Shallow, Hemi-style targets drove this Pilbara gold explorer’s share price higher today
A series of ‘Hemi-style’ intrusive gold targets identified in the Pilbara recently will soon be tested, with explorer New Age Exploration sending an aircore rig to site.
The targets were identified via detailed aeromagnetic data spanning the northern package of New Age Exploration’s (ASX:NAE) Pilbara gold projects currently under option with Monterey Minerals.
The tenure to be tested is adjacent to Hemi, the De Grey Mining (ASX:DEG) company-maker which hosts the +2.2 million ounce Mallina gold resources as well as the market-famous Hemi deposits.
It’s a hell of a neighbour to have, and NAE’s agreement with Canadian-listed Monterey gives it the right to secure 100% ownership of the project.
Drilling will consist of up to 40 holes for a total of around 2800m. In the ground, NAE has identified several discrete, circular magnetic anomalies with characteristics similar to the Hemi magnetic signature – these will be the focus of the campaign.
Profile modelling completed over several discrete intrusion style anomalies suggests the magnetic bodies range in depth from 10m to 150m, mostly occurring above 75m, with some larger anomalies showing depths of 350m.
Survey results also delineated major structures within the project’s granite bodies which NAE said could have some prospectivity for gold mineralisation.
NAE executive director Joshua Wellisch praised his team’s performance and said the company had hit the ground running with its exploration campaign and was keen to progress its work in the region.
“We continue to progress the balance of our portfolio to ensure a pipeline of exploration opportunity for our shareholders and we remain presently excited by the opportunity of initial results of drilling in the north of the Pilbara and aeromagnetics to the south,” he said.
An aeromagnetics campaign assessing the 100%-owned Quartz Hill and Bullock Well gold projects was also recently completed by NAE, with results pending.
Quartz Hill and Bullock Well are also proximate to Hemi, sitting to the south and southwest respectively.
Hemi has continued to grow and grow for De Grey, and a maiden mineral resource for the discovery is expected around the middle of this year.
A number of other companies have gold interests in the region, including but not limited to Kairos Minerals (ASX: KAI), Caldius Resources (ASX:CAI), Coziron Resources (ASX:CZR) and Golden State Mining (ASX:GSM).
The market’s appetite for Pilbara gold and appreciation for Hemi potential does not seem to be abating – NAE shares were up more than 10% following the announcement this morning.