DORAY MINERALS LTD - ASX: DRM

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Description

Minerals explorer, Doray Minerals Limited (ASX: DRM) listed on the ASX in February 2010 with the aim of acquiring and developing highly prospective mineral properties. Since listing, 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. Work completed by Doray has now allowed a JORC compliant gold resource to be calculated for the Wilber Lode. Doray has an enviable portfolio of exploration properties within WA and South Australia, and each presents Doray with multiple discovery opportunities.

Andy Well, Meekatharra North (Doray 80%)

The Andy Well gold project (Doray 80%) is located approximately 45km north of Meekatharra, in the Murchison region of Western Australia, and straddles the Great Northern Highway.

In March 2010, Doray announced that it had discovered spectacular gold grades within the Wilber Zone at Andy Well with its first drilling programme. Follow-up drilling during 2010 confirmed the presence of a very high-grade quartz lode (now named the “Wilber Lode”) over 200m of strike and to a depth of at least 200m below surface.

In February 2011, Doray announced a maiden high-grade JORC-compliant gold resource for the Wilber Lode of 311,000t @ 17.5g/t for a total of 174,000 contained ounces. This initial resource, which remains open at depth and along strike includes the very high-grade Wilber quartz lode resource (211,000t @ 25.4g/t for 172,000 contained ounces) along with additional shallow low-grade oxide material. In the coming year, Doray will progress the Andy Well project via a substantial drilling campaign designed to determine the full extent of the Wilber Lode deposit and to outline a significant resource within the wider Andy Well project area.

Murchison Goldfields Projects, WA

Doray’s primary focus since listing early in 2010 has been on its substantial portfolio of projects in the Murchison goldfields region. Doray’s projects cover an area of approximately 1,100 square kilometres on many of the most prospective and mineralisedregional-scale structures in the district. The Murchison region is host to a number of major gold deposits including: Hill 50, Big Bell, Great Fingall/Golden Crown, Tuckabianna, Reedys, Bluebird and the Paddy’s Flat/Meekatharra deposits. The region also affords excellent property access and various existing and proposed treatment plants.

Following its listing, Doray immediately commenced a maiden drill program at the Meekatharra North property with spectacular results. In addition, Doray was able to secure the purchase of the strategic and highly prospective Webbs Patch, Black Tank Well and Tuckanarra properties adjacent to the 1Moz Tuckabianna deposits and also identify a zone of shallow high-grade gold mineralisation within the Cuddingwarra Shear Zone at the “Lake” prospect through compilation of historic data.

Murchison projects include:

* Webbs Patch- Black Tank Well (Doray 100%)
* Magnet North – Lake Austin (Doray 80%)
* Abbotts (Doray 80%)
* Tuckanarra (Doray 100%)
* Western Queen (Doray 80%)
* Mingah (Doray 80%)
* Side Well (Doray (80%)

Lake Magenta

The Lake Magenta project covers the southern 17km of the mineralised Yandina Shear Zone, 100km west of Ravensthorpe (20km northeast of Jerramungup) in the South Coastal region of WA and is on freehold farm land. Wide-spaced reconnaissance drilling by Dominion Mining Limited identified widespread gold anomalism at a number of prospects along the shear zone, coincident with a linear IP anomaly. The gold anomaly has not been sufficiently explained by bedrock drill testing. Upon granting, Doray will commence a programme of infill and deeper drilling with the aim of defining an economic resource.

South Australia

Doray’s portfolio of South Australian projects comprises a number of prospects located within the Central Gawler Gold Province, an arcuate zone of Proterozoic-aged gold deposits and prospects identified by various South Australian and Federal government geologists. The area is related to the Hiltaba Suite granites, which also host most of South Australia’s Iron Oxide Copper-Gold (IOCG) deposits. Doray progressed the grant of a number of Exploration Licence applications in South Australia (SA), including those covering the Nuckulla Hill and Hicks gold projects during the 2010 financial year.

South Australian projects include:

* Nuckulla Hill (Doray 100%)
* Harris Bluff (Doray 49%)
* Labyrinth (100%)

Mine For

gold, iron ore, copper

Location of operation(s)

Western Australia, South Australia

Address

Unit 6, 34 York St
NORTH PERTH, WA, Australia

Phone

(61 8) 6468 0388

Email

Website

http://www.dorayminerals.com.au/

Last Updated

13/04/2011