De Grey Mining Limited (ASX: DEG, 'De Grey' or the 'Company') is pleased to report latest resource extension and infill drilling results from the Diucon deposit at Hemi.

The Diucon mineralised intrusion has been intersected over a strike of approximately 560m, depth of 900m and a true thickness of approximately 300m. Recent drilling has demonstrated that mineralisation extends down plunge for at least 400m to the WSW of the May 2022 mineral resource model and remains open

De Grey General Manager Exploration, Phil Tornatora, commented: 'Wide-spaced drilling down plunge to the WSW of the current Diucon resource has demonstrated that the Diucon mineral system is open in this direction. Drilling is still very widely spaced and significant intersections are being returned from holes such as HEDD136 and HEDD128. This work has strong potential to extend Diucon's current 1.6Moz mineral resource. Higher grade zones, often showing visible gold in quartz continue to support the potential for underground mining below open pit depths. In addition to diamond holes to follow up deeper mineralisation, shallow RC drilling is planned west of Diucon to follow up significant results from aircore and RC drilling at Antwerp.'

Mineralisation intersected in HEDD136 remains open in all directions, including up-dip, and to the west toward Antwerp, where encouraging results from shallow drilling have been released.

Higher grade mineralisation at Diucon in shallow and deeper drilling appears to be associated with inflections on major shear zones.

Further exploration drilling, recommencing this quarter, will focus on identifying these inflections near surface within open pit depths.

Deeper drilling at Diucon has been conducted at a wide spacing on 160m lines and 80m collars along strike of mineralisation previously intersected in HEDD128.

HEDD128 intersected 359.4m @ 1.2g/t Au through the width of the intrusion from 530m down hole comprising intervals calculated at a 0.3g/t Au cut-off grade.

Strong mineralisation at Diucon has now been intersected for approximately 560 metres along strike, to a depth of approximately 900 vertical metres and remains open. Mineralisation on some sections attains a width of 300 metres over multiple lodes.

Extensional Drilling

Deep mineralisation has been intersected in HEDD135 and HEDD136 up to 120 metres west of the May 2022 mineral resource model and 900 metres deep. In addition to broad, moderate grade intercepts, HEDD136 also shows narrow, high grade intersections at a 3g/t Au lower cut, which demonstrate potential for selective high grade underground mining.

Infill Drilling

Infill drilling at Diucon to upgrade portions of the current mineral resource from Inferred to Indicated to increase ore reserves for the Hemi definitive feasibility study (DFS) continues to support the resource model.

Planned drilling on the southern margin of Diucon and at the base of the PFS pit shell optimisation has the potential to both expand the mineral resource and extend the open pit shell optimisation to the south and at depth. In addition to the southern and down plunge extensions outlined above, work will also be carried out to follow up shallow lodes between Diucon and Eagle, all of which have the potential to add to the Diucon mineral resource

This announcement has been authorised for release by the De Grey Board.

Contact:

Glenn Jardine

Tel: +61 8 6117 9328

Email: admin@degreymining.com.au

Competent Person's Statement

The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Mr. Phil Tornatora, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr. Tornatora is an employee of De Grey Mining Limited. Mr. Tornatora has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves'. Mr. Tornatora consents to the inclusion in this report of the matters based on his information in the form and context in which it appears

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