HIGHLIGHTS
· New Age Exploration (NAE) has received assay results showing multiple intercepts of gold mineralisation from its Maiden Air Core Drill Program at Wagyu Gold Project
· Significant intercepts include:
o 3m @ 2.2 g/t gold from 24m down hole
o 1m @ 1.5 g/t gold from 39m down hole
o 1m @ 1.3 g/t gold from 52m down hole
o 4m @ 0.9 g/t gold from 12m down hole
· Drilling has returned 21 gold mineralised intercepts for 127 metres across 18 drillholes, from this first pass Air Core program of 7,640 metres over 156 drillholes
· Mineralisation is spread across several areas on the east side of the project, with gold shows at all 4 gravity geophysics generated targets that have been drill-tested
· Drilling confirmed 3 of these 4 gold targets to be the desired and prospective intrusive systems; gold was even located at the 4th target area despite no intrusive rocks logged
· Silver has also been detected, with 10 mineralised intercepts confirmed
· Phase 2 drilling is underway, and the drill rig has been immediately relocated to follow up prospective areas from Phase 1
· The Wagyu Project is located in the well-endowed gold region of the Central Pilbara, adjoining De Grey Mining’s (ASX:DEG) tenure containing its ~10.5Moz1 Hemi Gold deposit
New Age Exploration (ASX: NAE) (NAE or the Company) is pleased to announce several significant intercepts of gold from its Maiden drill and sample program at the Wagyu Gold Project, located in the Pilbara region of Western Australia.
NAE Executive Director Joshua Wellisch commented:
“We are delighted with these gold results from our first-ever exploration drilling at the recently acquired Wagyu Gold Project. To achieve gold intercepts including 3 metres at 2+ grams per tonne within 6 months of acquiring the project is a great outcome.
This opening phase of exploration at Wagyu examined our four high-priority gold targets, including ‘Hemi-Style' intrusive systems, and we are so pleased to find gold mineralisation at all four locations tested.
Such achievements could only be made through a collaborative effort of the technical team, our stakeholders and contractors.
We gain confidence in our exploration approach from these results and our search for more gold at Wagyu continues with Phase 2 Air Core drilling underway.
I understand that five drillholes from Phase 1 ended in mineralisation, so this could be the tip of the iceberg, and we are optimistic for further good news in the coming weeks.”
1 8 May 2024 - DEG Underwritten A$600m Equity Raising
Figure 1: Air Core rig completing an exploration hole on Phase 1 at NAE’s Wagyu Gold Project
Figure 2: Cross section with significant intercept of 3 metres at 2.2 g/t gold from 24 metres depth in air core drill hole 24WA151 from Phase 1. This drillhole ended in mineralisation. Further details on this section are within the body of the announcement.
|
Table 1: Significant Gold Intercepts from Phase 1 Air Core Drilling at the Wagyu Project |
||||||
|
Hole ID |
From |
To |
Interval |
Au g/t |
Ag (ppm) |
As (ppm) |
|
24WA053 |
12 |
16 |
4* |
0.93 |
0.2 |
456 |
|
24WA098 |
52 |
53 |
1^ |
1.31 |
0.1 |
13 |
|
24WA107 |
39 |
40 |
1 |
1.54 |
2.1 |
119 |
|
24WA151 |
24 |
27 |
3#^ |
2.19 |
0.1 |
3,894 |
Mineralised Intercepts for gold are >1g/t or >0.8g/t for 4m lengths or greater when in composite samples.
^End of Hole sample is mineralised. Mineralisation remains open and untested below the drill hole.
*4-metre intercept for 24WA053 is a composite sample analysed with aqua regia, MS finish.
#3-metre intercept for 24WA151 consists of a 2-metre composite sample (aqua regia) and a single metre sample (Fire Assay and 4-Acid digest). Complete rules of intercepts are outlined in the appendices.
The complete suite of elements, detection limits and confidence of analysis for all methods is shown in the appendices.
The Wagyu Gold Project, located in the well-endowed Central Pilbara gold region, represents a highly prospective Gold opportunity ~9km along strike from De Grey Mining’s (ASX:DEG) Hemi Gold Deposit containing ~10.5Moz1 (refer Figures 3 and 16).
Since completing the acquisition of the Wagyu Project in March 2024, New Age Exploration has undertaken a relentless targeting campaign using multiple methods to determine the likely location of gold at Wagyu. The project exhibits many compelling qualities beyond its clearly desirable location within a now well-established gold mineralised corridor in Western Australia’s Pilbara region.
Figure 3: 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, Withnell and Calvert.
RESULTS OF MAIDEN AIR CORE DRILL AND SAMPLE PROGRAM AT WAGYU
The Phase 1 four-week exploration program, completed in early September, involved drilling and sampling 156 Air Core drill holes for a total of 7,460 metres. Analyses of more than 2,200 samples have shown that drilling has hit multiple intercepts of gold mineralisation.
Four significant intercepts, including 3 metres at 2.2 g/t gold, headline the finding. However, there are also many positives to be taken from the spread of gold mineralisation at multiple locations across the project. In particular, the Company is very satisfied that the results support the geophysics-driven targeting methodology undertaken and the geological interpretation of the drill samples when logged in the field.
Phase 1 exploration focused on four gold targets located on the eastern side of the Wagyu project. The targets were identified from a ground gravity geophysics survey NAE commissioned in April 2024 (See ASX Announcement 4 June 2024). The gravity-high targets were interpreted to be intrusive rock that could be related to mineralised intermediate intrusive rocks such as those at the nearby Hemi Mineral Resource1.
Figure 4: Satellite photo with drill collars from Phase 1. Most drillholes with gold mineralisation (>0.1ppm) are labelled, although not all labelled drillholes are mineralised. Collars are coloured by preliminary interpretation of end of hole geology.
The location of the drill hole collars from Phase 1 is shown on Figure 4 over a satellite image, with collars coloured to represent the interpreted end of hole (EOH) lithology. The same drillhole collar locations (with EOH lithology) are repeated on Figure 5 with the four targets tested by the Phase 1 drill program easily identifiable in the residual gravity geophysics imagery.
Significant intercepts from the drill program include 4 metres @ 0.9 g/t gold from 12 metres down drillhole 24WA053. This drillhole is at the southern edge of the NAE developed Gravity Target 1. The lithology of the drill samples in the mineralised zone is a weathered rock interpreted to be a mafic intrusive, so its relationship to Hemi style intermediate intrusive rocks remains unclear.
Drilling 24WA141 to test Target 2 has shown a wide mineralised intercept of 25 metres at 0.13 g/t Au grade from 16m depth. This includes a four-metre zone of 0.3 g/t gold from 32 metres.
24 metres of the 25 mineralised metres reported in 24WA141 are from 4-m composites for which single metre original samples have now been collected and sent for assay. While drillholes into Target 2 have the lowest grades of the four gravity targets tested, the drill direction at an azimuth of 270o was not ideal and it is hoped further drill testing in Phase 2 may see a step increase in grades at this location.
Targets 3 & 4 are located on the western portion of the tenement remain untested by drilling. Drilling to date has focussed on the more prospective eastern side of the project, with only the final five holes of the Phase 1 campaign drilled on the west of the tenement to broaden the geological understanding and assist with planning future exploration.
Figure 5: Drill collars locations from Phase 1 shown over residual gravity geophysics. The intensity of drilling increases near the four gravity targets. Collars are coloured by preliminary interpretation of end of hole geology.
Drilling at Target 5 presented samples that looked less prospective when logged in the field, with all holes in this area returning samples of metasediments and seemingly unmineralised rocks typical of the Mallina Basin. Nevertheless, NAE are pleased to advise that a single metre intercept of 1.3 g/t gold was returned from the end of hole sample of drillhole 24WA098 at 52 metres.
Drill samples from Target 6 looked the most likely to host gold mineralisation, with samples from several holes exhibiting sulphide-rich diorites, an intermediate intrusive rock. Assay results show a significant intercept of 1 metre at 1.5 g/t gold in drillhole 24WA107. This significant intercept was from a diorite rich sample at 39 metres downhole depth and is located on Target 6.
Photos of hand specimens rock samples from 39 to 40 metres in drillhole 24WA107 are shown in Figure 6. The sample is of a fine to medium grained diorite, an intermediate intrusive rock, with siliceous alteration and sulphides.
Figure 6: Intermediate intrusive rock (diorite) with sulphides from drillhole 24WA107, 39-40 metres, Target 6. The interval reported grades of 1.55 g/t tonne gold, 2.3 g/t silver, and arsenic of 119 ppm.
In total more than 20 mineralised intercepts of gold have been encountered across 18 drillholes from the Phase 1 air core program. Silver has also been found with 10 mineralised intercepts of 1> g/t Ag detected.
It is a wonderful result for a maiden drill program on an exploration licence with no known previous mineral exploration drilling to have intercepted 120+ metres of gold mineralisation from 7,640 metres completed. The Company eagerly awaits the results from single metre resamples of Phase 1 and to see what further breakthroughs are made in Phase 2 drilling.
|
Table 2: Mineralised Intercepts for Silver from Phase 1 Air Core Drilling at Wagyu |
||||||||
|
|
Hole ID |
From |
To |
Interval |
Ag (ppm) |
As (ppm) |
Au g/t |
|
|
|
24WA019 |
52 |
53 |
1s^ |
1.98 |
50 |
0.004 |
|
|
|
24WA021 |
11 |
12 |
1s^ |
8.05 |
5 |
0.014 |
|
|
|
24WA025 |
10 |
11 |
1s^ |
1.54 |
14 |
0.005 |
|
|
|
24WA053 |
43 |
44 |
1s^ |
2.09 |
382 |
0.089 |
|
|
|
24WA059 |
8 |
12 |
4* |
1.90 |
8 |
0.022 |
|
|
|
24WA074 |
16 |
20 |
4* |
1.16 |
8 |
0.015 |
|
|
|
24WA094 |
8 |
12 |
4* |
2.40 |
7 |
0.007 |
|
|
|
24WA097 |
8 |
12 |
4* |
1.81 |
22 |
0.002 |
|
|
|
24WA104 |
8 |
12 |
4* |
1.05 |
4 |
0.002 |
|
|
|
24WA107 |
39 |
40 |
1s |
2.10 |
119 |
1.539 |
|
Mineralised Intercepts for silver are 1ppm or greater. Complete rules of intercepts are outlined in the appendices.
^End of Hole sample is mineralised. Mineralisation remains open and untested below drill hole.
s Single metre sample results only reported.
* Includes composite sample(s)
Assays may be a combination of Aqua Regia / MS and Lead Fire assay for gold, and Aqua Regia / MS and 4 Acid Digest/MS-OES for arsenic and silver.
The complete suite of elements, detection limits and confidence of analysis for all methods is shown in the appendices.
|
Table 3: Mineralised Intercepts for Gold from Phase 1 Air Core Drilling at Wagyu |
|||||
|
Hole ID |
From |
To |
Interval |
Au g/t |
As (ppm) |
|
24WA006 |
17 |
18 |
1 s ^ |
0.12 |
382 |
|
24WA022 |
12 |
16 |
4* |
0.15 |
56 |
|
24WA023 |
12 |
16 |
4* |
0.29 |
167 |
|
24WA023 |
23 |
24 |
1 s ^ |
0.16 |
708 |
|
24WA024 |
22 |
23 |
3* |
0.11 |
417 |
|
24WA029 |
20 |
28 |
8* |
0.29 |
88 |
|
24WA030 |
56 |
58 |
2* |
0.10 |
88 |
|
24WA040 |
24 |
28 |
4* |
0.28 |
33 |
|
24WA053 |
12 |
24 |
12*& |
0.36 |
243 |
|
24WA053 |
36 |
44 |
8*^ |
0.22 |
197 |
|
24WA054 |
32 |
35 |
3* |
0.48 |
484 |
|
24WA055 |
12 |
16 |
4* |
0.11 |
90 |
|
24WA098 |
52 |
53 |
1 s ^& |
1.31 |
13 |
|
24WA107 |
28 |
41 |
13*& |
0.33 |
112 |
|
24WA108 |
16 |
20 |
4* |
0.12 |
84 |
|
24WA108 |
36 |
38 |
2s |
0.13 |
95 |
|
24WA121 |
32 |
36 |
4* |
0.15 |
29 |
|
24WA138 |
20 |
28 |
8* |
0.12 |
23 |
|
24WA141 |
16 |
41 |
25* |
0.13 |
76 |
|
24WA150 |
12 |
17 |
5* |
0.21 |
312 |
|
24WA151 |
16 |
27 |
11*^& |
0.94 |
1,683 |
Mineralised Intercepts for gold are 0.1g/t or greater. Complete rules of intercepts are outlined in the appendices.
^End of Hole sample is mineralised. Mineralisation remains open and untested below drill hole.
* Includes composite sample(s)
& Mineralised Intercept includes Significant Intercept
s Single metre sample results only reported.
Assays may be a combination of Aqua Regia / MS and Lead Fire assay for gold, and Aqua Regia / MS and 4 Acid Digest/MS-OES for arsenic
The complete suite of elements, detection limits and confidence of analysis for all methods is shown in the appendices.
Figure 7: Air Core chip samples from mineralised interval 24WA151 (11 metres @ 0.9ppm Au from 16 metres including 3 metres @ 2.2 g/t Au from 24 metres. Quartz has been seen in every mineralised metre and the drillhole has ended in mineralisation.
Figures 8 & 9: Phase 1 drill collar locations on the east side of the project coloured by Max Au grades over residual gravity geophysics. Figure 8 on the left shows all 151 drillholes on the East side, while Figure 9 on the right is zoomed in to Target 1. The 4 significant intercepts for gold are labelled with gold boxes. Section line locations with facing directions are shown.
Figure 10 Section 1 with drillholes south of Target 1. Interpreted geology logged at the drill rig are shown left of the drill trace. Gold mineralisation above 0.05 g/t is shown right of the drill trace. This section is an expansion of Figure 2.
Figure 11 Section 2 with drillholes at Target 1. Preliminary logging suggests mineralisation could be in a mafic intrusive rock.
Minimum grade shown here is 0.05 g/t Au, whereas 0.1g/t Au is applied for tabled Mineralised Intercepts.
SAMPLING AND ASSAY METHODOLOGY
From a total of 7,460 metres drilled in Phase 1 more than 2,200 samples were collected and sent to Intertek laboratory in Maddington, Perth, Western Australia, where they were prepared and analysed for gold and multi-elements.
Sample material was captured immediately as part of the process of drilling, with drill-hole material released from the cyclone over a splitter and captured in 1 metre intervals. Sub-samples for each metre were collected into a 12x18 inch (30x45 cm) calico bag from a chute off the splitter. The sub-sample in the calico bag is approximately 1/5th of the total sample recovered for each metre.
For every metre drilled the remaining “reject” sample (everything not captured into the calico bag) was captured in a green plastic bag below the splitter and laid on ground in discrete rows of 20 at 1-meter intervals. Material for composite samples, generally in 4 metre lengths, was taken in equal parts from each of the single metre reject green bags on the same day as the drilling.
At the request of NAE samples were analysed by Intertek in one of three methods depending upon the origin of the sample.
Samples from the transported cover were analysed by 10-gram Aqua Regia / ICP-MS for gold only as 4-metre composite samples.
Samples from the weathered zone were analysed by Aqua Regia (10-gram aliquot) for gold as part of a 33-element suite. This method was used mostly on 4-metre composite samples, however single metre samples were taken when “dag” sample lengths remained prior to end of hole sampling, or in areas where field investigation considered a strong likelihood of mineralisation.
Samples from the end of hole (EOH) bedrock (single metres only) have been analysed using a 50-gram lead collection fire assay with ICP-OES to determine quantities of gold (Au), platinum (Pt) and palladium (Pd), as well as a 4-Acid digest 48 multi-element analysis by way of ICP-MS and ICP-OES.
Figure 12 Section 6 showing a line of drillholes drilled into Target 6, including 24WA107 with a 1m intercept at 1.5 g/t Au.
FROM TARGET DEVELOPMENT TO GOLD AT WAGYU
During due diligence on the project in early 2024 a review of publicly available airborne magnetic geophysics surveys showed several areas on the tenement with significant changes in magnetic intensity, as well as plausible structures such as faults which could be interpreted across the Wagyu Project.
Shortly after the March 2024 acquisition a series of ground gravity and passive seismic surveys were undertaken by NAE. Interpretations of the ground gravity surveys reinforced several of the airborne magnetic geophysics targets, and generated other areas of interest (See ASX Announcement 4 June 2024 and ASX Announcement 1 July 2024).
NAE then acquired a dataset of a superior high resolution, close spaced airborne magnetic geophysics survey which further honed our interest, and clarified targets including the areas south of Target 1 (where 24WA151 was drilled).
With each new piece of information gained on the project the more attractive the known target areas became, and additional target areas were developed. It was very pleasing to undertake the Phase 1 drilling program and be able to test several months of targeting and drill planning.
When drill samples showed the gravity target to be intrusive rocks, with some exhibiting and features and minerals typical diorite and the presence of sulphide minerals such as pyrite we were eager to know if gold was present.
To now receive these positive assay results and to advance the prospectivity of Wagyu is extremely satisfying, and we look forward to unlocking more of the projects potential in coming months.
Figure 13 Section 8 shows the “unexpected” 1m at 1.3 g/t Au in the EOH sample in a black shale under sediments from 24WA098.
FUTURE WORK
Further exploration drilling is underway with (Phase 2) Air Core drilling planned to expand the knowledge and prospectivity of the Wagyu Gold project. Phase 2 drilling is testing additional gold targets across the project and following up on prospective areas determined from Phase 1.
Where composite samples from Phase 1 have come back with anomalous results 1 metre samples from the same locations have been collected and submitted to the laboratory in Maddington, Perth for analysis. These samples were taken at 1 metre intervals from the splitter while drilling Phase 1.
Two gravity targets remain untested on the project's west side (Target 3 and Target 4). However, further cultural heritage surveys are required to access these areas for drill testing.
NAE is committed to advancing its exploration projects while ensuring compliance with all regulatory and cultural heritage requirements. The Company continues to have a strong working relationship with the Kariyarra Aboriginal Corporation (KAC), who represent the traditional custodians of the land on which the Wagyu Project lies.
Recent assay results from the Phase 1 Air Core drill program continues to reinforce the high prospectivity of the Wagyu Gold Project, and the future looks positive.
Link to ASX Announcement: NAE Strikes 2+ g/t Gold Mineralisation in 1st Drill Program at Wagyu
Find out more about New Age Exploration at: nae.net.au
Key Facts:
· New Age Exploration (NAE) has received assay results showing multiple intercepts of gold mineralisation from its Maiden Air Core Drill Program at Wagyu Gold Project
· Significant intercepts include:
o 3m @ 2.2 g/t gold from 24m down hole
o 1m @ 1.5 g/t gold from 39m down hole
o 1m @ 1.3 g/t gold from 52m down hole
o 4m @ 0.9 g/t gold from 12m down hole
· Drilling has returned 21 gold mineralised intercepts for 127 metres across 18 drillholes, from this first pass Air Core program of 7,640 metres over 156 drillholes
· Mineralisation is spread across several areas on the east side of the project, with gold shows at all 4 gravity geophysics generated targets that have been drill-tested
· Drilling confirmed 3 of these 4 gold targets to be the desired and prospective intrusive systems; gold was even located at the 4th target area despite no intrusive rocks logged
· Silver has also been detected, with 10 mineralised intercepts confirmed
· Phase 2 drilling is underway, and the drill rig has been immediately relocated to follow up prospective areas from Phase 1
· The Wagyu Project is located in the well-endowed gold region of the Central Pilbara, adjoining De Grey Mining’s (ASX:DEG) tenure containing its ~10.5Moz1 Hemi Gold deposit
About us:
New Age Exploration (ASX:NAE) is an Australian based globally diversified minerals and metals exploration and development company focused on gold and lithium projects. The Company’s key activities include advancing its exploration projects in the highly prospective gold and lithium Pilbara district of Western Australia and in the Otago goldfields of New Zealand.
Pilbara Projects
NAE 100% owns a large tenement package of ~1,893km2 in the Tier 1 mining centres of the Central and Eastern Pilbara districts of Western Australia. The projects are highly prospective for Gold and LCT Pegmatites (Lithium, Caesium, Tantalum) which remains the primary focus of the Company’s exploration efforts in the region. The projects include a combination of granted Exploration Licences and Exploration Licence Applications in progressive stages of development.
Wagyu Gold Project
The Wagyu Gold Project, located in the well-endowed Central Pilbara gold region, represents a highly prospective Gold opportunity ~9km along strike from De Grey Mining’s (ASX:DEG) Hemi Gold Deposit containing ~10.5Moz1.
Contact details:
Joshua Wellisch | Executive Director
+61 3 9614 0600
joshua@nae.net.au
Mark Flynn | Investor Relations
+61 416 068 733
mark.flynn@nae.net.au