said:
“The potential for Witwatersrand style gold deposits in the Pilbara is very exciting. The Witwatersrand gold deposits of South Africa are the largest in the world.
The Karratha discoveries of numerous gold nuggets at surface are rare. Novo and Artemis have now confirmed high grade gold in the underlying host Mt Roe Basalt conglomerates.
We are excited about the immediate commencement of evaluating this encouraging new target.”
The new Novo/Artemis gold discoveries have been made on the back of a significant quantity of gold nuggets being found at surface. Subsequent bedrock testing has confirmed high grade gold is hosted in the underlying conglomerates, at the base of the Mt Roe Basalt within the Fortescue Group.
De Grey’s assessment of available geological information has highlighted a 12km long target zone of prospective Fortescue Group rocks, along the base of the outcropping Mt Roe Basalt within the Pilbara Gold Project (Figure 1). The Company has no records of this target having been sampled. Figure 2 highlights De Grey’s Pilbara Gold Project relative to Novo/Artemis tenement landholdings.
Earlier surface soil sampling has targeted the Mallina Shear (Figure 1), which hosts most of the gold resources in the project area. Significant portions of the Mallina Shear Zone remain untested by drilling and provide excellent potential for further shallow gold discoveries along this well-endowed gold structure.
Significantly, the Mallina Shear intersects a portion of the Conglomerate Gold Target at the southern margin of the target. Previous soil sampling in this general area has defined a large albeit “diffuse” gold and multi-element anomaly. Further assessment of this area will be a priority.
De Grey is commencing mapping and sampling in the area of this anomaly and will expand this work to include the larger Fortescue Group stratigraphy with the aim of defining conglomerates at the base of the Mt Roe Basalt unit.