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De Grey Mining gold results at Hemi Discovery show extended high-grade footprint

The company is confident that the high-grade intersections and potential strike extension could increase the open pit mining possibilities at Aquila.

De Grey Mining Limited - De Grey Mining drilling at Hemi Discovery shows potential for strike extension
Six drill rigs are now operating on site

De Grey Mining Limited (ASX:DEG) continues to grow the gold footprint at Hemi Discovery in WA with reverse circulation (RC) drilling intersecting further shallow high-grade gold.

Near-surface, broad high grades have been intersected at Aquila prospect while the Aquila Zone has been extended 400 metres to the west and is open along strike and at depth.

Ther are now six drill rigs operating on sites as De Grey intensifies exploration and shares have been more than 14% higher in early trade to 67 cents.

High-grade RC intersections at Aquila include:

  • 29 metres at 3.8 g/t from 64 metres;
  • 53 metres at 5.9 g/t from 117 metres including 28 metres at 10.2 g/t from 117 metres;  
  • 35 metres at 3.1 g/t from 175 metres including 16 metres at 5.6 g/t from 180 metres; and
  • 44 metres at 2.5 g/t from 60 metres.

Results from Aquila-style mineralisation identified in aircore drilling 400 metres west of Aquila include 33 metres at 1.5 g/t from 64 metres ending in mineralisation and 20 metres at 0.9 g/t from 46 metres.

De Grey exploration manager Phil Tornatora said: “Diamond core assays of the depth extensions below the recent high-grade intercepts are in the lab with results expected shortly.”

“Potential strike extension”

The company is confident that the Aquila-style gold mineralisation identified 400 metres to the west, along with two high-grade plunging shoots discovered during aircore drilling, have the potential to significantly increase the open pit mining potential at Aquila.

Tornatora said the broad high-grade mineralisation demonstrated the potential to rapidly add to Aquila’s gold endowment.

He said: “We are now targeting diamond drilling to extend Aquila to at least 300 metres below surface along the entire strike of the deposit.

“The potential to extend Aquila a further 400 metres to the west under an interpreted shallow veneer of sediments is an exciting development and will also be targeted.

“Similar potential remains to be tested to the east under the sediment contact.”

Aquila long projection showing extent of RC and diamond drilling and Western Intrusion.

Next steps

Aircore drilling is continuing to the southwest of Hemi with a second aircore rig to extend coverage to the east of Hemi commencing this week.

Tornatora said: “Stepout extension diamond drilling is ongoing with a further eight pre-collars already completed.

“A second RC rig arriving next week will help accelerate drilling on all mineralised zones at Hemi.”

The extra rigs will increase drilling to six rigs operating in the Hemi environs and allow a ramp-up of testing along strike into Scooby and Antwerp in parallel to the extensional drilling at all mineralised zones at Hemi.

Quick facts: De Grey Mining Limited

Price: 1.095 AUD

ASX:DEG
Market: ASX
Market Cap: $1.41 billion
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