The De Gray Mining Limited (ASX: DEG) share price bolted more than 11% this morning after the company released promising drilling results.
What were the results?
Earlier today De Gray Mining provided the market with a drilling update from the Aquila and Crow Zones at the company’s Hemi Gold Discovery.
Drilling results from the Aquila Zone reported minimisation extending to 400 vertical meters. Additional highlights included;
- 39m @ 1.3g/t Au from 389.0m including 8m @ 2.8g/t from 415m in
- 10.2m @ 2.5g/t Au from 254.0m in HERC111D
- 5.0m @ 3.3g/t Au from 407.7m in HERC105D
- 6.0m @ 1.7g/t Au from 268.0m in HERC110D
- 2.0m @ 7.1g/t Au from 211.0m in HERC100D
RC Drilling results from the Crow Zone identified a new lode, with mineralisation identified to over 400 meters. Additional highlights from the zone included;
- 6m @ 2g/t Au from 41m in HERC202, and 16m @ 1.5g/t Au from 72m and 23m @ 2.8g/t Au from 95m (incl 3m @ 8.9g/t Au from 104m)
- 9m @ 3.9g/t Au from 138m in HERC207 (incl 2m @ 14.7g/t Au from 138m)
- 4m @ 4.1g/t Au from 420.0m in HERC111D, and 6.0m @ 1.9g/t Au from 445.0m
De Gray’s management noted that the Hemi Gold Discovery site continues build, with encouraging results from the Aquila and Crow Zones.
More on De Gray Mining
De Gray is a mining company based in Western Australia that focuses on gold exploration and development activities. The company has 100% ownership of the Mallina Gold Project in the Pilbara region which is also the site of the Hemi Gold Project.
The Hemi Project is made up of zones including Aquila, Brolga, Brolga South and Crow. In late April, De Gray completed a $31.2 million capital raising to fund the ongoing exploration of the Hemi Project.
In response, the De Gray Mining share price has rallied more than 200% since late April, with the company has also benefiting from the surging spot gold price.
Foolish Takeaway
The De Gray Mining share price is trading more than 8% higher at the time of writing at around 78 cents. The company’s shares have been sold-down slightly after hitting an intra-day high of 82 cents earlier today.
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More reading
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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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