DGML completes reconnoitre drilling operations

Bangalore, ENS Economic Bureau ,Indian Express, 30 April 2004 :

Deccan Gold Mines Limited, the first private sector gold exploration company listed on the BSE, has completed reconnoitre drilling operations in Haveri and Dharwad districts in North Karnataka.

Speaking to reporters here on Friday, Sandeep Lakhwara, managing director of the company said the results are positive at four of the 22 exploration targets in Dharwar and Shimoga block. “A 470 metre long and 27 mtre wide mineralised zone has emerged at Ganajur near Haveri as a result of this drilling. The zone has the potential to host an open pittable gold deposit with an inferred resource of 2 tonne of gold. Further detailed drilling will be undertaken to determine the true dimention and shape of the ore body and additional gold reserves that might be present at depth and in the adjacent prospects,” Lakhwara said.

He said that company has undertaken drilling at Mangalagatti, Bhavihal and Lakkikoppa in Dharwar Shimoga block where wide zones of mineralisation have also been found. “We have plans to have an open pit mine at one of the viable locations and commence drilling operations by end of next year,” he said. The company has invested Rs 18 crore so far.