New Age Exploration Unveils Promising Gold Intercepts at Wagyu Gold Project
NEW AGE EXPLORATION LIMITED (NAE) Share Update September 2024 Monday 30th
New Age Exploration Discovers Significant Gold Mineralization at Wagyu Project
New Age Exploration Limited (ASX: NAE) has announced significant gold mineralization results from its maiden air core drill program at the Wagyu Gold Project in the Pilbara region of Western Australia.
Instant Summary:
- Multiple gold intercepts from maiden air core drill program.
- Significant intercepts include 3m @ 2.2 g/t gold, 1m @ 1.5 g/t gold, and 1m @ 1.3 g/t gold.
- 21 gold mineralized intercepts over 127 meters across 18 drill holes.
- Gold mineralization confirmed at all four gravity geophysics targets.
- Silver also detected with 10 mineralized intercepts confirmed.
- Phase 2 drilling underway to follow up on prospective areas.
Drill Program Overview
New Age Exploration (NAE) has received assay results from its maiden air core drill program at the Wagyu Gold Project. The program, which covered 7,640 meters over 156 drill holes, revealed multiple intercepts of gold mineralization.
Significant gold intercepts include 3 meters at 2.2 grams per tonne (g/t) from 24 meters down hole, 1 meter at 1.5 g/t from 39 meters down hole, and 1 meter at 1.3 g/t from 52 meters down hole. Additionally, a 4-meter intercept at 0.9 g/t gold was found from 12 meters down hole.
Geophysical Targets
Drilling has confirmed gold mineralization at all four gravity geophysics targets tested. Three of these targets are identified as prospective intrusive systems, while the fourth target showed gold presence despite no intrusive rocks being logged.
In total, 21 gold mineralized intercepts were found over 127 meters across 18 drill holes. Silver was also detected, with 10 mineralized intercepts confirmed.
Phase 2 Drilling
NAE has already commenced Phase 2 drilling to follow up on the promising results from Phase 1. The drill rig has been relocated to prospective areas identified in the initial phase.
The Wagyu Gold Project is situated in the Central Pilbara gold region, adjacent to De Grey Mining's (ASX: DEG) Hemi Gold deposit, which contains approximately 10.5 million ounces of gold.
The discovery of significant gold mineralization at the Wagyu Gold Project is likely to positively impact NAE's stock price. The confirmation of gold at all four geophysical targets enhances the project's potential, attracting investor interest. The ongoing Phase 2 drilling could further boost confidence if additional positive results are reported.
Investor Reaction:
Analysts are likely to react positively to the discovery of significant gold intercepts. The proximity to De Grey Mining's Hemi Gold deposit adds credibility to the project's potential. However, investors will be keenly watching the results of Phase 2 drilling to gauge the project's long-term viability.
Conclusion:
Investors should keep an eye on the results from Phase 2 drilling at the Wagyu Gold Project. The significant gold intercepts reported in Phase 1 are promising, and further positive results could enhance the project's value. NAE's strategic approach to exploration and development will be crucial in maintaining investor confidence.