- Gold Road Resources (GOR) agrees to snap up further interest in De Grey Mining (DEG) shares
- The company now holds just under a 20 per cent stake in De Grey
- Gold Road says it does not intend to make a takeover bid or other offer for De Grey but reserves its rights to do so and to make further investments in the company at any time
- De Grey is a gold miner who is growing its new gold discovery Hemi, within the Mallina gold project in Western Australia
- De Grey is down two per cent and trading at 98 cents per share at 1:50 pm AEST
Gold Road Resources (GOR) has agreed to snap up further interest in De Grey Mining (DEG) shares.
The company now holds just under a 20 per cent stake in De Grey.
Gold Road have said it does not intend to make a takeover bid or other offer for De Grey but reserves its rights to do so and to make further investments in the company at any time.
De Grey is a gold miner who is growing its new gold discovery Hemi, within the Mallina gold project in Western Australia.
The mining company said it is focused on delivery of its strategy to become a tier one gold producer and remains on track to release a pre-feasibility study in the current 2022 quarter.
Earlier this month, De Grey reported a major new gold intersection at the Hemi zone within its Mallina gold project in Western Australia.
Drilling at the Diucon deposit, west of Hemi, intersected 359.4 metres at 1.2 grams per tonne (g/t) gold through the Diucon mineralised intrusion from 530 metres downhole in HEDD128.
This major intersection lies 200 metres below the Diucon MRE area and, according to De Grey represents one of the best and deepest intercepts drilled at Hemi.
On the market, De Grey was down two per cent and trading at 98 cents per share at 1:50 pm AEST.