Shares in De Grey Mining (ASX: DEG) sky-rocketed 150% after the...

Shares in De Grey Mining (ASX: DEG) sky-rocketed 150% after the company emerged from a trading halt this morning with news of a gold discovery at its Pilbara gold project. Western Australian-based De Grey Mining reported it had uncovered an outcropping conglomerate which included 91 gold nuggets in a separate area of its Pilbara gold project. Named Loudens Patch, the new conglomerate was detected at the base of Mt Roe Basalt and is 1.5km long in strike, 400m wide, and up to 10m thick. Many of the gold nuggets found at Loudens Patch were shaped like watermelon seeds with a pitted texture. This is typical of palaeo-placer gold deposit and comparable to Witwatersrand-style gold mineralisation. The South African-based Witwatersrand deposit is renowned for hosting the world’s largest gold reserves. Speaking with Small Caps De Grey Mining executive chairman Simon Lill said the market had reacted “extremely positively” to the discovery. Here's hoping MRD can achieve the same.........