De Grey Mining snaps up more Pilbara gold ground with Blue Moon

Pilbara gold explorer De Grey Mining (ASX: DEG) has gained more ground in the region after inking a binding option to acquire 70% of the Blue Moon tenement, which has given up more than 1500 ounces of gold to shallow prospecting in recent months.

Small scale and shallow prospecting at Blue Moon has produced 1500 ounces of gold, with De Grey Mining operations manager Andy Beckwith describing one specimen as the “richest and most spectacular gold veining and nuggets” he has seen in his entire career.

As well as the large quartz vein samples, gold nuggets have been recovered in soil and gravel.

Under the Blue Moon acquisition terms, De Grey Mining will pay the vendor A$125,000 in cash and 600,000 company shares. De Grey Mining will then fund exploration at the project over two years and may elect to acquire 70% of the tenement’s shallow mineral rights for $500,000.

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