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De Grey Mining (ASX:DEG) - Chairman, Simon Lill
Chairman, Simon Lill
Source: Azure Minerals
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  • Aircore drilling at De Grey Mining’s (DEG) Hemi Discovery has identified a major new extension
  • The new extension measures 1000 metres in length and 200 metres in width and it is located at the Brolga Zone
  • This new extension significantly enhances the potential to expand the near surface open pit resources
  • Approximately 90 per cent of results are still pending but the program has so far returned grades of up to 5 grammes per tonne gold
  • Deeper drilling via reverse circulation and diamond drilling has returned gold grading up to 10 grammes per tonne
  • De Grey is up 11.3 per cent and shares are currently worth 44.5 cents each

Aircore drilling at De Grey Mining’s (DEG) Hemi Discovery has identified a major new extension.

The new extension measures 1000 metres in length and 200 metres in width and it is located at the Brolga Zone at Hemi.

This new extension significantly enhances the potential to expand the near surface open pit resources.

“Hemi continues to demonstrate potential to be a large scale, world class deposit and the project area continues to demonstrate its prospectivity for further discoveries,” Managing Director Glen Jardine commented.

“We see a lot more value still to come for investors in De Grey. With this is mind, we are increasing our drilling effort from four rigs to six rigs during June,” he said.

“The focus of drilling will continue to be on defining the extent of known mineralisation at Hemi and new discoveries moving into the many regional intrusion and shear zone targets,” he added.

New extension

Many of these holes that were drilled to identify this new extension intersected highly weathered alteration and variable sulphide mineralisation.

Additionally, some holes returned strong shallow gold mineralisation of a similar style as that from the original Brolga discovery.

New results include four metres at 5g/t gold from 60 metres, 16 metres at 2.4g/t gold from 40 metres, and eight metres at 2.2g/t gold from 52 metres.

Approximately 90 per cent of results from this shallow program are pending.

Aircore drilling is currently heading towards the southwest of Hemi and will then head northeast towards the Scooby intrusion.

An additional aircore rig is expected to arrive onsite sometime in June to begin regional drilling along the 15 kilometre corridor and the four untested intrusions of Scooby, Antwerp, Alectroenas, and Shaggy.

Reverse Circulation and Diamond drilling

Gold mineralisation at this new zone remains open to the south.

New results that extend beyond the zone of gold mineralisation include two metres at 10g/t gold from 161 metres, 6.13 metres at 4.8g/t gold from 220 metres, and 55.3 metres at 1.9g/t gold from 184.7 metres.

De Grey is up 11.3 per cent and shares are selling for 44.5 cents each at 10:53 am AEST.

DEG by the numbers
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