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De Grey Mining (ASX:DEG) - Executive Chairman, Simon Lill
Executive Chairman, Simon Lill
Source: De Grey Mining
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  • De Grey’s (DEG) Hemi discovery has been given a maiden mineral resource of 6.8 million ounces (Moz), quadrupling the size of the wider project
  • DEG’s Mallina Gold Project in the Pilbara now attracts a mineral resource of 9 Moz, a significant increase from the previous resource of 2.2 Moz
  • The measured and indicated mineral resource across Mallina comprises 3.8 Moz at 1.4 grams per tonne (g/t) gold, including 2.8Moz at 1.3g/t gold at Hemi
  • De Grey says it expects the resources to grow along strike and at depth, while a scoping study at the project is due to be completed in September
  • Company shares are down 1.57 per cent at $1.26 at 11:40 am AEST

De Grey Mining’s (DEG) Hemi discovery has been assigned a maiden mineral resource of 6.8 million ounces (Moz), quadrupling the size of the wider project.

DEG’s Mallina Gold Project in WA’s Pilbara Region has increased its mineral resource from 2.2 Moz to 9 Moz, following the Hemi upgrade.

“Hemi is an exceptional new Western Australian gold discovery which is redefining the gold potential of the Pilbara and has changed the future for De Grey and our shareholders,” Technical Director Andy Beckwith said.

Hemi

De Grey said the total mineral resource estimate for Hemi sat at 192 million tonnes (Mt) at 1.1 grams of gold per tonne (g/t) for 6.8 Moz.

Hemi’s indicated mineral resources is 66 Mt at 1.3 g/t gold for 2.8 Moz, while its inferred resource is 127 Mt at 1 g/t gold for 4 Moz.

DEG also said Hemi contained more than 25,000 ounces per vertical metre in the shallow, better drilled portions of the mineral resource.

Mallina

The exact mineral resource estimate for Mallina, including Hemi, now sits at 230 Mt at 1.2 g/t gold for 9 Moz.

The project’s measured and indicated resource is 85 Mt at 1.4 g/t gold for 3.8 Moz, while its inferred resource is 145 Mt at 1.1 g/t gold for 5.1 Moz.

Mr Beckwith also stated he believed the resources at Hemi and Mallina could be upgraded in the future.

“Reverse circulation and diamond drilling commenced only 15 months ago and further extensions are expected at each deposit as drilling continues,” Mr Beckwith said.

“Twelve drill rigs are currently focused on expanding Hemi as well as testing numerous targets within our large 100 per cent owned, 150 kilometre long land package.

“I have no doubt we will be drilling and finding additional resources for many years to come.”

Additionally, a scoping study at the project is expected to be completed by September, 2021.

Shares in De Grey mining were trading down 1.57 per cent at $1.26 per share at 11:40 am AEST.

DEG by the numbers
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