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Key Points
- New Age Exploration has completed Phase 2 drilling at the Wagyu Gold Project, expanding known locations of sulphide-rich intermediate intrusive rocks, which aligns with previous gold strikes.
- A total of 4,370 metres of Air Core drilling was conducted, bringing the total to 12,010 metres across 257 holes, with all samples dispatched for assay.
- The Company anticipates receiving assay results by mid-November 2024, which will inform follow-up Reverse Circulation (RC) drilling to further explore gold mineralization at depth.
New Age Exploration (ASX:NAE) has announced the successful completion of Phase 2 drilling at its Wagyu Gold Project, situated in the highly prospective Central Pilbara region of Western Australia. This area is strategically located adjacent to De Grey Mining's Hemi Gold Deposit, which is known for containing approximately 10.5 million ounces of gold. The recent drilling efforts have expanded the known locations of sulphide-rich intermediate intrusive rocks, a promising development that aligns with the positive gold strikes observed during Phase 1 drilling.
The Wagyu Gold Project lies within a rapidly emerging gold mineralized corridor, spanning approximately 9 kilometres along the same mineralized trend as De Grey Mining's Hemi Gold Deposit. Phase 2 drilling involved 101 drill holes, totaling 4,370 metres of Air Core drilling, following the methodology established in Phase 1. This phase was designed to build upon the gold mineralized zones identified earlier and explore additional high-priority targets on the eastern side of the project.
To date, the total Air Core drilling at Wagyu has reached 257 holes and 12,010 metres, encompassing follow-up drilling on promising geological zones discovered in Phase 1. During that phase, intermediate intrusive rocks with sulphide enrichment were identified, yielding assays indicative of gold mineralization. Preliminary field logs and observations from Phase 2 drilling have confirmed the extension of this intermediate intrusive geology with sulphide enrichment, which has heightened optimism about expanding the number of gold mineralized intercepts.
Following the completion of Phase 2 drilling, all drill samples have been dispatched for assay, and the Company expects to receive the results by mid-November 2024. These forthcoming results will provide crucial insights into the project's geology and the spatial distribution of gold anomalism. Armed with this information, New Age Exploration plans to initiate a follow-up high-priority Reverse Circulation (RC) drilling program targeting key areas on the eastern side of the Wagyu project. This RC drilling will aim to confirm the depth and strike extent of the gold mineralization identified through Air Core drilling.
New Age Exploration is dedicated to advancing its exploration initiatives and unlocking value for its shareholders through systematic and strategic efforts. As the Company awaits assay results and further interpretations from both Phase 2 drilling and the re-assaying of Phase 1 mineralized zones, it remains focused on providing updates and insights to stakeholders in the near future.
