De Grey Mining (DEG) has discovered yet another major zone of gold mineralisation at Hemi (100% DEG). The new northwest-southeast trending Falcon Zone sits to the west of the Aquila Zone. Falcon consists of altered brecciated intrusion, analogous to Aquila, and has been defined over 1.8km. This is already 800m longer than the Aquila Zone, for which Argonaut estimates a current endowment of ~1.2Moz @ ~2.1g/t (see previous research). Better drill results from Falcon include; 58m @ 2.1g/t Au from 64m, 21m @ 3.4g/t Au (RC) from 40m (AC) and 19m @ 2.1g/t Au (AC). The Hemi discovery continues to surprise with new mineralised lodes. Today’s announcement follows the confirmation of a higher grade sub-vertical lode in the Crow Zone last week, which included a RC drill intercept of 64m @ 13.4g/t Au from 141m. SPEC BUY recommendation maintained with a $1.35 target price.
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