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Barry FitzGerald: These two West African gold explorers are potential takeover targets

Barry FitzGerald: These two West African gold explorers are potential takeover targets Mining share clipboard Maybe it’s the lockdowns, or the weather. Either way, Garimpeiro has grown a bit bored with the local gold exploration scene. Despite the record exploration spend on finding new ounces, there has not been much in the way of exciting newsflow from the sector recently. Stocks like De Grey (ASX:DEG) and Bellevue (ASX:BGL) keep on piling on the ounces but it’s hard to get excited when it is remembered they sport $1.5 billion and $840 million market caps respectively. That makes it hard to move the dial, particularly with the sideways trading gold price of late.

The De Grey (ASX:DEG) share price is soaring today Here s why

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.”

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