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Developing WA’s next high-grade gold mine
Doray Minerals Limited (ASX: DRM) listed on the ASX in February 2010 with the aim of acquiring and developing highly prospective mineral properties. Doray was one of Australia’s best performing IPOs in 2010, based on the high grade gold found at the Wilber Lode within the Andy Well gold project, in the Murchison region of WA.
Doray is a well-funded gold exploration company underpinned by an experienced management team with a track record of discovery and development. Doray’s focus is in the highly prospective Murchison gold province of Western Australia (WA). The Company controls a strategic landholding of 1,700 square kilometres in the Murchison, as well as a number of gold prospects in the Central Gawler Region of South Australia (SA), and each presents Doray with multiple discovery opportunities.
Doray’s flagship property is the 80% owned Andy Well Project where the Company made a significant high-grade gold discovery at the Wilber Lode in 2010, within 12 months of listing, and issued a maiden JORC resource in February 2011.
After an extensive program of RC and Diamond drilling, which delivered consistent high-grade gold intersections over a nine month period, the Company announced a 90% increase to the JORC resource in December 2011, and increased it further in March 2012.
The combined Inferred and Indicated resource for the Wilber Lode now totals 680,000t at 15.1g/t for a total of 331,000 contained ounces.
Doray’s corporate strategy is to become a high-grade, low-cost gold miner by fast tracking the Andy Well Project, with a mid-2013 production target. Doray continues to progress its development studies and aims to produce a bankable feasibility study for the Andy Well project in the first half of 2012.
Milestone Timeline
2010
February Doray Minerals Ltd listed on the Australian Stock Exchange (ASX: DRM)
March Discovery of the very high-grade Wilber Lode deposit within the Andy Well project
April – Dec Consistent high-grade drilling results from the Wilber Lode and surrounding areas within the Andy Well project
2011
February Announced a maiden high-grade JORC-compliant gold resource for the Wilber Lode
The grade of the Wilber Lode makes it one of the highest grade gold deposits in Australia
March – Dec Extensive program of RC and Diamond drilling at Andy Well delivered ongoing high-grade results for the Wilber and Judy Zones
December Announced a 90% increase to the maiden high-grade resource, less than 12 months after the discovery of the deposit
The resource is defined to a depth of approximately 480m below the surface and remains open at depth
Awarded ‘Gold Explorer of the Year’ by industry magazine Gold Mining Journal
2012
January Aggressive drilling campaign continues at Andy Well to test extensions to the Wilber Lode as well as a number of other nearby targets
Continued project development activities geared toward commencement of mining at Wilber
February Doray reaches Native Title Agreement with Yugunga-Nya group over Andy Well project
March Completing a number of development-related activities designed to bring the project into production as quickly as possible
Announced an increase and upgrade to the high grade Wilber Lode resource.
The combined Inferred and Indicated resource for the Wilber Lode now totals 680,000t at 15.1g/t for a total of 331,000 contained ounces.
April Scoping study confirms the economic viability of a standalone mining and processing operation at Andy Well
Doray commits to completion of a Bankable Feasibility Study
Andy Well Mining Lease Granted