De Grey Mining Share Price is Up on Drilling Update (ASX:DEG)

De Grey Mining Share Price is Up on Drilling Update (ASX:DEG)

The De Grey Mining Ltd [ASX:DEG] share price is up slightly today at time of writing after releasing a drilling update at Aquila.

De Grey Mining is a Western Australian explorer and developer listed on the ASX. They are focusing on their fully-owned Mallina Gold Project, located in the Pilbara region.

 

In June 2019, De Grey identified an area called Hemi, and discovered gold near the surface. Hemi is located about 60 km south of Port Hedland, Western Australia, and has several zones including Aquila, Brolga, Crow, and Brolga South.

REVEALED: What’s Next for Aussie Gold Stock Prices? Learn more.

What did De Grey say today?

The company has been conducting comprehensive metallurgical testwork on all zones at Hemi.

At Aquila they completed tests in 12 individual composites, which represented oxide, transition, and primary mineralisation, along with one bulk composite comprising primary mineralisation. They took the samples from the top 200 vm of the Aquila zone early in the drilling program. De Grey said the overall metallurgical recovery at Aquila was 94%.

Glenn Jardine, De Grey’s Managing Director, said:

The new metallurgical testwork results on oxide, transition and primary mineralisation from the Aquila zone at Hemi are encouraging. These results from Aquila are consistent with the positive results previously achieved from the Brolga zone at Hemi. Our ongoing metallurgical testwork program continues to provide confidence in the multiple pathways available to achieve high gold recoveries from Hemi and the regional deposits across the Mallina gold project.

What’s next for the DEG Share Price?

De Grey said they will be collecting more samples of oxide, transition, and primary mineralisation in the area as needed.

Shares for De Grey Mining were up to $1.56 during early trade, up close to 5%. At time of writing, shares are trading at $1.50.

Gold prices went on a run last year, hitting north of $2,800 an ounce in August 2020. They’ve since dipped, but it certainly looks like gold is starting to move. In the last month gold is up close to 3%.

Australia could be set to become the ‘epicentre’ of the next gold bull run. Check out why here.

 

Best,

 Selva Freigedo,
For The Daily Reckoning Australia

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