New Age Exploration Limited (ASX: NAE) Confirms Gold Potential at Wagyu Project
Significant Drill Results
New Age Exploration Limited (ASX: NAE) has announced promising assay results from its Phase 2 air core drilling at the Wagyu Gold Project. The findings indicate strong potential for a significant gold discovery, similar to the De Grey Mining’s Hemi Gold deposit, which holds approximately 11.2 million ounces of gold. The company reported multiple significant gold intercepts, including 4m at 2.53g/t and several intervals at 1g/t or higher.
Drilling Highlights
The Phase 2 drilling campaign saw NAE complete 101 air core drill holes over 4,370 metres, with assay results showing gold mineralisation across multiple targets. Notable intercepts include 4m at 2.5g/t from hole 24WA225 and new significant intercepts from the Phase 1 resampling. The assay results confirmed gold presence on all targeted geophysical gravity sites drilled.
Operational Developments
NAE has recently raised $1.75 million to support an upcoming Reverse Circulation (RC) drilling programme aimed at further exploring high-priority gold targets at Wagyu. Cultural heritage surveys are also planned to expand available exploration areas for optimal mining opportunities.
Executive Comments
Joshua Wellisch, Executive Director of New Age Exploration, expressed enthusiasm about the results, stating, “Wagyu is shaping up to be a great asset for NAE, with each advancement offering clearer locations of gold mineralisation.” He highlighted the potential of Target 1 and the newly defined Target 10 and the company’s focused exploration strategy to unlock further value for shareholders.
Future Outlook
The company is preparing for the next stage of exploration at Wagyu. This includes additional heritage surveys and the planned Reverse Circulation drilling to confirm and assess the extent of the identified gold mineralisation at depth. NAE continues to refine its exploration model, aiming for significant discoveries in the Central Pilbara region.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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