De Grey Mining looks to have added a fourth large scale gold zone to its Hemi discovery, part of the Mallina Project in Western Australia. Aircore drilling has uncovered further intrusive related mineralisation to the south of the Brolga Zone over a prospective area of ~1km x 200m. Intercepts from the first line of holes included: 16m @ 2.4g/t and 8m @ 2.2g/t. Hemi is rapidly developing into a world-class gold discovery and Argonaut estimates the combined Brolga, Aquila, Crow and Brolga South zones could contain 3.6Moz based on current drilling. This is in addition to the 2.2Moz already defined on the Mallina Project. DEG is scaling up exploration, increasing from four to six drill rigs on the project. The Company is well funded to continue aggressive exploration following a $31.2m equity raise ($0.28/ps). SPEC BUY recommendation with a $0.65ps target price.
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