De Grey Mining has recommenced exploration drilling at the Becher Project in Western Australia’s Pilbara region, following up on promising results from late 2023. The project is part of the Egina Joint Venture between De Grey and Novo Resources (TSX:NVO), covering a strategically significant land position in the gold-prospective Mallina Basin.

Novo Executive Co-Chairman and Acting CEO Mike Spreadborough commented in a press release: “This is an exciting time for the Egina JV with the recommencement of AC and RC drilling programs at our flagship Becher Project. De Grey are focused on undertaking a further 28,000m of combined drilling, which of course is a follow on from the initial program completed at the end of 2023 and will continue to advance key targets identified by Novo historically. Becher is a highly prospective and high priority exploration target. We eagerly await the results of the drilling programs and look forward to updating shareholders in due course.”

In the fourth quarter of 2023, De Grey completed over 10,500 meters of aircore (AC) and reverse circulation (RC) drilling at Becher, testing multiple targets including the Heckmair and Lowe intrusions, and the Irvine and Bonatti shear corridors. Significant results were returned from both the Lowe and Heckmair prospects, which have been designated as priority areas for follow-up work.

The new drilling campaign, which began in late May 2024, involves two rigs conducting a proposed 28,000-meter combined AC and RC program. De Grey plans to follow up on encouraging results at Lowe, Heckmair, and Whillans prospects.

At the Lowe prospect, located approximately 20 kilometers west-southwest of De Grey’s 12.7 million ounce Hemi Gold Project, previous RC drilling intersected 8 meters at 4.7 grams per tonne gold from 97 meters depth in one hole. The current program includes 220 AC holes totaling about 11,000 meters to test the western extension of the target stratigraphy, as well as six RC holes totaling approximately 500 meters.

The Heckmair prospect yielded notable base metal results in late 2023, including intersections of silver, copper, lead, and zinc, along with gold values. De Grey interprets these results as potentially indicative of a mineralized system within a 1.5-kilometer long fault zone. The ongoing RC program at Heckmair comprises 27 holes for about 3,000 meters, testing the fault over a 2-kilometer strike length.

Additionally, an extensive AC program of 532 holes for approximately 23,500 meters is underway across the project area. This work aims to expand geochemical coverage over untested mafic and ultramafic intrusions, including anomaly definition at Lowe and Heckmair, and preliminary testing of the Bonatti, Irvine, and Whillans prospects.

The Becher Project is part of the broader Egina Gold Camp, which Novo Resources describes as a highly prospective gold belt. The Egina Joint Venture, formed in June 2023, allows De Grey to earn a 50% interest in the project by spending A$25 million over four years, with a minimum commitment of A$7 million by December 2024.

Results from the current drilling programs are anticipated in the second half of 2024. However, it should be noted that while the area shows promising indicators, there is no assurance that a commercially viable mineral deposit will be determined at the Becher Project.

The Egina Joint Venture area, combined with De Grey’s existing holdings, covers approximately 2,500 square kilometers in the Mallina Basin. This region has gained significant attention following De Grey’s Hemi discovery, although the presence of similar mineralization at Becher remains to be proven.

Highlights from the results are as follows:

• Follow-up aircore (AC) and reverse circulation (RC) drilling programs have been commenced by De Grey Mining (De Grey) at Novo’s flagship Becher Project (Becher), using two drill rigs. The focus is on testing gold and base metal mineralisation at the priority Heckmair and Lowe Prospects.

• Becher is part of the Egina Joint Venture, where major ASX-listed Western Australian gold explorer and developer De Grey is earning-in through a minimum spend of A$7 million to December 2024, as part of a required A$25 million spend over 4 years to earn 50% of the joint venture. De Grey is the manager of the Egina Joint Venture.

• Becher lies adjacent to De Grey’s 12.7 Moz¹ Hemi Gold Project.

• Exploration completed to date by Novo and De Grey at Becher has identified both intrusion-hosted and structurally controlled gold mineralisation similar in nature to that at the Hemi deposit.

• De Grey plans to undertake a further 28,000 m of combined AC and RC drilling, adding to the ~10,500 m already completed at Becher in Q4 2023.

• Separately, drilling by Novo at Nunyerry North, where a ~4,000 m RC drill program commenced in late May, is advancing with the program expected to be completed in early July and assay results received later in the month.
• Following completion of drilling at Nunyerry North, exploration at key Pilbara targets will shift to either AC drilling at the Balla Balla Gold Project or RC drilling in the Karratha District gold and gold-copper (+-platinum-palladium) targets, dependent on the timing of heritage surveys and final approvals, which are expected in late July 2024.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.