Up 5%: The De Grey (ASX:DEG) share price is now up 100% in 12 months

It has been a golden 12 months for De Grey Mining shareholders…
The post Up 5%: The De Grey (ASX:DEG) share price is now up 100% in 12 months appeared first on The Motley Fool Australia. –

The De Grey Mining Limited (ASX: DEG) share price is pushing higher on Wednesday.

In early trade, the gold explorer’s shares are up 5% to $1.34.

Why is the De Grey share price is pushing higher?

The catalyst for the rise in the De Grey share price today has been the release of an update on its Mallina Gold Project in Western Australia.

According to the release, the measured and indicated mineral resources across the Mallina Gold Project comprise 3.8M ounces at 1.4g per tonne of gold. This is being underpinned largely by the Hemi deposit, which contributes 2.8M ounces at 1.3g per tonne of gold.

Management believes these mineral resources provide a strong platform for a scoping study targeted for completion in the September quarter 2021. It also notes that there is clear potential for the maiden Hemi and Global Mallina Gold Project mineral resources to grow along strike and at depth. Particularly given that substantial drilling programs have continued at Hemi since the mineral resource assay cut-off date of 17 May 2021.

Management commentary

Comments by De Grey’s Technical Director, Andy Beckwith, appear to have given De Grey’s shares a lift as well.

He said: “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. De Grey’s exploration team has taken Hemi from discovery to a Tier 1 scale 6.8Moz gold deposit in a short timeframe.”

“RC and diamond drilling commenced only 15 months ago and further extensions are expected at each deposit as drilling continues. Twelve drill rigs are currently focused on expanding Hemi as well as testing numerous targets within our large 100% owned, 150km long land package. I have no doubt we will be drilling and finding additional resources for many years to come,” Mr Beckwith added.

Following today’s gain, the De Grey share price has now doubled in value since this time last year.

The post Up 5%: The De Grey (ASX:DEG) share price is now up 100% in 12 months appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

ASX 200 up 1%: Tech shares rise, Bank of Queensland’s provision update

ASX 200 up 0.1%: Tech shares fall, gold miners tumble

Why ASX gold miners are taking a hit today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!