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New Age Exploration (ASX: NAE) (NAE or the Company) is pleased to provide an update on its ongoing exploration activities at the Wagyu Gold Project in the Central Pilbara, WA, as well as a key leadership appointment that will enhance the Company’s technical expertise.
HIGHLIGHTS
- Drilling at the Wagyu Gold Project continues to plan, with the first six Reverse Circulation (RC) holes completed at Target 6. The drill rig will now move to Target 10 to test further mineralisation.
- NAE has successfully completed a placement for $360k, on the same terms as the previous capital raise, further strengthening the funding of the Wagyu drill program
- Peter Thompson has been appointed as Chief Geologist, taking on a strategic leadership role in directing the Company’s exploration activities during this critical phase
Drilling Update
The RC drill program at Wagyu is progressing on schedule, with the first six planned holes completed at Target 6. The RC rig has performed well, reaching target depth in all holes to date. The drill rig is now being mobilised to Target 10, another high-priority area where NAE aims to confirm further gold mineralisation extensions. These drilling efforts are a continuation of NAE’s systematic exploration strategy following promising results from previous Air Core (AC) drilling.
Share Placement
The Company is pleased to announce it has raised $360K through a placement on the same terms as the previous capital raise. This funding will underpin the continued expansion of drilling activities at Wagyu and support additional exploration work aimed at unlocking the project’s full potential.
NAE Executive Director Joshua Wellisch commented:
"We are pleased with the steady progress of our Wagyu drill program, which we are looking to continue delivering encouraging results. The strong support from investors in our latest placement reinforces confidence in the project's potential and allows us to accelerate our exploration efforts further. With drilling advancing at Target 10, we remain committed to systematically testing our highest-priority targets."
Figure 1: Location Map showing NAE’s Wagyu Gold Project (E47/2974) in the Gold Mineralisation Corridor shared with De Grey’s significant gold Mineral Resources, including Hemi, Mt Berghaus and Calvert.
The Hemi Gold Mineral Resource was last updated by De Grey Mining on 14 November 20241. The estimate is for 264Mt @ 1.3g/t Au for 11.2Moz, which can be broken down into 13Mt @ 1.4g/t for 0.6Moz, 149Mt @ 1.3g/t Au Indicated for 6.3 Moz, and 103Mt @ 1.3g/t Au for 4.3 Moz Inferred. 14 November 2024 – ASX:DEG Hemi Gold Project Mineral Resource Estimate (MRE) 2024
NAE confirms that it is not aware of any new information or data that materially affects the information included in De Grey’s reported Mineral Resources referenced in this market announcement. To NAE’s full knowledge, all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.
Figure 2: Drill rig at Wagyu Gold Project, Pilbara, WA (March 2025)
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This article includes content from New Age Exploration Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
