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DevEx Resources (ASX:DEV) - Managing Director, Brendan Bradley - The Market Herald
Managing Director, Brendan Bradley
Source: Boardroom Media
  • DevEx Resources (DEV) has further enhanced the prospectiveness of the Main Ridge prospect within the Basin Creek Project in New South Wales
  • Recent soil geochemistry results have shown a gold anomaly system which stretches the entire 3.5-kilometre length of the Main Ridge prospect
  • These anomalies lie within the same area as strongly altered rock chip results which indicates the potential for an epithermal porphyry gold system
  • DevEx is conducting reverse circulation and diamond drilling next week to test these new targets
  • Company shares are up 9.09 per cent and are trading for 18 cents

DevEx Resources (DEV) has further enhanced the prospectiveness of the Main Ridge prospect within the Basin Creek Project in New South Wales.

DevEx recently received encouraging soil geochemistry results ahead of its upcoming maiden drilling program.

The latest results have significantly expanded the system of gold-in-soil anomalies by at Main Ridge and have also identified more priority drilling targets.

The anomalous gold samples overlie a felsic dome — all of which show a close association with quartz stockwork and sheeted veins, as well as silicification, sericite, clay and potassium feldspar alteration.

Additionally, the samples are associated with pathfinder metals including silver, molybdenum, bismuth and antimony. This indicates a potential high-level porphyry gold system.

The results show the gold anomalies form a trend that stretches the entire 3.5-kilometre length of the Main Ridge prospect.

Previously, rock chip sampling returned grades of up to eight grams per tonne gold in strongly altered felsic to intermediate volcanic and porphyry rocks.

"These new results from our systematic program of soil geochemistry at Basin Creek indicate that we have a near-surface and continuous gold system extending over a very large area which is much more extensive than we initially believed," Managing Director Brendan Bradley said.

"This is an exciting development right on the eve of our maiden drill program, which is scheduled to get underway next week," he added.

Follow-up soil geochemical surveys are also in progress on the southeastern side of the Main Ridge prospect.

The upcoming program will comprise reverse circulation and diamond drilling. A drilling contract is in place and the drill rigs are expected to arrive next week.

Company shares are up 9.09 per cent and are trading for 18 cents each at 10:47 am AEST.


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