The scale of De Grey Mining’s (DEG) Hemi discovery looks to be something previously unseen in the Pilbara region of Western Australia. Argonaut has increased its estimate for this discovery from 1.9Moz to 2.8Moz gold. The deposit remains open in most directions, with indications that mineralisation is improving to the southwest and down-plunge. We see the potential for repeats of large scale mineralised systems like Hemi in the greater Mallina Project given its scale (~140km strike) and favourable structural setting with interpreted mantle tapping faults. Within an 8km radius of Hemi, there are several analogous targets, many of which have gold defined in shallow drilling. Speculative Buy recommendation maintained.
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