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- De Grey Mining (DEG) has entered back-to-back trading halts ahead of a capital raise announcement
- The Australia-based explorer has had a number of wins recently following new discoveries and its transition to the ASX 300, effective from September 21
- Late last month, the miner intersected gold grading up to 42 and 84.7 grams per tonne at the Crow Zone within the Hemi gold discovery
- And just last week, De Grey intersected a 1.8 kilometre-long intrusion dubbed ‘Falcon’, which is also part of Hemi
- Whether or not the capital raise will support current and future exploration at Hemi is not yet certain
- Company shares last traded for $1.44 on Tuesday, September 8
De Grey Mining (DEG) has entered back-to-back trading halts ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Tuesday, September 15.
The Australia-based explorer has had a number of wins recently following new discoveries and its transition to the ASX 300, effective from September 21.
Last week, De Grey intersected a 1.8 kilometre-long intrusion dubbed ‘Falcon’. The Falcon intrusion is part of De Grey’s broader Hemi gold discovery which lies 60 kilometres south of Port Hedland, Western Australia.
“The discovery of the Falcon intrusion demonstrates the potential to significantly grow the gold endowment at Hemi as we expand our drilling footprint,” Managing Director Glenn Jardine said at the time.
Now, the miner is conducting extensive reverse circulation drilling around the area.
Additionally, De Grey received significant results at the end of August from the Crow Zone — also part of the Hemi gold discovery.
Drilling returned exceptional gold values of up to 42g/t and 84.7g/t gold.
These positive results have further supported De Grey’s strategy of developing Hemi into a tier-one gold deposit.
Whether or not the capital raise will support current and future exploration at Hemi is not yet certain.
Company shares last traded for $1.44 on Tuesday, September 8.
