- New Age Exploration (NAE) has begun a 40-hole drilling program in WA’s prospective Central Pilbara gold district
- The 2800-metre program will target three exploration licences, which New Age has the right to acquire a 100 per cent interest in
- The gold explorer is assessing the area for ‘Hemi-style’ gold deposits as the area is located within 50 kilometres of De Grey Mining’s (DEG) famed Hemi discovery
- Company shares are up 5.26 per cent and are trading at 2 cents
New Age Exploration (NAE) has begun drilling a 40-hole program within its northern package of Pilbara gold projects in Western Australia.
New Age Exploration has the right to acquire 100 per cent of these tenements from Monterey Minerals under an asset purchase agreement inked in September last year.
The package includes three exploration licences in WA’s highly prospective Central Pilbara gold district.
What’s more is the area is located within 50 kilometres of De Grey Mining’s (DEG) famed Hemi gold discovery, which is fuelling New Age’s exploration program.
“The execution by our team has been first class and to arrive at the commencement of our maiden drill program as planned is monumental,” Executive Director Joshua Wellisch said.
The mining company is assessing the tenements for ‘Hemi-style’ gold deposits in hopes it will eventually make a similar discovery.
Specifically, the 2800-metre program is targeting ‘Hemi-style’ intrusions that were identified by a recently completed aeromagnetic survey.
The survey was also flown over the Bullock Well and Quartz Hill projects, and results are pending.
Company shares are up 5.26 per cent and are trading at 2 cents at 12:01 pm AEST.