De Grey Mining shares soar 133pc on gold nugget find
Investors have fallen in love with De Grey Mining today with its share price more than doubling in morning trade after finding a batch of nuggets at its Pilbara project, Western Australia.
The Perth-based company (ASX:DEG) is the latest junior explorer to benefit from a gold nugget find with the stock jumping as much as 133 per cent to an intraday high of 14c before cooling to 12c in late morning trade.
So far, 91 nuggets have been found ranging in size from 2mm to 10mm at a new gold target called Loudens Patch located at the base of the Mt Roe Basalt.
Image of some of gold nugget found at new target Loudens Patch.
The target, which has a 1.5km strike length, represents a new area separate from the 12km Mt Roe Basalt target De Grey previously announced last month.
“Loudens Patch now ranks with Comet Well, Purdy’s Reward and Beatons Creek for conglomerate hosted gold potential,” De Grey Mining’s operations manager Andy Beckwith said.
“We are essentially now only one step behind Novo and Artemis in terms of defining bedrock hosted conglomerate gold mineralisation.
“Any new high grade resource, large or small, will provide a tremendous economic advantage to our planned Pilbara Gold development based on our existing 1 million ounces of gold resources,” he added.
Evaluation of the new target area is continuing.
De Grey has a market cap of $33 million.