De Grey Mining (ASX:DEG) - Non Executive Chairman, Simon Lill
Non Executive Chairman, Simon Lill
Source: Finance News Network
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • De Grey Mining (DEG) has made a significant 1.8 kilometre-long discovery at its greater Hemi Gold Discovery in Western Australia
  • The 80-metre thick altered intrusion is located immediately south of Aquila and has been dubbed ‘Falcon’
  • The Falcon intrusion remains open along strike and at depth
  • De Grey made the discovery during aircore and reverse circulation drilling nearby its Brolga and Aquila zones
  • The drilling has also returned consistent gold mineralisation with intense brecciation and alteration over the northern 240 metres of strike
  • Drilling is ongoing and will test the Falcon intrusion to the south and the gold mineralisation in the northern strike
  • De Grey shares are steady at market open, priced at $1.10

De Grey Mining (DEG) has made a significant new discovery at its greater Hemi Gold Discovery in Western Australia.

The company recently conducted drilling west of Brolga and south of Aquila which uncovered a highly brecciated and extensively sulphide altered sub-vertical intrusion. The new intrusion has been called ‘Falcon.’

Falcon has been intersected for over 1.8 kilometres in strike in a north-south orientation, up to 80 metres thick and down to 200 metres below surface. The intrusion remains open along strike and at depth.

However, the drilling orientation has been changed to east-west in order to intersect the intrusion perpendicular to the overall strike.

“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.

Significant results from aircore drilling include 21 metres at 3.4g/t gold from 40 metres and 19 metres at 2.1g/t gold from 68 metres to end-of-hole and 12 metres at 2.0g/t gold from 93 metres to end-of-hole.

Now, De Grey will continue aircore drilling to track the Falcon intrusion to the south.

The company has also conducted reverse circulation (RC) drilling which has defined gold mineralisation within the Falcon intrusion that is now interpreted to be similar to the mineralisation style of Aquila.

The first phase of RC drilling has returning encouraging broad gold intercepts with diamond core showing extensions of the altered intrusion at depth to at least 200 metres.

Latest significant gold results include 58 metres at 2.1g/t gold from 64 metres, 11 metres at 1.2g/t gold from 199 metres and 24 metres at 0.8g/t gold from 167 metres.

RC drilling is continuing to test the northernmost 240 metres of strike with over 1.5 kilometres of strike yet to be RC drill tested.

De Grey shares are steady at market open, priced at $1.10 at 10:14 am AEST.

DEG by the numbers
More From The Market Herald
The Market Herald Video

" Caprice Resources (ASX:CRS) intersects shallow gold at Island Gold Project

Caprice Resources (ASX:CRS) intersects shallow gold mineralisation at its first reverse circulation drilling program at the…

" Future Metals (ASX:FME) to raise $5.5m for Panton

Future Metals (ASX:FME) has received firm commitments for a heavily oversubscribed $5 million placement.

" Firebird Metals (ASX:FRB) raises $3.5m to accelerate Oakover development

Firebird Metals (ASX:FRB) has received firm commitments to raise $3.5 million via a placement from sophisticated…

" Construction at Tietto Minerals’ (ASX:TIE) Abujar Gold Project remains on schedule & budget

Construction at Tietto Minerals' (ASX:TIE) Abujar Gold Project in Côte d'Ivoire, West Africa remains on schedule…