De Grey Mining fulfills Egina Project commitment

De Grey Mining Limited (ASX:DEG) has successfully completed its minimum expenditure of $7 million as part of the binding Heads of Agreement with Novo Resources Corporation for the Egina Project. This achievement grants De Grey the right to earn a 50% joint venture interest in the Egina tenements by spending an additional $18 million through to June 30, 2027. The company completed 4,180m of aircore drilling and 9,129m of RC drilling across four main prospects and prospective intrusions and regional structures, in addition to a drone magnetic survey.

Executive Commentary on Egina Project

The Egina Project is an important part of De Grey's strategy to grow a large Regional scale resource base around the planned Hemi processing plant. The Egina tenements are approximately 1,000km2 and significantly grow the land position De Grey has exposure to around Hemi. Egina contains major structures and geological units which extend from Hemi and is prospective for both large intrusion-hosted deposits like Hemi and orogenic gold deposits. Large prospective areas of the Egina Project have not been explored so we believe the area still has exciting potential. During the September quarter, De Grey satisfied its minimum expenditure commitment by spending $7 million over a 15-month period. Our intention is to continue to progress exploration on the Egina tenements towards forming a 50:50 joint venture subject to ongoing assessment of exploration results on the Project.

Summary of De Grey Mining's Egina Project Announcement

De Grey Mining has fulfilled its initial $7 million minimum expenditure commitment on exploration at the Egina Project, granting the company the right to earn a 50% joint venture interest in the Egina tenements by spending an additional $18 million through to June 30, 2027. The Egina Project is strategically important for De Grey's plan to expand its resource base around the planned Hemi processing plant. The project's prospectivity is highlighted by its geological similarities to Hemi and the potential for large-scale deposits. De Grey's completion of the minimum expenditure commitment and the anomalous gold results demonstrate progress and potential in the Egina Project. The company's ongoing exploration and intention to form a 50:50 joint venture indicate a positive outlook for the future of the Egina Project.