De Grey Mining Limited, continues to grow into a very large gold system
Team Veye | 10 Jun 2020 ASX - DEG
De Grey Mining Limited (ASX: DEG)
HEMI – Broad, high grade extensions at Aquila
De Grey Mining Limited (ASX: DEG) on 9 June 2020 provided this drilling update for the Aquila Zone within the Hemi Discovery, located approximately 60km of Port Hedland in Western Australia.
Aquila is a parallel gold-sulphide zone located to the immediate north of the Brolga zone and adjacent to the new Crow zone to the north.
RC and diamond core drilling are currently ongoing with 3 rigs operating between Aquila, Brolga and Crow testing for extensions of the gold mineralisation on a nominal 80m x 80m basis, with a second RC due shortly.
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(Chart source: TradingView)
HEMI - Major Extension
De Grey Mining Limited on 5 June 2020 provided this drilling and results update for the Brolga Zone within the Hemi Discovery, located within 60km of Port Hedland, Western Australia.
- Aircore drilling defines a major extension, ~1000m long x ~200m, wide of the Brolga intrusion.
- Enhances the potential to significantly expand near surface open pit resources.
- Results of initial shallow aircore holes include:
16m @ 2.4g/t from 40m in BWAC491
8m @ 2.2g/t from 52m in BWAC492
4m @ 5.0g/t from 60m in BWAC493
- ~90% of results from new shallow aircore at Brolga are still pending.
- Additional significant (>20gm*m) RC and diamond results at Brolga include:
55.3m @ 1.9g/t Au from 184.7m in HERC036D
6.13m @ 4.8g/t Au from 220m in HEDD002
18.21m @ 1.5g/t Au from 254.79m in HERC034D
2m @ 10g/t Au from 161m in HERC050
16m @ 1.4g/t Au from 177m in HERC052D (Data Source – Company Reports)
Veye’s Take
HEMI continues to grow into a very large gold system with further wide, high grade intervals at Aquila. The size of Hemi continues to grow with every drilling program and De Grey Mining is confident that additional new discoveries will be made along this prospective corridor. To complement the scale and extent of near surface mineralisation at Hemi, the project is having world class infrastructure. Everything that the Company needs is on its doorstep including high voltage power, gas pipelines and major highways all within 25km of the project area and an hour drive from Port Hedland, a major transport and services hub. The stock is trading above 50DMA and 200DMA on daily and weekly and monthly t/f. It can face some resistance at $0.65 beyond which it can have the potential of gaining further momentum. “Buy” was given to “De Grey Mining Limited” at the price of $0.195 on 18 March 2020. It has already given fantastic returns of more than 212% in less than three months till now. Veye maintains a "Hold" on “De Grey Mining Limited” at the current price of $0.61
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