Insights

Why the De Grey Mining (ASX:DEG) share price is pushing higher

The De Grey Mining Limited (ASX:DEG) share price is pushing higher on Thursday despite weakness in the gold sector. Here’s why…
The post Why the De Grey Mining (ASX:DEG) share price is pushing higher appeared first on Motley Fool Australia. –

asx shares higher

The De Grey Mining Limited (ASX: DEG) share price has been a positive performer on Thursday despite weakness in the gold sector.

In morning trade the gold-focused mineral exploration company’s shares are up 2.5% to $1.16.

Why is the De Grey Mining share price pushing higher?

Investors have been buying De Grey Mining’s shares this morning after it released further drilling results from its Hemi prospect in Western Australia.

Today’s update relates to activities at the Aquila and Crow zones which are located adjacent and to the north of the large Brolga intrusion at Hemi.

According to the release, step out and infill drilling at Hemi is on-going and the latest results at Aquila and Crow continue to firm up areas of high grade gold mineralisation within a much larger and broader gold system.

Management notes that some outstanding high-grade intercepts continue to be returned at Crow, whereas drilling at Aquila is continuing to extend the high grade plunging shoot to the west.

Management commentary.

De Grey’s Managing Director, Glenn Jardine, was pleased with the latest set of results.

He commented: “The new results at Crow continue to demonstrate potential for higher grade lodes within the large, broad mineralised zones. The Company recently announced extensions to the northwest of Crow. Potential also remains for extensions to the northeast and southwest.”

More drilling is on the way and results are due in the near term from these activities.

Mr Jardine explained: “Wide spaced 80 by 80m extensional RC drilling continues in the northwest of Crow, with assay results awaited. Aircore drilling further to the west of the Crow intrusive has identified areas for follow up RC drilling. Drilling will continue at Crow to infill and expand the mineralised footprint. Drilling at the western end of Aquila continues and has extended mineralisation at depth and to the west toward Falcon.”

What now?

De Grey is on course to reveal its maiden resource estimate in the middle of next year.

“A broad mineralized zone is present at least 400 metres below surface that includes narrower high grade intervals. Total metres drilled at Hemi now exceed 200,000 metres since the discovery in December 2019. Seven rigs are currently operating around Hemi in support of completion of a maiden resource by the middle of 2021,” the managing director advised.

Where to 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 are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the De Grey Mining (ASX:DEG) share price is pushing higher appeared first on Motley Fool Australia.

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!