The
De Grey Mining Limited (ASX: DEG) share price has jumped 6.7% higher on Thursday. This comes after a positive update from the Aussie gold miner.
At the time of writing, De Grey shares are changing hands for $1.19.
What did De Grey announce?
De Grey provided an update to the market on “compelling new results” which seems to have investors excited.
The Aussie miner said recent results have “clear potential” to increase its 6.8 million ounce (Moz) Hemi resource in Western Australia.
De Grey managing director Glenn Jardine was bullish on the updated drilling results. He said: “The new drilling results at Diucon provide clear evidence that increases to the current Hemi resource can be expected with further drilling.”
Why the De Grey Mining (ASX:DEG) share price is charging 5% higher
James Mickleboro | May 10, 2021 10:36am |
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In early trade, the gold explorer’s shares were up 5% to $1.56.
This latest gain left the De Grey Mining share price trading within touching distance of its record high of $1.67.
Why is the De Grey Mining share price rising?
Investors have been buying the company’s shares this morning following the release of an update on drilling activities at the Aquila zone at its Hemi prospect in Western Australia.
According to the release, the metallurgical testwork results from the Aquila zone have revealed high gold recoveries that are consistent with the positive results previously achieved from the Brolga zone.
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