Further outstanding infill drill results at Brolga
Highlights
• The remainder of the infill grade control drilling at the Brolga deposit at Hemi has been completed.
Assay results from the remaining program include:
o 70m @ 3.4g/t Au from 36m in BRIN0212 (including 18m @ 6.6g/t Au from 38m)
o 70m @ 3.0g/t Au from 36m in BRIN0267 (including 14m @ 5.1g/t Au from 84m)
o 36m @ 4.3g/t Au from 70m in BRIN0213 (including 24m @ 5.2g/t Au from 82m)
o 22m @ 3.9g/t Au from 36m in BRIN0265 (including 12m @ 6.2g/t Au from 42m)
o 26m @ 3.3g/t Au from 40m in BRIN0302 (including 10m @ 7.6g/t Au from 46m)
• The infill grade control drilling program covers the first 12 months of ore production at Hemi. The
strong results support the Hemi Definitive Feasibility Study (“DFS”) mine plan and the rapid capital
payback from the Brolga Stage 1 pit.
• Drilling has confirmed the consistency of mineralisation at the Mineral Resource cut-off grade of
0.3g/t Au and at the Hemi DFS Ore Reserve cut-off grade of approximately 0.5g/t Au estimated during
the DFS using a gold price of A$2,700/oz.
• The infill grade control drilling has reduced drill spacing from 40m lines and 40m collars to 20m lines
with 40m collars and has also enabled the reporting of a maiden Measured Mineral Resource Estimate
(“MRE”) of 12.7Mt @ 1.4g/t Au for 0.6Moz within the Brolga Stage 1 starter pit1, refer Table A.
• The results will allow detailed ore production, stockpiling and plant feed scheduling for the critical
commissioning and ramp-up phase at Hemi. Year 1 of ore production at Brolga comprises 9.9Mt @
1.65g/t Au for 525koz2 of contained gold. The Brolga Stage 1 pit contains a Probable Ore Reserve of
26.9Mt @ 1.64g/t for 1.42Moz of contained gold at a strip ratio of 2.4:1, refer to Table B.
• The operating cost, including pre-strip, of the Brolga Stage 1 pit was estimated in the DFS to be
approximately A$865/oz3. This delivers free cashflow of approximately A$2,200M at the DFS gold
price of A$2,700/oz and pays back the capital cost of the Project in under two years. At the current
spot gold price of approximately A$4,140/oz, the payback period reduces to less than 12 months.
De Grey General Manager Exploration, Phil Tornatora, commented:
“Further solid intercepts returned from the infill grade control drilling at Brolga have supported the updated
Hemi MRE and have enabled the reporting of the maiden Measured MRE of 0.6Moz within the Brolga Stage 1
starter pit. Follow up drilling of some new intercepts on the margin of the Brolga pit area which are not
currently included in the MRE has been completed, with results awaited. The RC rig has also been following
up targets in the Scooby area.”
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