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De Grey Mining raises $4.75 million from largest shareholder DGO Gold

The company is focused on the development of the Mallina Gold Project in the Pilbara, Western Australia.

De Grey Mining Limited - De Grey Mining raises $4.75 million from the exercise of options
DGO Gold now has a 12.54% interest in De Grey Mining

De Grey Mining Limited (ASX:DEG) has received $4.75 million from largest shareholder DGO Gold Ltd (ASX:DGO) who has exercised two option series.

This includes 10 million options exercisable at 10 cents per share with an expiry date of 30 May 2021 and 12.5 million options exercisable at 30 cents per share with an expiry date of 13 December 2021.

De Grey executive chairman Simon Lill said: “We are pleased to note the ongoing support of our major shareholder, DGO Gold.

“The early exercise of these options together with the early exercise premium on the 30 cent per share options, is a clear validation from DGO of their belief in De Grey’s Mallina Gold Project and, more specifically, the recent Hemi discovery, where drilling is continuing and we are seeking to further grow its size and scale.”

Hemi prospect

Funds received will continue to be used on further activities at the company’s new Hemi prospect and general working capital.

The Hemi prospect is a new discovery under 30 metres of transported cover, with two zones of strong, broad sulphide rich mineralisation with high grade gold partially defined in the Aquila and Brolga Zones.

These gold zones represent a major new discovery for De Grey and potentially a new and exciting new style of mineralisation in the Pilbara region.

Hemi has substantial potential to increase De Grey’s current 1.7 million ounces of shallow gold resources.

Quick facts: De Grey Mining Limited

Price: 0.525 AUD

ASX:DEG
Market: ASX
Market Cap: $614.93 m
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De Grey Mining's Hemi discovery 'getting bigger and bigger' as drilling advances

De Grey Mining Limited's (ASX:DEG) exploration manager Phil Tornatora speaks to Proactive London's Andrew Scott soon after releasing updated drilling results for the Brolga Zone within the project in Western Australia. The latest RC drilling results at the Brolga Zone has defined strong gold...

on 27/3/20

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