New Age Exploration (ASX) is set to embark on an ambitious six-month exploration initiative at its Wagyu gold project located in Western Australia’s Pilbara region, marking a significant step towards unlocking the area’s mineral potential. The maiden aircore drill program spearheads this comprehensive effort.
Situated in proximity to De Grey Mining’s (ASX) renowned Hemi gold deposit, which boasts a substantial resource of 10.5 million ounces, Wagyu is believed to harbor similar intrusive-hosted gold formations that underpinned Hemi’s remarkable success.
Wagyu occupies a strategic position between the Hemi deposit and De Grey’s Withnell deposit, which holds approximately 600,000 ounces of gold and is being considered for a secondary regional processing facility alongside Hemi’s main plant.
New Age Exploration identified Wagyu as a site of substantial interest following an exhaustive review of Central Pilbara’s geophysical data, focusing on targets akin to those found at Hemi. This strategic positioning is bolstered by De Grey Mining’s progress in securing over $1 billion in debt funding for Hemi’s development, which not only validates the commercial viability of Hemi-style deposits but also enhances regional infrastructure.
The upcoming exploration phase is poised to commence with newly acquired high-resolution airborne magnetic survey data enhancing geological and structural assessments of the Wagyu project area. This has led to the identification of a new intrusive gold target reminiscent of those at Hemi, while refining previous target areas.
Furthermore, advanced inversion models have pinpointed two priority gold targets, with passive seismic surveys indicating shallow depths suitable for initial aircore drilling. A cultural heritage survey is scheduled for mid-July, paving the way for the aircore drilling campaign later in the month.
The aircore drilling program aims to test various intrusive and structural targets across Wagyu. Data collected will be integrated with existing information to prioritize targets for subsequent reverse circulation drilling, scheduled to commence between October and November this year.
Commenting on these developments, Joshua Wellisch, Executive Director of New Age Exploration, highlighted the significance of the newly acquired magnetic data in defining high-priority targets at Wagyu. He emphasized, “This reinforces the project’s high prospectivity. With all necessary approvals secured and cultural heritage surveys on track, we eagerly anticipate drilling these promising ‘Hemi-style’ targets, strategically positioned along strike from the Hemi gold deposit.”
New Age Exploration’s proactive approach underscores its commitment to unlocking Wagyu’s potential as a significant player in Pilbara’s evolving gold landscape.
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