DevEx Resources (ASX:DEV) - Managing Director, Brendan Bradley
Managing Director, Brendan Bradley
Source: Boardroom Media
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • DevEx Resources (DEV) is continuing to define an extensive four-kilometre long zone of gold mineralisation at the Main Ridge Prospect in NSW
  • Gold grading up to 3.1 grammes per tonne was identified, following from the high-grade result of eight grammes per tonne in April
  • Both of these gold results also saw elevated pathfinder elements, such as silver, lead, and bismuth
  • All of these results suggest the presence of a high-level gold system
  • DevEx will now be following up the results from this program and it hopes to outline targets for future drilling programs
  • Company shares are up 6.59 per cent and are trading for 9.7 cents each

DevEx Resources (DEV) is continuing to define an extensive four-kilometre long zone of gold mineralisation at the Main Ridge Prospect.

The Main Ridge Prospect is part of DevEx’s Basin Creek Copper-Gold Project.

The Basin Creek Project is located in the highly prospective Lachlan Fold Belt in NSW, which has hosted other world-class copper-gold deposits such as Newcrest Mining’s Cadia-Ridgeway deposit, and China Molybdenum’s Northparkes deposit.

Despite this location, no drilling has been conducted at Basin Creek since the 1980s.

A historic site

Between 1973 and 1982, the Main Ridge Prospect was explored for base metals by A.O.G Minerals, Australian Anglo American, and Jododex Australia.

This work defined an extensive lead-in-soil anomaly and other base metal occurrences.

Even though extensive sampling was undertaken for lead, copper and zinc, samples were hardly analysed for gold given that wasn’t the focus at the time.

Australian Anglo American then completed regional mapping along the lead anomaly and limited rock chip sampling saw gold grades of up to 2.75g/t returned.

From 1985 to 1987, the Shell Company of Australia explored Main Ridge more thoroughly for gold and returned results such as 33 metres at 0.5g/t gold including six metres at 1.4g/t gold from 19 metres from the northernmost area.

Since then no further drilling has been completed.

The recent expedition

Gold grading up to 3.1g/t was encountered in this recent mapping and rock chip sampling program, which follows on from the high-grade results of 8g/t that was encountered in April this year.

Both of these gold results also saw elevated pathfinder elements such as silver, lead, molybdenum, bismuth and antimony. These suggest the presence of a high-level gold system.

The association of gold with previously defined lead-in-soil geochemistry and extensive silica, potassic alteration, and sericite clay, supports DevEx’s view that the gold system at Basin Creek covers a strike length of more than four kilometres.

DevEx will now be following up the results from this program and it hopes to outline targets for future drilling programs.

Company shares are up 6.59 per cent and are trading for 9.7 cents each at 12:47 pm AEST.

DEV by the numbers
More From The Market Herald
MetalsGrove Mining (ASX:MGA) - Managing Director, Sean Sivasamy

" MetalsGrove Mining (ASX:MGA) begins soil sampling at Upper Coondina

MetalsGrove Mining (ASX:MGA) has begun a soil sampling program at its Upper Coondina lithium project in…
Bryah Resources (BYH) - CEO, Ashley Jones

" Bryah Resources (ASX:BYH) raises $1.4m via placement

Bryah Resources (ASX:BYH) has received firm commitments from sophisticated and professional investors to raise $1.43 million…
The Market Herald Video

" Meeka Metals (ASX:MEK) banks fresh capital on sale of Gecko North

Meeka Metals (ASX:MEK) completes the sale of its Gecko North project in Western Australia to LithGold…
Godolphin Resources (ASX:GRL) - Managing Director, Jeneta Owens

" Godolphin Resources (ASX:GRL) receives final assays from Cyclops

Godolphin Resources (ASX:GRL) has received the final assays from the two-hole drilling and soil sampling program…