New Age Exploration gearing up for six-month exploration campaign at Wagyu, located near De Grey Mining’s game changing 10.5Moz Hemi gold deposit
Heritage survey to be followed by aircore drill program across the project this month
Work to refine targets for RC drilling starting in October/November
Special Report: New Age Exploration is poised to embark on an active six-month exploration campaign at its Wagyu gold project in WA’s Pilbara region with a maiden aircore drill program leading the way.
Sitting in the same gold-rich region as De Grey Mining’s (ASX:DEG) district defining Hemi gold deposit, which now has a very tasty resource of 10.5Moz of gold, the Wagyu project is believed to host the same type of intrusive-hosted gold that made Hemi a runaway success.
The project sits halfway between Hemi and De Grey’s 600,000oz Withnell deposit, which is being eyed as the potential site of a second regional concentrator alongside the main Hemi plant.
Prior to acquiring the project in April, New Age Exploration’s (ASX:NAE) detailed review of the Central Pilbara’s geophysics to find Hemi-style targets identified Wagyu as a location of ‘significant interest’.
That DEG is already starting to lock in debt funding to the tune of over $1 billion for the development of Hemi will further derisk Wagyu by proving the commerciality of Hemi-style deposits and increasing the infrastructure available in the area.
Targets identified from 200x200m spaced ground gravity geophysics survey, then followed up with 50x50m spaced survey in target areas. Pic: New Age Exploration
Extensive exploration poised to start
Newly acquired higher-resolution airborne magnetic survey data over Wagyu has allowed for more accurate geological and structural interpretation of the project area resulting in the identity of a new Hemi-style intrusive gold target and downgrading some previous targets.
Additionally, new inversion models have been developed for two high priority gold targets, with results of a passive seismic survey indicating depth to bedrock that is shallow enough for testing with aircore holes.
The company plans to start a cultural heritage survey in mid-July before starting the aircore drill program later in the month.
Aircore holes will test intrusives and structural targets across Wagyu.
Data from this program will be combined with all other data to identify the most prospective targets for reverse circulation drilling, which is planned to begin in October or November this year.
“The recently acquired airborne magnetic data has made a significant contribution in the definition of high priority targets at Wagyu inclusive of signatures indicative of intrusive bodies,” executive director Joshua Wellisch said.
“This continues to reinforce the high prospectivity of the project.
“With approvals for drilling now in place, and a cultural heritage survey start date confirmed, we are all very excited about drilling these exceptional ‘Hemi-style’ targets along strike from the ~10.5Moz Hemi gold deposit.”
This article was developed in collaboration with New Age Exploration, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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