Total
0
Shares
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
Suvo Strategic Minerals (ASX:SUV) - Executive Director, Aaron Banks (left) and Executive Chairman, Robert Martin (right)

" Suvo Strategic Minerals (ASX:SUV) begins drilling at Nova

Suvo Strategic Minerals (SUV) has begun the second phase of drilling at its Nova silica sands project in Western Australia.

" Torian Resources (ASX:TNR) extends Tyrannus gold footprint

Torian Resources (TNR) has extended gold mineralisation at the Tyrannus prospect within the Mt Stirling gold project near Lenora in Western Australia.
Tempus Resources (ASX:TMR) - Non Executive Chairman, Alexander Molyneux

" Tempus Resources (ASX:TMR) hits 33.7g/t gold at Blue Vein

Tempus Resources (TMR) has intersected up to 33.7 grams of gold per tonne (g/t) from the newly discovered Blue Vein.
West African Resources (ASX:WAF) - Executive Chairman, Richard Hyde

" West African Resources (ASX:WAF) to acquire 90pc interest in Kiaka

West African Resources (WAF) has entered into definitive agreements to acquire 90 per cent of the Kiaka gold project from B2Gold and their