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Highlights
- New Age Exploration is drilling at its Wagyu landholding near De Grey Mining’s Mallina gold project.
- Initial drilling results revealed 21 gold mineralized intercepts across 18 drillholes.
- Phase 2 drilling aims to explore additional targets and build on encouraging initial findings.
The Wagyu landholding, strategically located between the two limbs of De Grey Mining’s (ASX:DEG) significant Mallina gold project, is drawing attention in the mining sector. This project includes the promising Hemi deposit, projected to become one of Australia’s top five gold mines, valued at approximately $3.3 billion.
Strategic Development and Drilling Results
After lengthy negotiations with international concrete materials producer Holcim, New Age Exploration (ASX:NAE) secured exploration rights at Wagyu. The company is now utilizing drilling operations to unlock the unexplored potential of this promising land.
The initial drilling program has delivered impressive results, with 21 gold mineralized intercepts identified over a total of 127 meters across 18 drillholes. The comprehensive aircore drilling program spanned 7,640 meters and involved a total of 156 drillholes. Significant gold intercepts include:
- 3 meters at 2.2 grams per tonne (g/t) from 24 meters downhole
- 1 meter at 1.5 g/t from 39 meters downhole
- 1 meter at 1.3 g/t from 52 meters downhole
- 4 meters at 0.9 g/t from 12 meters downhole
The mineralization appears to be widespread, particularly on the eastern side of the project, with gold detected at all four gravity geophysics-generated targets that underwent drilling tests. Additionally, silver has been discovered, with ten mineralized intercepts confirmed.
Positive Outlook for Future Exploration
Joshua Wellisch, Executive Director of New Age Exploration, expressed excitement regarding the gold results from the inaugural exploration drilling at Wagyu. He noted, “Achieving gold intercepts, including 3 meters at over 2 grams per tonne within six months of acquiring the project, is a great outcome.”
This initial exploration phase targeted four high-priority gold locations, including potential 'Hemi-style' intrusive systems, and the discovery of gold mineralization at each site has bolstered confidence in the exploration strategy. As Phase 2 air core drilling progresses, NAE is optimistic about uncovering further gold deposits.
Wellisch highlighted that five drillholes from Phase 1 concluded in mineralization, suggesting that this may be just the beginning. The company anticipates promising results in the upcoming weeks as it continues its quest for gold at Wagyu.
The results from single-meter resamples of Phase 1 drilling are eagerly awaited, with Phase 2 drilling set to explore additional gold targets across the project. New Age Exploration is committed to advancing its efforts to maximize the potential of the Wagyu landholding.
