De Grey Mining (ASX:DEG) - Executive Chairman, Simon Lill
Executive Chairman, Simon Lill
Source: Finance News Network
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  • Gold company De Grey Mining (DEG) has uncovered visible gold and high-grade extensions at its Falcon deposit within the Hemi Gold Discovery in WA
  • During recent exploration, the company found potential gold along a 1000 metre strike and a 300-metre depth
  • Reverse circulation (RC) and diamond drilling at the deposit has also continued to uncover broad zones of gold mineralisation
  • Now, De Grey will continue to explore the area, with another rig arriving on the site in the near future to advance work
  • On the market this morning, De Grey is up 0.96 per cent and trading at $1.05 per share

Gold company De Grey Mining (DEG) has uncovered visible gold and high-grade extensions at its Falcon deposit within the Hemi Gold Discovery in WA.

Falcon was discovered in September, and since then the company has been further exploring the area. It is located 600 metres west of Brugla and south of Aquila.

The new deposit is now being defined by aircore drilling over a three-kilometre strike. The latest results show potential gold in this zone along a 1000-metre strike and to a depth of at least 300 metres.

Promisingly, reverse circulation (RC) and diamond drilling at the deposit has continued to show broad zones of gold mineralisation. Results include 31 metres at 3.3g/t gold from 101 metres, extending the previous result of 12 metres at 2.0g/t of gold.

Falcon remains open along strike, down-dip and at depth, while further RC and diamond drilling is continuing.

“Falcon has the potential to provide an important contribution to the overall gold endowment at Hemi. Extensional RC and diamond drilling will remain a focus at Falcon,” Managing Director Glenn Jardine said.

De Grey Mining has seven drill rigs operating on-site, including two aircore rigs, two diamond rigs and three RC rigs. A third diamond rig is being moved to the project and will commence work in early December.

“As well as delineating the existing zones at Hemi, aircore and RC drilling is now progressively expanding to known and new intrusive targets in the Greater Hemi area,” Glenn added.

On the market this morning, De Grey is up 0.96 per cent and is trading at $1.05 per share at 10:44 am AEDT.

DEG by the numbers
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