The De Grey Mining Limited (ASX: DEG) share price is lifting on Thursday with shares in the Aussie gold miner surging 4.5% at the time of writing.
Why the De Grey share price is lifting today
The big news this morning was a price-sensitive update on the company’s Greater Hemi Corridor. De Grey reported new intrusions, anomalous gold zoned and “numerous” gold-arsenic anomalies. All of this is happening within the 15 kilometre by 10 kilometre Greater Hemi Corridor controlled by the company.
Some of the RC results in the Scooby area include 1 metre at 31.2 grams per tonne of gold from 195 metres in SCRC056, in addition to 6 metres at 2.7 grams per tonne from 60 metres.
The De Grey share price has been climbing higher this morning following the latest update. It comes as the company defined new prospects within the corridor through both aircore and RC.
Those include the Geomalia altered intrusion 2 kilometres southwest of Hemi as well as the Goshawk and Turner prospect, 4 kilometres southwest and 15 kilometres east of Hemi respectively.
Technical Director, Andy Beckwith, said:
Recent aircore drilling has identified new prospective altered intrusions, anomalous gold zones and areas of encouraging multielement geochemistry within the 10km wide by 15km long corridor, east and west of Hemi.
Infill aircore and deeper RC drilling will be undertaken based on ranked priorities and necessary heritage surveys. RC drilling has commenced at Antwerp immediately to the west of Diucon and Eagle to better test this prospective trend.
The Company will release the results of the scoping study early next week for the Mallina Gold Project.
Foolish takeaway
Today’s update has been the catalyst for the De Grey share price climbing higher. Shares in the Aussie gold miner remain down 12.4% year to date with a market capitalisation of $1.26 billion.
The post Why the De Grey (ASX:DEG) share price is lifting today appeared first on The Motley Fool Australia.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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