New Age Exploration acquires Wagyu gold project
Project strategically located on strike between De Grey Mining’s prolific Pilbara gold assets
Geophysical and geochemical exploration to begin immediately
Special Report: New Age Exploration has moved to acquire the Wagyu gold project in what could be transformational for the Pilbara-focused exploration outfit given its new asset is located along strike and midway between De Grey’s landmark Hemi and Withnell deposits.
Wagyu is central to New Age Exploration’s (ASX:NAE) other Pilbara lithium and gold projects and nestled between De Grey Mining’s (ASX:DEG) monster 10.5Moz Hemi and 600koz Withnell gold deposits.
Transformational acquisition
NAE has entered into a mineral rights and sale agreement for the E47/2974 exploration license – now named the Wagyu project – from a global building materials supplier for two $5,000 payments pertaining to the mineral rights and exploration license.
The company has previously conducted a detailed review of the Central Pilbara’s regional geophysics to assess for ‘Hemi-style’ targets, identifying the Wagyu gold project area as a location of significant interest.
The Wagyu gold project location, right in the middle of De Grey Mining’s tenements in the Pilbara. Pic: Supplied (NAE)
NAE executive director Joshua Wellisch says the company is thrilled to acquire Wagyu, which represents a highly prospective opportunity along strike from the Hemi, the Pilbara’s largest-ever gold discovery.
“The project significantly enhances our Pilbara footprint and aligns with our strategy of securing the most promising exploration tenure in the Central Pilbara,” Wellisch says.
“The possibility of the project’s acquisition has been in the making for several years, and we are all extremely excited to commence the exploration.
“The deal metrics for Wagyu are compelling, especially considering the cutthroat competition for assets in the Pilbara region.”
Next steps
NAE says work will start immediately to refine targets using further geophysical and geochemical exploration techniques in the lead-up to a proposed drill program.
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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