Why De Grey Mining Limited (DEG) shares jumped 20% today

The De Grey Mining Limited (ASX:DEG) share price was trading 20% higher today following the release of an investor presentation and mining update this week

For context, the broader Australian share market or S&P/ASX 200 (ASX: XJO) was trading at 7135.4, up 0.45%.

About De Grey Mining Limited

De Grey Mining is a West Australian mining company which owns the Pilbara Gold Project, located in-land from Port Hedland. The project expands to an area around 150 kilometres, or 1,500km squared. De Grey owns 100% of its tenements in the Mallina, Mt Berghaus, Withnell, Toweranna and Wingina regions.

De Grey Mining Limited’s investor presentation & drilling update

Amongst its statements made this week, De Grey released a report showing additional “thick and high-grade gold mineralisation” at its Hemi prospect.

De Grey’s technical director, Andy Beckwith, said, “Clearly, drilling below this zone and the mineralisation on Section B are two key high priority RC targets.”

“We are looking forward to receiving the remaining aircore drilling results and re-commencing drilling activities now the cyclone has dissipated.”

The drilling at Section A of the prospect showed grades ranging from 5.1 grams per tonne of ore/dirt milled to 6.6 grams per tonne.

For context, the World Gold Council says high-quality underground mines, which tend to be more fruitful than above-ground mines, have a gold density of 8 to 10 grams per tonne. Low-quality grades would be between 1 and 4 grams per tonne.

What Happens Next?

De Grey Mining Limited shares were last seen trading at $0.21. The company is a ‘small-cap’ by all definitions, since it is priced by the financial market at less than $250 million in market capitalisation.

Online Value Investing Course - FREE!

How do you value an investment? Do you really understand what you’re investing in and why?

We’ve just updated our FREE business valuation course and made it available to investors like you. Complete with models, templates and tools, simply click here to access the course.

It’s completely free!

WordPress Theme built by Shufflehound.


Please note, this website provides news and factual information only. It is not a source of financial or investment advice of any kind.Before acting on any of the information you should always speak with a licensed and trusted financial adviser who is authorized to give you financial advice. Check ASIC’s professional registers ( for a list of licensed financial advisers and organisations.Never invest in a fund/ETF or buy a financial product (insurance, brokerage account, etc.) before you read the Product Disclosure Statement (PDS). The PDS document is your source of truth and can be found on the company’s website. Read it before you act.Finally, always remember that the future is uncertain and investing in anything is risky. Past performance is a poor guide for future returns. For more information, read our Terms & Conditions.