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16/05/20

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Post #: 44659702
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Originally posted by JackOZ ↑

Analysts come up with very different estimates for De Grey's gold discovery

SUBSTANTIALLY different analyst estimates for the size of De Grey Mining’s Hemi gold discovery in Western Australia make for an interesting contrast.

In mid-April the analyst team at capital markets firm Argonaut said the following in a note to clients: "Argonaut estimates that Hemi could already contain 2.8 million ounces, mostly within the Brolga Zone."

Earlier this week, analysts at peer Hartleys initiated coverage of De Grey and made the following comment: "Drilling to date suggests a potential endowment of 1Moz at (circa) 1.5 grams per tonne at Brolga using back of the envelope assumptions, although this could vary greatly given the early stage of exploration and how the company decides to constrain the resource."

Experienced geologists/corporate executives MNN contacted confirmed the extreme difficulty of coming up with a resource estimate when trying to externally assess drill results.

De Grey is aiming to come up with a maiden resource estimate in the second half of 2020.

Meanwhile, as well as being conservative compared to Argonaut on a potential resource estimate for Hemi, the Hartleys team is also cautious on the currently being assessed metallurgy at Hemi.

"In De Grey's most recent resource update the company noted that sulphide gold made up 41% of De Grey's 2.16Moz resource. Given that a large proportion of De Grey's fresh mineralisation is refractory we believe it is prudent to assume that Hemi will also be refractory until proven otherwise," Hartleys said.

However, somewhat contradictorily Hartleys followed that comment with; "The Hemi deposit is most similar to De Grey's Toweranna deposit in terms of geology as they are both intrusion hosted gold deposits, with Toweranna being a free milling deposit in fresh material."

De Grey raised $31 million at the end of April in an equity raising that issued new shares at 28c each and was managed by Bell Potter and Argonaut.

New De Grey MD Glenn Jardine started in his role this week.

Shares in De Grey were trading today at 37c, capitalising the company at $384 million.

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Nice article. Any experienced geo can comment here regarding the potential of Hemi being refractory? And will that increase the ASIC too much? Does being consistently thick ore, close to the surface and low strip ratio offset the higher cost of processing refractory ore?

DEG Price at posting: 36.0¢ Sentiment: Buy Disclosure: Held
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Video Thread, page-82

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Video Thread, page-82

Top Stories

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