The De Grey (ASX:DEG) share price is sliding lower today

The De Grey (ASX: DEG) share price is falling today as the company released its quarterly report. We take a closer look.

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The De Grey Mining Limited (ASX: DEG) share price is slipping today after the company announced its quarterly activities report for the period ending 31 December 2020. The De Grey share price is currently trading 2.09% lower at 93.5 cents.

Shares in the ASX miner shot to fame last year on rising an astounding 1,920% in 2020. However, it has been a different story since the start of 2021, with the share price slumping more than 16% so far this year.

A man holds his hands out and shrugs.

Image source: Getty Images

What's new?

In today's update, De Grey advised that its Hemi discovery in Western Australia continued to grow across multiple zones. The Hemi discovery is an intrusion hosted form of gold mineralisation which has not been previously encountered in the Pilbara region. The high value of the discovery is driven by its size and growth potential. Moreover, the overall Hemi system is now more than 400 metres deep and remains open.

What more, the company announced that its exploration activity has accelerated. With the number of drills on the site increased to eight. It comes as more than 900 holes remain open on the company's Mallina gold project.

As of 31 December 2020, the company was well funded with approximately $103.8 million in cash.

Growth strategy

De Grey also released information on the company's near term growth strategy within the report. According to management, the company aims to expand Hemi and drill mineralised intrusives around the site.

Furthermore, the company aims to expand the existing resource base and explore untested areas along the company's 200km of prospective zones.

About the De Grey share price

Shares in the ASX miner had a stellar in 2020 being the best performer on the All Ordinaries Index (ASX: XAO). However, as mentioned this trend has not continued in 2021, falling in the first month of the year.

De Grey has a market capitalisation of $1.21 billion.

Motley Fool contributor Daniel Ewing 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.

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