There’s still more gold to find at De Grey’s Hemi discovery
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Special Report: Drilling continues to unlock the mammoth potential of De Grey’s Hemi gold discovery with the extension of Aquila mineralisation at depth and a new lode at the Crow area.
Wide spaced drilling at Aquila has now extended known mineralisation down to 400m.
The first four holes returning top hits of 39m at 1.3 grams per tonne (g/t) gold from a depth of 389m, including 8m at 2.8g/t gold from 415m and 10.2m at 2.5g/t gold from 254m.
Assays are pending for a further eight holes with De Grey Mining (ASX:DEG) noting that the mineralisation at Aquila remains ‘open’ at depth and along strike.
Open means the company hasn’t found the limits of the mineralisation yet.
The company has also discovered a new lode at the Crow area, where one hole intersected multiple zones of mineralisation of 6m at 2g/t gold from 41m, 16m at 1.5g/t from 72m and 23m at 2.8g/t.
Another struck deeper mineralisation with 3.4m at 4.1g/t from a depth of 420m and 6m at 1.9g/t from 445m.
De Grey says gold mineralisation has now been defined over 400m down-dip and remains open at Crow, about 100m north of Aquila.
Additional results of 10m at 2g/t gold from a depth of 125m and 6m at 2.1g/t gold from 180m at Crow requires further definition drilling.
Managing director Glen Jardine says the confirmation of Aquila depth extensions and the discovery of a new adjacent lode at Crow are very encouraging as the company continues to build up the Hemi discovery though drilling.
“Drilling has now extended mineralisation at Aquila to at least 400 vertical metres in the early stage of wide spaced drilling. Aquila stretches for at least 1.6km along strike and remains open in all directions,” he says.
“A new mineralised lode has also been identified at Crow in proximity to Aquila. This new lode is already known to extend 400m down dip and has the potential to continue along strike. Closer-spaced drilling is being planned to further define mineralisation.
“Aircore and RC drilling continues across Hemi with the aim of extending and defining the mineralised footprint. Aircore drilling is in progress in the greater Hemi area to identify new intrusion targets.”
To date, De Grey’s exploration has mapped out the Hemi discovery about 2.5km north to south and 2km west to east.
While the company first made the ground-breaking discovery in mid-December 2019, its shares sky-rocketed after it indicated in early February that Hemi had the potential to host a large-scale gold system.
De Grey is currently trading at 72c, more than 1,400 per cent higher than it was prior to that confirmation.
No surprise given that the company has continued to intersect thick, often high-grade gold intervals at the Aquila and Brolga zones.
And there might be more mineralisation to find.
A recent airborne magnetic survey has also identified four new clusters, with at least 16 individual new intrusive targets within the Greater Hemi corridor.
Meanwhile, initial metallurgical test work on oxide mineralisation taken from Brolga achieved 93 per cent recoveries using an industry standard carbon in leach (CIL) circuit.
This article was developed in collaboration with De Grey Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.