Doray Minerals Limited
Summary
| Lion shareholding: | 2.7 million shares |
| Total investment by Lion: | A$2.3 million @ $0.84 cents per share average investment price |
| Date of initial investment: | May 2011 |
| ASX Code: | DRM |
| Area of activity: | Australia - Gold |
| Website: | www.dorayminerals.com.au |
Company
Doray Minerals Limited (Doray) is a minerals exploration company which listed on the ASX in February 2010 with the aim of acquiring and developing highly prospective mineral properties. Doray has an excellent portfolio of exploration properties within Western Australia and South Australia, each presenting Doray with multiple discovery opportunities. Doray’s key project is Andy Well (Doray 80%) which was a high grade gold discovery made by Doray soon after completing their listing. The Andy Well gold project is located approximately 45km north of Meekatharra in the Murchison region of Western Australia.
In February 2011, Doray announced a maiden high-grade JORC-compliant gold resource for the Wilber Lode of 311,000t @ 17.5 g/t for a total of 174,000 contained ounces. This initial resource, which remains open at depth and along strike, includes the high grade Wilber quartz lode resource (211,000 @ 25.4 g/t for 172,000 contained ounces) along with additional shallow low-grade oxide material.
Doray is committed to advancing the Andy Well project towards production as quickly as possible and has commenced a number of activities as part of its development timeline.