Why the De Grey Mining (ASX:DEG) share price is surging 16% higher

The De Grey Mining Limited (ASX: DEG) share price has been a very strong performer on Friday.

In afternoon trade the gold exploration company’s shares are up 16% to $1.55.

This leaves the De Grey Mining share price trading within touching distance of its record high of $1.60.

Why is the De Grey Mining share price rocketing higher?

Investors have been fighting to get hold of the company’s shares today following the release of drilling results from its very promising Hemi prospect in Western Australia.

According to the release, strong mineralisation has been intersected at its Aquila and Crow sites.

At Aquila the company reported impressive resource definition and extensional drilling, with significant new intercepts. Whereas at…