Deccan Gold Mines Ltd. (DGML), is the first and the only gold exploration company listed on the Bombay Stock Exchange Limited (BSE) which was established in the year 2003 by promoters with deep roots in the exploration and mining sector. DGML has been involved in gold exploration activities in the states of Karnataka and Andhra Pradesh where the activities have resulted in defining a number of gold prospects spread across these states. All these prospects have been covered under various applications and the details of these applications are presented in the section titled “Status of Applications”.
The ultimate objective of DGML is to advance these gold prospects into commercial gold production. DGML has so far explored an area of around 6,574 sq. kms. in Dharwar Shimoga Greenstone belt, Hutti-Maski Greenstone Belt, Mangalur Schist Belt in the State of Karnataka. Multi-parametric exploration techniques such as remote sensing studies, regional and detailed geological mapping, regional and detailed geochemical and geophysical exploration, topographic survey, various methods of drilling and multi-element chemical analysis were adopted in undertaking the exploration work, as per international standards.
India is a country rich in mineral resources. A major portion of the country is composed of Precambrian rocks which have hosted major gold discoveries worldwide. There were over a hundred gold mining centres in the early part of last century.
Despite having some of the best potential ground for gold mineralization, India’s annual primary gold mine output has reduced significantly to below 5 tonnes. The land of the world famous Kolar Gold Fields and the largest consumer of gold on earth, India has suffered in developing its gold mining potential due to lack of adequate exploration expenditure, the nationalistic policies of the previous governments and a non-investor friendly mineral policy.
The new India, with a strong economic growth outlook, is looking to revive the mineral exploration and mining sector through foreign and Indian private investment and the planned introduction of liberalised internationally compatible mining policies. DGML with some of the best gold prospects in the country, geologically similar to areas that have been home to major world gold discoveries, is playing a leading role in this revival.
- Dedicated and focused management with strong shareholder support.
- In-house technical expertise with a great track record of developing exploration projects.
- Projects strategically located within India’s world class Archaean Gold Province.
As on date, a total of 15 Prospecting License applications (PL) and 3 Mining Lease applications (ML) have been submitted by us and our subsidiary, which are pending for approval with relevant Government authorities.
A highlight of the exploration undertaken has been the discovery of Ganajur Main Gold deposit Project that is located in Haveri district of Karnataka state. DGML has applied for a Mining Lease on Ganajur Main Gold deposit. The issue of a Letter of Intent (LoI) to grant a mining lease is awaited. Post completion of detailed feasibility study and execution of mining licenses, the company plans to commence the commercial production of gold.
New Resources have also been estimated in Ganajur SE Prospect which is considered as the continuum of Ganajur Main Prospect. Geophysical IP survey has been very successful in tracing new zones of possible gold mineralization. Karajgi Main Prospect has shown significant potential in terms of gold mineralisation and is likely to add new resources in the PL Block.
In addition to Ganajur Gold deposit, DGML has made significant discoveries in Mangalagatti and Bhavihal prospects located within the Dharwar -Shimoga greenstone belt as well as in Hirenagnur of Hutti- Maski greenstone belt where drilled resources have been identified.