Why the De Grey (ASX:DEG) share price is lifting today

Shares in the Aussie gold miner are on the move on Thursday

| More on:
St Barbara share price Minder underground looks excited a he holds a nugget of gold he has discovered.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The De Grey Mining Limited (ASX: DEG) share price is lifting on Thursday with shares in the Aussie gold miner surging 4.5% at the time of writing.

Why the De Grey share price is lifting today

The big news this morning was a price-sensitive update on the company’s Greater Hemi Corridor. De Grey reported new intrusions, anomalous gold zoned and “numerous” gold-arsenic anomalies. All of this is happening within the 15 kilometre by 10 kilometre Greater Hemi Corridor controlled by the company.

Some of the RC results in the Scooby area include 1 metre at 31.2 grams per tonne of gold from 195 metres in SCRC056, in addition to 6 metres at 2.7 grams per tonne from 60 metres.

The De Grey share price has been climbing higher this morning following the latest update. It comes as the company defined new prospects within the corridor through both aircore and RC.

Those include the Geomalia altered intrusion 2 kilometres southwest of Hemi as well as the Goshawk and Turner prospect, 4 kilometres southwest and 15 kilometres east of Hemi respectively.

Technical Director, Andy Beckwith, said:

Recent aircore drilling has identified new prospective altered intrusions, anomalous gold zones and areas of encouraging multielement geochemistry within the 10km wide by 15km long corridor, east and west of Hemi.

Infill aircore and deeper RC drilling will be undertaken based on ranked priorities and necessary heritage surveys. RC drilling has commenced at Antwerp immediately to the west of Diucon and Eagle to better test this prospective trend.

The Company will release the results of the scoping study early next week for the Mallina Gold Project.

Foolish takeaway

Today’s update has been the catalyst for the De Grey share price climbing higher. Shares in the Aussie gold miner remain down 12.4% year to date with a market capitalisation of $1.26 billion.

Motley Fool contributor Ken Hall 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.

More on Resources Shares

a man wearing a hard hat stands in front of heavy mining machinery with a serious look on his face.
Resources Shares

The iron ore price has slumped 10% in 5 days. Here’s how ASX 200 mining shares have responded.

We check how the ASX's iron ore majors are holding up amid macroeconomic headwinds.

Read more »

asx share price increase represented by golden dollar sign rocketing out from white domes of lithium
Resources Shares

Why is the Pilbara Minerals share price having such a strong end to the week?

The lithium miner charged up on Friday.

Read more »

A young woman sits on her lounge looking pleasantly surprised at what she's seeing on her laptop screen as she reads about the South32 share price
Resources Shares

Top broker predicts 50% upside for South32 share price. Here’s why

Could South32 shares really rocket 50% over the next year?

Read more »

Resources Shares

ASX lithium shares facing ‘insatiable’ demand amid global funding gap

Lithium prices are up almost 500% over the past 12 months.

Read more »

a man and woman agreeing to a deal with a handshake
Share Gainers

Guess which ASX lithium share is rocketing 18% on a new deal with BMW

The lithium explorer and near-term producer emerged from a trading halt this morning.

Read more »

A mining worker wearing a white hardhat stands on a platform overlooking a huge mine as brokers predict what's next for the South32 share price
Resources Shares

‘The world is changing’: CEO reveals what will help drive Rio Tinto shares in 2023 and beyond 

Automakers are waking up to the pending bottlenecks in supplies of battery and low carbon materials.

Read more »

A miner in a hardhat makes a sale on his tablet in the field.
Resources Shares

Buy this ASX share for its ‘undervalued’ lithium business: expert

There are not many cheap shares of any businesses involved in lithium production. But here's a sneaky one, if you…

Read more »

a female miner looks straight ahead at the camera wearing a hard hat, protective goggles and a high visibility vest standing in from of a mine site and looking seriously with direct eye contact.
Resources Shares

‘We are in for the long haul’: Rio Tinto CEO defends future spending in the face of recession fears

What's ahead for the mining giant?

Read more »