Total
0
Shares
Develop Global (ASX:DVP) - Managing Director, Bill Beament
Managing Director, Bill Beament
MD at Sulphur Springs. Source: Bill Beament/LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Develop Global (DVP) is now considering underground mining, ahead of an open pit operation, for Sulphur Springs thanks to strong drilling results
  • The company spent $10 million drilling 20,000 metres at the WA zinc-copper-silver project, with results pointing to a significant increase in the Indicated Resource
  • The drilling assays also revealed a new zone of zinc-rich mineralisation in the hanging wall of the main deposit and significant extension of the known mineralisation
  • As a result, DVP is reviewing its mine plan and considering a self-funded explorational decline across 2022 to accelerate underground drilling
  • Shares in Develop Global have been trading steady at 58 cents each

Develop Global (DVP) is considering underground mining at its Sulphur Springs zinc-copper-silver project, thanks to strong drilling results.

The company has spent $10 million on 20,000 metres of drilling at the project south-east of Port Hedland, with around 25 per cent of all results received.

The company explains the strong results point to a significant increase in the Indicated Resource and also identify a new zone of zinc-rich mineralisation.

This new zone is located in the hanging wall of the main deposits and DVP said the drill results additionally confirmed a significant extension to the known mineralisation.

Following the strong assays, the ASX-lister has begun reviewing its mine plan to consider
the merits of establishing an underground operation ahead of the open pit.

To support this strategy, Develop said it would potentially establish an exploration decline in 2022 to accelerate drilling from underground.

The decline would be funded by existing cash reserves and could later form part of the capital infrastructure of Sulphur’s potential underground mining operation.

Managing Director Bill Beament added that underground drilling could be used to target the highly promising Bledisloe prospect.

“The strength of the infill drilling results point to a significant increase in the Indicated Resource and has led us to initiate a study on the merits of starting with an underground operation rather than an open pit as currently planned,” Mr Beament said.

“As part of this strategic review, we are considering construction of an exploration decline, which will enable us to accelerate drilling from underground and maintain it through the Pilbara wet season.

“Increasing the Indicated Resource will also help underpin our project funding options.”

Shares in Develop Global were trading steady at 58 cents each at 12:20 pm AEDT.

DVP by the numbers
More From The Market Herald

" Nexus Minerals (ASX:NXM) advances Wallbrook and acquires Bethanga over December quarter

Over its December quarter, Nexus Minerals (ASX:NXM) completed drilling at its WA-based Wallbrook Gold Project and…
Monger Gold (ASX:MMG) - Non Executive Chairman, Peretz Schapiro

" High-grade rock chip samples for Monger Gold (ASX:MMG) at Mt Monger South

Monger Gold (ASX:MMG) completes a geological mapping and sampling program across the Mt Monger South gold…
DXN (ASX:DXN) - Departing CEO, Matthew Madden

" DXN (ASX:DXN) CEO and MD resigns, Shalini Lagrutta appointed as CEO

DXN's (ASX:DXN) CEO and Managing Director Matthew Madden has resigned after joining the team in late…
Deep Yellow (ASX:DYL) - Chairman, Chris Salisbury

" Deep Yellow (ASX:DYL) confirms thick high-grade mineralisation at Barking Gecko

Deep Yellow (ASX:DYL) confirms thick and high-grade mineralisation at its Barking Gecko North prospect in Namibia.