De Grey Mining (DEG) has released an updated resource for its Mallina Project in the Pilbara region of Western Australia. The resource has grown from 1.7Moz to 2.2Moz at an average grade of 1.8g/t gold. Importantly, this resource only incorporates drilling to the end of 2019 and does not include the recent Hemi discovery. Argonaut estimates that Hemi could already contain ~2.8Moz alone based on drill results to date. We regard DEG as a key pick in the ASX gold developer sector, with the potential for the Mallina project to host several multi-million ounce deposits. SPEC BUY recommendation.
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