Ann: Quarterly Activities Report - June 2023, page-7

from Today's $tockhead !
De Grey Mining (ASXEG)

The highlight of De Grey’s quarter was the addition of another 1Moz of contained gold to the already meaty Hemi resource, which now stands at 9.5Moz including 6.9Moz in the higher confidence Indicated category.
This has increased the global resource of the broader Mallina project up to 11.7Moz with the majority – 8.1Moz – in the Measured and Indicated categories.
This was achieved at a cost of just $10 per ounce at the Inferred level, with another $6/oz tacked on to convert that into Indicated status – well below the usual cost curve and no doubt thanks to said resources falling into planned open pit shells with depths of up to 390m.
While impressive, the company clearly believes there is still room for more growth and had recommenced discovery and resource extension drilling during the quarter after completing drilling requirements for the Definitive Feasibility Study at Hemi and its regional areas.
It also noted in its quarterly that it has expanded its exploration footprint by 70% to 2,500km2 by reaching an agreement to earn 50% in Novo Resources’ Egina project.
Meanwhile, work completed during the quarter such as hydrogeological modelling, geotechnical modelling and mining schedule will assist in the delivery of the DFS during the September quarter.
De Grey also continues to progress project financing options in parallel with completion of the DFS and has noted strong appetite from potential financiers.