De Grey Mining Limited reported an exploration update from RC drilling at Withnell and Withnell South areas around the known mineralised trends at the Withnell gold deposit, located within the Mallina Gold Project, Pilbara region, Western Australia. Highlights: New structurally controlled gold zone identified at Withnell South providing opportunity to increase shallow, open pit resources. Multiple new lodes defined over 800m of strike and 200m vertical depth.

Open to the east and at depth. Demonstrates the potential that remains to meaningfully increase the resource base and future production from the company's existing, structurally hosted, regional deposits which include Mallina, Mt Berghaus and Wingina. New results from RC drilling at Withnell South include: 20m @ 1.62 g/t Au from 110m and 9m @ 4.6 g/t Au from 159m in MWRC0320 - 17m @ 1.38 g/t Au from 70m and 5m @ 2.29 g/t Au from 157m in MWRC0303 - 15m @ 1.72 g/t Au from 28m in MWRC0302 - 2m @ 12.42 g/t Au from 125m and 7m @ 2.38 g/t Au from 160m in MWRC0225 - 12m @ 2.0 g/t Au from 2m and 10m @ 1.13 g/t Au from 44m in MWRC0284.

Strong continuity and grade of Withnell Main Lode defined in metallurgical drill hole deliberately testing the down plunge orientation of mineralisation. Shows potential to extend mineralisation below the existing resource model. 155.7m @ 2.3 g/t Au from 119m in MWMT0005 including 65.0m @ 3.2g/t Au and 7.2m @ 15.4g/t Au.

Exploration activities within the Company's broader tenement portfolio have been conducted in parallel with the resource definition drilling at the Hemi deposits in support of the on-going discovery and mineral resource expansion program of the Mallina Gold Project. Exploration in the Withnell area is aimed at discovering new domains of gold mineralisation and testing for large extensions to known gold mineralisation hosted in favorable structural locations. During the ongoing work program, improved structural and stratigraphic interpretation at Withnell directly contributed to the development of new structural targets both along strike and in the structural footwall/stratigraphic hanging wall to the south of the Withnell gold deposit.

In conjunction with the exploration programs, metallurgical and geotechnical drilling have been progressing at Withnell in line with ongoing technical studies for the regional deposits within the greater Mallina Gold Project. This drilling and associated studies at Withnell are aimed at converting existing resources within preliminary feasibility study (PFS) pit shell optimisations to reserves for the definitive feasibility study (DFS) currently in progress. Withnell South: RC drilling designed to test targets in the footwall area south of the old Withnell pits has successfully intersected gold mineralisation hosted within what is interpreted to be several new lodes across multiple sections.

To date, drilling has defined a structural domain comprising up to six lodes spanning 800m of strike with mineralisation open at depth and along strike. Interpretation of new results show that the western end of the mineralised domain is terminated against a late WNW trending fault and future exploration will target faulted offsets of the domain to the west. New results from exploration RC drilling at Withnell and Withnell South calculated at a 0.5g/t Au cut-off grade include: Multiple Intervals - 2m @ 12.42 g/t Au from 125m and 7m @ 2.38 g/t Au from 160m in MWRC0225 - 6m @ 6.72 g/t Au from 22m and 3m @ 2.86 g/t Au from 86m in MWRC0329 - 8m @ 3.43 g/t Au from 56m and 3m @ 4.05 g/t Au from 70m in MWRC0323 - 4m @ 3.34 g/t Au from 105m and 3m @ 3.72 g/t Au from 147m in MWRC0226 - 12m @ 2.00 g/t Au from 2m and 10m @ 1.13 g/t Au from 44m in MWRC0284 - 20m @ 1.62 g/t Au from 110m and 9m @ 4.6 g/t Au from 159m in MWRC0320 - 17m @ 1.38 g/t Au from 70m and 5m @ 2.29 g/t Au from 157m in MWRC0303 - 14m @ 1.0 g/t Au from 78m and 24m @ 1.4 g/t Au from 163m in MWRC0080 - 10m @ 1.29 g/t Au from 25m, 2m @ 2.99 g/t Au from 74m, 7m @ 1.15 g/t Au from 212m and 5m @ 2.68 g/t Au from 229m in MWRC0286 - 2m @ 2.32 g/t Au from 44m and 7m @ 1.29 g/t Au from 89m in MWRC0218.

Single Intervals: 2m @ 12.28 g/t Au from 114 in MWRC0293 - 2m @ 5.8g/t Au from 93 m in MWRC0096 - 3m @ 4.4g/t Au from 132 m in MWRC0285 - 5m @ 3.54 g/t Au from 150m in MWRC0300 - 4m @ 3.78 g/t Au from 230m in MWRC0289 - 4m @ 3.2g/t Au from 107 m in MWRC0060 - 5m @ 3.21 g/t Au from 85m in MWRC0279 - 5m @ 2.65 g/t Au from 29m in MWRC0307. Withnell Metallurgical Drilling: A recent diamond drill hole designed to drill down the main mineralised structure at Withnell and provide material for metallurgical test work has also confirmed the down-dip continuity and grade of the structure. These results highlight the potential and grade of the known Resources at Withnell which, combined with the recent results at Withnell South, illustrate the exploration potential underneath and adjacent to the current area of mining studies.

Recently returned results from the metallurgical hole MWMT0005 at Withnell, calculated at a 0.3g/t Au cut-off grade comprise: 155.7m @ 2.3 g/t Au from 119m, including - 12.6m @ 1.0 g/t Au from 125.8m - 65m @ 3.2 g/t Au from 148m - 7.2m @ 15.4 g/t Au from 218.7m - 8.2m @ 1.0 g/t Au from 236m - 16m @ 0.6 g/t Au from 291.1m. Ongoing Exploration and Significance: Previous exploration has defined a 7km long mineralised trend centred on the Withnell gold deposit, extending from Dromedary in the west and past the exploration camp in the east. The Withnell South discovery highlights the exploration potential of the Withnell trend, all of which is located within existing granted mining leases.

The recent RC drilling completed at Withnell South area is relatively wide spaced, with holes drilled on 40m to 100m centres along drill lines that are spaced 50m to 200m apart. Further RC and diamond drilling is planned to follow up the previous work at Withnell South and progress mineralisation toward the Inferred resource category. The Withnell South discovery is located adjacent to the Withnell open pit resources.

Future exploration in the area will aim to make new discoveries and expand potential open pit resources in the Withnell area, which already has an existing resource base of 723koz Au and located on a granted mining lease. The company's ongoing investment in exploration, combined with the detailed geological knowledge across the Mallina Gold Project continues to contribute to recent success and ongoing exploration successes at Withnell South and Charity Well.