NAE has ranked two of the gravity targets as high-priority targets for exploration at Wagyu. Pic: Getty Images
New Age Exploration identifies ‘Hemi-style’ gold targets
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- New Age Exploration identifies new Hemi-style intrusive gold targets at its Wagyu project
- Two new high-priority gravity targets are coincident with targets identified from existing magnetic data
- Seismic and soil sampling results pending while PoW for aircore drilling nears approval
Special Report: Recently completed ground gravity geophysical surveys across New Age Exploration’s Wagyu project in Central Pilbara, WA, has identified new Hemi-style intrusive gold targets.
Wagyu – the company’s newest acquisition – sits within the same gold-rich region where De Grey Mining’s (ASX: DEG) world-class 10.5Moz Hemi gold deposit lies.
New Age Exploration (ASX:NAE) has had its eye on the project for some time and believes the potentially “transformative” acquisition could host the same type of intrusive-hosted gold that transformed DEG from just another small cap explorer into one of the largest ASX gold plays.
Wagyu sits on an exploration tenement halfway between Hemi and 600,000oz Withnell deposit, also held by DEG and potentially the site of a regional concentrator.
Not one to waste time, NAE quickly put boots on the ground and started a suite of gravity and passive seismic surveys along with soil sampling to refine drilling targets.
It also submitted a program of work for aircore drilling.
Priority gold targets
The gravity survey generated six targets, two of which were ranked as high-priority targets as they are coincident with targets identified from a review of existing airborne magnetic data.
Target #1 is the largest area identified at 400m wide (east-west) and 300m from north to south. It has a moderately high gravity response co-incident with a high magnetic response.
Target #3 has a subtle gravity anomaly. It has a “saddle” shape with a gravity low in the centre coincident with a magnetic high. While the gravity response is weak, the shape warrants further investigation.
“We are thrilled with the successful completion of the initial phases of our on-ground exploration at the Wagyu gold project,” executive director Joshua Wellisch said.
“The gravity survey results have exceeded our expectations, revealing highly promising targets that we are eager to drill test in the coming weeks.
“This project represents a significant opportunity for gold exploration, situated directly along strike from De Grey Mining’s Hemi gold deposit, the largest gold discovery in the Pilbara region.
“This strategic acquisition not only enhances our footprint in the Central Pilbara but also aligns perfectly with our objective of securing and developing high-potential exploration tenures.”
Upcoming activity
NAE is currently awaiting results from the passive seismic and soil sampling programs.
The company also plans to acquire higher-resolution airborne magnetic geophysics data, which can be used in 3D inversion modelling, enabling superior interpretation of the underlying geology.
Drill testing is expected to begin in the coming weeks or months with a Programme of Work (PoW) for aircore drilling in an advanced stage of approvals and a follow-up PoW for RC drilling recently completed.
Additionally, the company is confident that cultural heritage surveys will be completed by the end of June.
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.
