De Grey Mining (ASX:DEG) conceptual study at its Hemi project in Western Australia showed that there are about 46.5 million tonnes at 2.2 grams per tonne grade of gold for about 3.2 million ounces contained gold in mine plan stopes within the resource, Euroz Hartelys said in a Dec. 19 note.

If further studies succeed, the company plans to develop underground operations alongside open pit mining, the broker said. The timing of development depends on feasibility studies, approvals, and investment decisions, it added.

The next steps include step-out drilling at Hemi, ongoing studies, and infill drilling at the company's Eagle deposit.

Euroz Hartleys reaffirmed its speculative buy rating on the gold explorer.

Shares of De Grey Mining rose past 2% in recent Monday trade.