New Age Exploration cosies up closer to Pilbara’s Hemi gold hit
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New Age Exploration (ASX: NAE) has beefed up its strategic position next to the world-class Hemi gold discovery in WA’s Pilbara district.
Hemi is one of the most exciting new Australian gold finds in recent years, and New Age Exploration has wasted little time building an impressive land package which it believes boasts the potential to host similar ‘intrusive’ targets.
Three new exploration licences have been granted to NAE south and within 60km2 of Hemi, while it is building a catalogue of high-quality exploration targets through recently completed aeromagnetic surveys and field sampling.
One of the inviting findings of the aeromagnetic survey run over the 220 km2 Bullock Well and part of the Quartz Hill gold project were several intrusive and shear hosted gold targets, as well nickel-copper-cobalt targets with coincident ultramafic units.
The survey was conducted over 100m spaced lines running from east to west from a sensor height of 35m.
That made the survey significantly more detailed than existing open file surveys conducted by the Geological Survey of WA.
New Age is particularly interested in “several discrete, circular magnetic anomalies” which may represent Hemi-style intrusives.
“We are very excited and remain highly motivated with the continued developments across our entire Pilbara package,” NAE executive director Joshua Wellisch said.
“As planned, we are continuing at pace with our activities on the tenements south of De Grey’s Hemi deposit. With multiple assays pending and newly granted tenure, we look forward to providing further updates to the market in the coming weeks.”
New Age Exploration is tackling its discovery efforts with a wide variety of techniques.
Alongside the airborne survey the company has collected 234 soil samples and eight stream sediments to outline priority drilling targets, with assays on the way.
The gold explorer is eagerly awaiting results and an evaluation report from a recent drilling program at its Monterey Minerals option tenements to the north of Hemi.
It recently completed a drill program consisting of 37 holes for a total of 1159m testing intrusive targets.
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.