Additional gold targets for New Age Exploration Pilbara projects
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Aeromagnetic survey identifies several intrusive and shear gold targets at two key projects.
The 220km2 survey covered the Bullock Well Gold Project and a portion of the Quartz Hill Gold Project within the highly prospective Central Pilbara Gold district in WA. Along with finding intrusive and shear gold targets, the survey also located nickel (Ni), copper (Cu) and cobalt (Co) targets with coincident ultramafic units.
New Age Exploration Limited (ASX: NAE) are now set to conduct a ground exploration evaluation in the upcoming quarter to refine drill targets before continuing with the next phase of the high priority drilling program. The ground exploration team will assess the region for gold deposits similar to those found at the nearby De Grey Mining (ASX: DEG) Hemi deposit.
“The second phase of our geophysical programme in the Pilbara has highlighted multiple new exciting targets to follow up as we continue our maiden drilling in the North,” executive director Joshua Wellisch said.
“We are preparing to mobilise the sampling team to complete an on-ground assessment of the targets in line for the next stage of drilling.”
The aeromagnetic survey was conducted across four exploration licences covering Quartz Hill (E47/3891) and Bullock Well (E47/3886, E47/3887, E47/4421), located approximately 60km south of De Grey Mining’s Hemi gold discovery.
Preliminary assessment of the survey results indicates the tenements consist primarily of granitic basement rocks beneath recent alluvial cover, with some xenoliths of ultramafic rocks within Quartz Hill confirmed in Geological Survey of WA (GSWA) mapping.
Several discrete, circular magnetic anomalies have been defined within the surveys which may represent intrusive deposits. In addition, major cross-cutting structures and demagnetised zones are evident, representing areas of potential fluid flow or migratory pathways that may have some prospectivity to host gold mineralisation. Follow-up surface sampling is set to be performed before undertaking future air core drilling.
It is expected that the air core drilling programme on the northern tenement package in the Pilbara, which is under option with Monterey Minerals (CSE: MREY), will be completed in due course after it was temporarily paused over environmental concerns. A variation to the Programme of Works is presently with the DMIRS for approval.
In the meantime, samples taken from the first 19 holes drilled are in the process of being submitted for gold and multi-element analysis with initial results expected in the coming weeks.
Under the current Option and Asset Sale Agreement between New Age Exploration and Monterey (and their subsidiaries, NAE has the right to acquire 100% ownership of the Tenements from Monterey.
This article was developed in collaboration with New Age Exploration Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.