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De Grey Mining shares hit new high on further broad high-grade gold hits at Hemi Prospect

The new drill results correlate very well with the previously reported gold mineralisation.

De Grey Mining Limited - De Grey Mining shares rise on further high-grade gold hits at Hemi Prospect
The company’s shares surged to a new 52-week high of 19.5 cents earlier today, up from 4.6 cents on February 3.

De Grey Mining Ltd (ASX:DEG) has revealed further outstanding results from follow-up aircore drilling at the newly discovered Hemi Prospect within the Mallina Gold Project in WA.

Additional thick and high-grade gold mineralisation intersected on Section A consolidates a significant 30-metre wide gold zone to 130 metres depth, open in all directions. New results include:

  • 44 metres at 5.1 g/t gold from 40 metres in BWAC320, including 13 metres at 8.8 g/t; and
  • 46 metres at 6.6 g/t gold from 92 metres in BWAC321, including 21 metres at 8.3 g/t.

Hemi Prospect - Section A

These results correlate strongly with previously reported results on Feb 6, 2020, including:

  • 24 metres at 7.5 g/t gold from 126 metres in BWAC315, including 18 metres at 8.6 g/t (end of hole); and
  • 49 metres at 3.7 g/t gold from 65 metres in BWAC309, including 18 metres at 6.6 g/t.

Mallina Gold Project showing main gold deposits and the Hemi Discovery

De Grey technical director Andy Beckwith said: “These are stunning results – high grade, thick and consistent.

“Clearly, drilling below this zone and the mineralisation on Section B are two key high priority RC targets.

“We are looking forward to receiving the remaining aircore drilling results and re-commencing drilling activities now the cyclone has dissipated.”

Hemi Prospect drilling plan showing significant new aircore holes and planned holes

The latest results cover a further 20 holes (BWAC316 – BWAC335) completed on the initial discovery Section A.

A further 39 aircore holes have been completed (BWAC336 to BWAC374) with results pending.

Drilling has been delayed due to Cyclone Damien and is expected to recommence shortly.

Quick facts: De Grey Mining Limited

Price: 0.23 AUD

ASX:DEG
Market: ASX
Market Cap: $246.6 m
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