New Age Exploration has completed the acquisition of an exploration project just 9km west of De Grey’s iconic 10.5Moz Hemi deposit
It looms as a potential locale for the next major gold discovery in the Central Pilbara
Geophysics and geochem work will take place to prepare the Wagyu tenement for drilling
Special Report: Speaking of prime cuts, New Age Exploration has completed a deal to acquire the ‘Hemi-style’ Wagyu gold project just 9km from the famed 10.5Moz gold deposit.
New Age Exploration (ASX:NAE) has put its hat well and truly in the ring in the race to find the next Hemi – the intrusive-hosted gold deposit which turned De Grey Mining (ASX:DEG) from a small cap into one of the ASX’s biggest gold stocks.
The mine planned at Hemi will be among the five largest in Australia once it’s developed, highlighting the size of the prize for the next crop of Pilbara gold hunters.
Wagyu sits on an exploration tenement halfway between Hemi and the 600,000oz Withnell deposit, which could factor into a second plant De Grey is studying alongside its Hemi project at the 12Moz-plus Mallina.
New Age says it picked up the juicy prospect after conducting a detailed review of the Central Pilbara’s geophysics in the hunt for Hemi-style targets, pinpointing Wagyu as a location of ‘significant interest’.
Targets will be further refined using geophysical and geochemical exploration to set the stage for a proposed drill programme.
Wagyu is located just 9km from the vaunted Hemi discovery. Pic: NAE
“We are very pleased to confirm the successful acquisition of the Wagyu Gold Project, a venture that presents an exceptional opportunity for gold exploration, situated directly along strike from the Hemi Gold Deposit – the largest gold find in the Pilbara region to date,” NAE executive director Joshua Wellisch said.
“This acquisition significantly enhances our Pilbara footprint and aligns with our strategy of securing the most promising exploration tenure in the Central Pilbara. The endeavour to secure the Project has been underway for quite some time, and we are all extremely excited to commence the exploration.”
NAE announced the ‘transformative’ acquisition of Wagyu, picking up the right to explore for all minerals except sand, mineral sands, silica, gravel and garnet located on part of the exploration licence covered by mining lease M47/1594.
The acquisition came after a review that highlighted the potential for Hemi-style intrusives at Wagyu. Pic: NAE
Meanwhile, NAE says results from the comparative analysis of assays at its Quartz Hill project are expected in April, after the company completed a 21-hole RC drill programme and a soil sampling program in the December quarter, targeting zones identified under soil samples with lithium and related element anomalism.
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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