De Grey Mining Ltd (ASX:DEG) has completed its first stratigraphic diamond core hole at the Jarret Well prospect within its Pilbara Gold Project in Western Australia.
The drill core reached 177.5 metres downhole and intersected 11.6 metres of pyrite rich pebble conglomerate towards the base of the conglomerate package.
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De Grey technical director Andy Beckwith said: “The pyrite-bearing conglomerate appears very similar to the gold-bearing pyritic unit as reported by Novo Resources (CVE:NVO) at the Comet Well and Purdy’s prospect, some 120 kilometres to the west.”
The results have been interpreted as the down-dip extension of outcropping ferruginous and pyritic conglomerate mapped at surface where three gold nuggets were previously found.
Mapping has also extended the Jarret Well conglomerate in limited outcrop to around 1.5 kilometres strike length.
Drilling for the next stratigraphic hole has commenced at the Steel Well prospect to the east of Jarrett Well.
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The discovery of gold nuggets associated with previously unrecognised conglomerate sequences below the Mt Roe Basalt and above the older Mallina Formation provides additional exploration potential for the Pilbara Gold Project.
De Grey is targeting both structural and conglomerate gold mineralisation with the primary focus on continuing to expand De Grey’s substantial structurally hosted gold resource of 406,000 ounces.
A series of mapping and sampling programs across the project’s tenements are ongoing.