NAE says its Phase 2 drilling has confirmed gold potential at the Wagyu project. Pic: via Getty Images
New Age Exploration confirms Hemi-style gold potential at Wagyu
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- New Age Exploration confirms hemi-style mineralisation at Wagyu gold project
- Company aims to complete RC drilling on ‘sickle-shaped’ target zone
- RC drilling to be funded by recent $1.75m cap raise
Special Report: New Age Exploration says assays from Phase 2 air core drilling at its Wagyu gold project in WA has confirmed more significant mineralised gold occurrences across multiple intervals – highlighting the potential of the project as a gold-mineralised system.
The company says the results also indicate “strong potential for a significant gold discovery” in the same mineralised trend as De Grey’s (ASX:DEG) ~11.2Moz Hemi deposit.
It’s worth noting Phase 1 aircore discovered intermediate igneous intrusive rocks and gold mineralisation similar to that at Hemi.
The Phase 2 drilling was designed to test the tip of the high-priority gold targets under shallow cover. Notable results include:
- 4m at 2.5g/t from 48m (24WA225);
- 4m at 1g/t from 32m (24WA228);
- 4m at 1g/t from 40m (24WA233); and
- 4m at 1.2g/t from 36m (24WA234).
The assay results also include resampling some of the Phase 1 drilling campaign. Those results show 1m at 1.4g/t from 16m (24WA151).
RC drilling is now required to confirm gold mineralisation at depth, and will be funded via the company’s recent $1.75m cap raise.
Hunting for the next Hemi
Interestingly, the drilling confirms gold is present in newly developed Gravity Target 10, and shows a sickle-shaped zone of gold mineralisation from Gravity Target 1 across to Gravity Target 10.
This zone presents a compelling target for the company in hunts for a Hemi-style deposit.
“The assay results of the Phase 2 drilling, along with those from the resamples of Phase 1, show that Wagyu is shaping up to be a great asset for New Age Exploration (ASX:NAE), and we continue to be encouraged with every advancement,” executive director Joshua Wellisch said.
“The additional drilling has given greater clarity on the locations of gold mineralisation across the project, with Target 1 and the newly defined Target 10 showing great potential for significant gold at Wagyu.”
“NAE will continue our targeting approach and exploration strategy to advance this exciting project further and deliver value for our shareholders as we progress towards the next exploration phase,” Wellisch said.
Cultural Heritage Surveys are planned for next week to expand the available exploration area on high-priority gold targets.
Looking forwards, the company will also determine drill locations for the RC program using a detailed analysis of Phase 1 and Phase 2 data, including multi-element geochemistry and detailed logging.
This article was developed in collaboration with New Age Exploration, 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.
