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Market Update of Global Resource Industry Interests
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22 July 2013
The Board of Directors of DGR Global Limited (ASX:DGR) is pleased to report the continued development of its wider global resource industry interests with the following recent developments. DGR Global is represented on the board of each of these investment interests and has provided varying degrees of corporate and technical support contributing to their initial and on-going development.
In addition there are a number of unlisted subsidiaries in the DGR Global group which promote the opportunity for further world class discoveries. The most advanced example of which is IronRidge Resources, which holds prospective tenements in Queensland, as well as several prospective iron ore projects in Gabon; the first major tenement area being close to the giant Belinga Railway project, and a second site at Tchibanga, which is only 60km east of the Gabonese port of Mayumba.
It is important to note that DGR Global is not merely the collection of a series of investment assets. The DGR Global business model is focused on the repeatable process of generating commodity-focused resource exploration companies and developing them from their early exploration stages through to independently financed, listed and managed companies. Projects are generated directly through the skills and experience of DGR Global�s team of exploration geoscientists, not by the costly purchase of properties. It is important to note that the timeframe from value creation to value realization within the resource industry is sometimes variable and unpredictable. However, the project generation process championed by DGR Global is typically a cheaper route to ultimate value realization than the acquisition of projects on the open market.
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HIGHLIGHTS:
Orbis Gold Limited (DGR: 39 million shares: 18%)
- Continuing high grade drill assay results confirm a �company making� gold discovery at the Natougou prospect in the Boungou Project Area in east Burkina Faso. Drilling to date covers 1.07km2with an average gold intersection depth of 59m
- Snowden Mining Consultants have been appointed to undertake resource modelling, and a JORC compliant maiden resource is expected to be announced within coming weeks.
Armour Energy Limited (DGR: 75 million shares: 25%)
- Egilabria 2 vertical well in Queensland successfully drilled to 1900 metres, with numerous gas shows and gas flares detected over a range of approximately 800 metres (refer Table 1 below). The prospective Lawn Shale sequence 137 metres thick, 12 metres thicker than the 125 metres expected;
- Egilabria 2 DW1 lateral well successfully kicked off the vertical well on 18 July 2013;
- Mr Robbert de Weijer appointed as Armour CEO with effect from 8 July 2013;
Click here for full announcement
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to newsrelease@24hgold.com
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