Wagyu Drilling Yields Multiple Gold Intercepts Up to 2.5 g/t, $1.75M Raised
New Age Exploration Limited (ASX: NAE) reports encouraging gold intercepts from its Wagyu Gold Project in the Pilbara, Western Australia, alongside a $1.75 million capital raise to fund further exploration. The latest drilling phases reveal a significant 'sickle-shaped' mineralised zone, reinforcing the project's potential.
- Multiple significant gold intercepts confirmed in Phase 1 and Phase 2 Air Core drilling at Wagyu
- Discovery of a 'sickle-shaped' gold mineralisation zone extending over 800 metres
- Newly identified Gravity Target 10 shows strong gold potential near De Grey Mining's Hemi deposit
- $1.75 million raised via share placement to advance exploration activities
- Upcoming Reverse Circulation drilling planned for March 2025 to test mineralisation at depth
Exploration Progress at Wagyu Gold Project
New Age Exploration Limited (ASX: NAE) has delivered a robust December 2024 quarterly report, highlighting significant progress at its Wagyu Gold Project in the Central Pilbara region of Western Australia. The company has successfully completed two phases of Air Core drilling, with assay results confirming multiple gold mineralised intercepts that underscore the project's promising potential.
Phase 1 drilling, initiated in July 2024, yielded encouraging results including intercepts such as 2 metres at 1.55 g/t gold and 1 metre at 2.21 g/t gold. Subsequent resampling of composite samples to single-metre intervals further validated these findings, revealing additional mineralised zones. Phase 2 drilling expanded on these successes, notably intercepting 4 metres at 2.53 g/t gold, reinforcing the prospectivity of the area.
A 'Sickle-Shaped' Zone and New Targets
The drilling results have delineated a distinctive 'sickle-shaped' zone of gold mineralisation extending over 800 metres from Gravity Target 1 to the newly defined Gravity Target 10. This arc-shaped mineralised corridor is particularly significant given its proximity to De Grey Mining's Hemi Gold deposit, which boasts an 11.2 million ounce resource. The geological and geophysical data suggest that Wagyu may host a similar intrusive-related gold system, with mineralisation closely associated with intermediate igneous intrusive rocks such as diorite.
Gravity geophysics has been instrumental in guiding exploration, with all five high-priority gravity targets on the eastern side of the project confirming gold mineralisation. The identification and testing of Gravity Target 10 represent a potential game changer, with multiple drillholes intercepting significant gold grades, including composite samples exceeding 1 g/t over four metres.
Strategic Capital Raising and Future Plans
To support its accelerated exploration program, New Age Exploration successfully raised $1.75 million through a share placement in October 2024. These funds are earmarked for advancing the Wagyu Gold Project and the Lammerlaw Gold and Antimony Project in New Zealand, where drilling is scheduled to commence in the first quarter of 2025.
Looking ahead, the company plans a Reverse Circulation (RC) drilling campaign in March 2025 aimed at testing the depth and continuity of the gold mineralisation identified in the Air Core programs. This next phase will be critical to confirming the scale and grade of the mineralised system and refining the exploration model.
Broader Exploration Context
Beyond Wagyu, New Age Exploration is advancing its Lammerlaw project in New Zealand, targeting gold and critical minerals such as antimony and tungsten. The project benefits from historical mining data and geochemical anomalies that align with Macraes-style mineralisation, positioning it well to meet rising demand for critical minerals.
Despite a cash position of A$545,000 at the end of December 2024, the company remains confident in its funding strategy, balancing existing resources with potential future capital raises to sustain its exploration momentum.
Bottom Line?
With a compelling gold corridor emerging at Wagyu and fresh capital secured, New Age Exploration is poised for a pivotal 2025 drilling season that could redefine its asset base.
Questions in the middle?
- Will the upcoming RC drilling confirm the depth and continuity of the gold mineralisation at Wagyu?
- How might the proximity to De Grey Mining's Hemi deposit influence New Age Exploration's resource potential and valuation?
- What are the implications of the Lammerlaw project's critical minerals focus for New Age Exploration's strategic growth?
