The De Grey Mining Limited (ASX: DEG) share price was up 25% on Wednesday, hitting a 9-year high of 84 cents. This came 2 days after the company announced positive drilling results at its Hemi site in Western Australia.
What were the results?
The drilling result included near-surface, broad, and high grades intersected at Aquila.
At another drilling location 400m West of Aquila, the company identified near-surface gold in aircore drilling. Drilling results included 33m @ 1.5g/t Au from 64m and 20m @ 0.9g/t Au from 46m. Follow-up drilling to test further depth and lateral extensions at Aquila has also commenced with 6 drill rigs now operating.
De Grey Exploration Manager, Phil Tornatora, said:
“The Aquila style gold mineralisation identified in highly altered intrusion 400m to the West is an exciting and significant development as it opens up the overall strike potential of the deposit. The broad high grade mineralisation announced today is particularly encouraging demonstrating the potential to rapidly add to Aquila’s gold endowment.
“We are now targeting diamond drilling to extend Aquila to at least 300m below surface along the entire strike of the deposit. The potential to extend Aquila a further 400m to the West under an interpreted shallow veneer of sediments is an exciting development and will also be targeted. Similiar potential remains to be tested to the East under the sediment contact.
“Diamond core assays of depth extensions below the recent high grade intercepts are in the lab with results expected shortly. Stepout extension diamond drilling is on-going with a further 8 pre-collars already completed. A second RC rig arriving next week will help accelerate drilling on all mineralised zones at Hemi.”
The De Grey Mining share price
The De Grey Mining share price is up a massive 2041% since its 52-week low of .039 cents. Its share price has returned 1506% since the beginning of the year. The De Grey share price has almost doubled in June from 44 cents at the beginning of June to 84 cents on Wednesday.
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Motley Fool contributor Chris Chitty 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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