New Age Exploration (ASX: NAE) Provides Promising Update on Wagyu Gold Project
New Age Exploration Limited (ASX: NAE) has released its latest update on the successful completion of Phase 2 Air Core drilling at its Wagyu Gold Project, located in the highly prospective Central Pilbara region of Western Australia. This phase of drilling has significantly expanded the previously identified gold-bearing intermediate intrusive rocks, boosting confidence in the project's potential to yield significant gold deposits.
Phase 2 Drilling Confirms and Expands Gold Mineralisation
The Phase 2 drilling program at the Wagyu Gold Project covered 4,370 meters of Air Core drilling, building upon the findings from Phase 1. Geological data from Phase 2 confirmed the extension of intermediate intrusive rocks, which are closely associated with the gold mineralisation seen in earlier drilling. This geological relationship is similar to what was observed at De Grey Mining’s nearby Hemi Gold Deposit, enhancing the project's exploration potential.
Moreover, multiple drill holes intercepted gold mineralisation, providing further evidence of the project's viability as a significant gold discovery. Total Air Core drilling now amounts to 12,010 meters across the project, with notable gold intercepts from Phase 1 including 3 meters at 2.2 g/t gold from 24 meters, and additional findings from Phase 2.
Comments from NAE's Executive Director on Wagyu's Potential
NAE Executive Director Joshua Wellisch expressed his optimism about the Phase 2 drilling results, noting that the consistent geological observations between both drilling phases reinforce the project's potential. “We are particularly encouraged by the continuation of gold mineralisation within the intermediate intrusive rocks. The geological consistency seen between Phase 1 and Phase 2 further enhances our confidence that the Wagyu Gold Project could become a significant discovery in the Pilbara region," said Wellisch.
He also highlighted that several drill holes ended in gold mineralisation, indicating strong potential for further discoveries, and pointed out the strategic location of the project within 9 kilometers of De Grey Mining’s 10.5Moz Hemi Gold Deposit.
Wagyu Gold Project’s Strategic Location and Next Steps
Located in the Central Pilbara, WA, the Wagyu Gold Project is situated within a gold mineralisation corridor that has attracted significant attention from the mining community. The Phase 2 drilling sought to expand on the gold zones identified in Phase 1, focusing on high-priority targets on the eastern side of the project. This proximity to major gold resources, including De Grey Mining’s Hemi Gold Deposit, further underscores the project's potential.
NAE is eagerly awaiting the assay results from Phase 2, which are expected by mid-November. These results will guide the company’s plans for further exploration, including Reverse Circulation (RC) drilling to test high-priority targets at depth and along strike of the identified gold mineralisation.
Advancing Towards Major Gold Discoveries
The Wagyu Gold Project is shaping up as a potential significant gold discovery for NAE. With the completion of Phase 2 drilling and the anticipated assay results, the company is well-positioned to advance towards more targeted and deeper exploration activities, including RC drilling. NAE’s strategic exploration efforts remain focused on unlocking the full value of the Wagyu Project, aiming to capitalize on the opportunities presented by the fast-emerging gold corridor in the Central Pilbara.
NAE remains committed to advancing exploration at Wagyu and delivering shareholder value through its systematic and targeted exploration activities. Further updates are expected as the company moves forward with its exploration initiatives.
