De Grey Mining Share Price Higher on Drilling Results (ASX:DEG)
The De Grey Mining Ltd [ASX:DEG] released a drilling update on Hemi today.
De Grey Mining is a Western Australian explorer and developer listed in the ASX. Their main focus is the Mallina Gold Project, which is located in the Pilbara region and which they own 100% of. That’s where De Grey has made a large scale, near-surface gold discovery, Hemi. Hemi has several zones such as Aquila, Brolga and Crow.
What did De Grey announce today?
De Grey has been doing resource definition drilling at Hemi, which includes Brolga. They have four RC rigs working in the greater Hemi area. There are also three diamond rigs looking to extend depth potential in Hemi.
De Grey said they hit wide zones of shallow gold mineralisation on section 30680E, 40m east from their original finding at Brolga.
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Some of the results included 78m @2.8 grams per tonne gold from 33m, 127 m @2.1 g/t Au from 34m including 92m @2.7 g/t au, 144m @2.3 g/t Au from 37m and 83m @2.3 g/t Au from 140m.
Source: De Grey Mining
Glenn Jardine, De Grey’s managing director, had this to say:
‘The results returned from near surface resource definition drilling have confirmed the scale, consistency and endowment of the Brolga zone at Hemi. The new results also demonstrate Brolga’s amenability to large scale, low strip ratio, open pit mining. The resource definition drilling is being undertaken to support the confidence of the maiden resource for Hemi timed for mid-year.’
What’s next for the DEG share price?
De Grey is waiting for more results from HEDD018, a diamond hole drilled at the section. This is one of the 16 PQ diamond holes drilled at Brolga, Aquila, Crow and Falcon De Grey drilled HEDD018 to advance detailed metallurgical test work and geotechnical studies for future open-pit mining studies.
The De Grey Mining share price is up 2.1% today. At time of writing, shares are trading at $1.22 with shares up a whopping 369% in the last 12 months.
While gold prices are now taking a breather, they’ve been on a massive run in the last couple of years, with prices reaching north of $2,800 an ounce.
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