- Exploration company DevEx Resources (DEV) has begun work at its Sovereign and Wilga Downs projects in WA and NSW
- It comes after the company recently carried out a placement to raise $8.4 million to cover the exploration work at these two projects
- At Wilga, the company has begun diamond drilling to identify potential targets and also lodged exploration licences for the surrounding area
- Meanwhile, at Sovereign, DevEx has undertaken a ground-based moving loop electromagnetic (MLEM) survey ahead of planned drilling
- However, the company advises that the initial data from the MLEM survey has not identified any suitable massive sulphide drill targets just yet
- Further surveying work is still being planned at Sovereign with drilling scheduled to begin as early as January 2021
- Shares in DEV are trading down 3.57 per cent at 27 cents each
DevEx Resources (DEV) has begun work at both its Sovereign and Wilga Downs projects which are located in WA and NSW respectively.
The company recently carried out a placement to raise $8.4 million to cover the cost of the exploration work at these two projects.
At Wilga, the company advised it had begun diamond drilling as part of a wider priority target setting program.
The program will be similar to those associated with other gold-polymetallic deposits in the south of the Cobar region where Wilga Downs is located.
Additionally, Devex has revealed it has also lodged exploration licences for the tenements surrounding the area.
If all goes to plan, the company is planning to potentially carry out drilling at these tenements in the coming months.
Meanwhile, at Sovereign — DevEx’s WA-based project which is located north of Chalice Gold Mines’ (CHN) Julimar Project — preliminary work is well underway.
The company has already carried out a ground electromagnetic (EM) survey to follow up on conductors that were identified previously.
More recently it began a ground-based moving loop electromagnetic (MLEM) survey at the site.
The company said a total of three of the seven priority AEM conductors have been surveyed so far and the results have been mixed.
Specifically, preliminary data from the MLEM survey has not identified “suitable massive sulphide drill targets” at this stage.
But, DevEx said its confident further work over the area once the MLEM survey is finished will help identify priority zones.
The explorer has begun engaging in advanced discussions with several drilling contractors to commence drilling at Sovereign early next year.
Shares in DevEx Resources are trading down 3.57 per cent at 27 cents each at 2:15 pm AEDT.