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De Grey Mining (ASX:DEG) has announced its latest drill hits from the Crow and Aquila areas of interest could likely boost overall gold production at the Hemi deposit.
Extension diamond drilling at Crow has shown the target of interest to boast higher grades than those at the McLeod lodes. Results included:
- 6.4m @ 4.7g/t gold from 288m depth
- 6.8m @ 4.1g/t gold from 129m depth
- 23.8m @ 8.7g/t gold from 689m depth
- 23.6m @ 7.3g/t gold from 602m depth
Aquila returned similar results; investors ought to note the considerable depths reported on Monday. Drilling eastward of Aquila also found gold hits but at lower grades than Crow per DEG’s Monday update.
Notably, all results fall outside the current known mineralisation boundaries on-site.
Rigs remain at Aquila, Falcon and Antwerp – all targets of interest at the WA-based Hemi project – as well as the Scooby target to receive fresh drillholes in the coming weeks.
A new JORC MRE is being compiled. “Drilling beneath the DFS pit shells and below the current Mineral Resource at Aquila-Crow demonstrates that a large mineralised system extends to depth and is still open,” DEG exploration GM Phil Tornatora said.
“The McLeod Lodes in the south of Crow continue to return high grade intercepts and it is exciting to see similar style mineralisation persists in deeper holes below Aquila.”
De Grey’s discovery of the IOCG-style Hemi deposit in WA’s north is a relatively recent event as far as the state’s mining history goes – only 5 years ago, right before COVID overran the world.
Since then, the company has been shoring up its overall resource and generating no shortage of trader interest on the HotCopper forums and elsewhere.
Nearby, microcap Mantle Minerals (ASX:MTL) has its acreage just to the north of Hemi. With Executive Chairman Nick Poll at the helm, the company believes it could strike the next Hemi-style deposit.
Such a proposition has attracted numerous players to the region – nothing new for WA’s lucrative northern horizons.
DEG last traded at $1.18.
