Australia's Develop Global rises on high-grade mineral resources at NSW project

Develop Global

02/08/2022 05:31

** Shares of mineral explorer Develop Global Ltd  DVP.AX 
rise as much as 5.2% to A$2.44, their highest since June 15
    ** Co says an independent assessment has confirmed that its
Woodlawn zinc-copper project in New South Wales hosts a large
high-grade underground resource of 7.3 mln tonnes grading 13.2%
zinc-equivalent  urn:newsml:reuters.com:*:nASXc5D5XW
    ** Says the mineral resource figure is in line with the
stated resource at the time co acquired the project in February 
    ** Adds the new estimate contains measured and indicated
resources of 4.8 mln tonnes, higher than in the previous
estimate
    ** Says excavations are underway in preparation for
underground drilling programme in next quarter
    ** As of last close, stock down 39.7% this year
    

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))