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- New Age Exploration (NAE) provides an update on exploration across its tenement package in the Central Pilbara district of Western Australia
- Three new exploration licences have been granted, located within 60 kilometres of De Grey Mining’s (DEG) Hemi gold discovery
- Additionally, a reconnaissance field sampling program has been completed following an airborne geophysical survey that identified pathways the company believes could host gold mineralisation
- No visual gold or mafic rock types were observed during the soil sampling program, samples are due to arrive at the lab later this week for analysis
- Shares are trading 16.7 per cent higher at 1.4 cents apiece
New Age Exploration (NAE) has provided an update on exploration across its tenement package in the Central Pilbara district of Western Australia.
In a statement, NAE said three new exploration licences have been granted, covering an additional 547 square kilometres within the Quartz Hill Gold project.
The new tenure is located to the south and within 60 kilometres of De Grey Mining’s (DEG) Hemi gold discovery.
In other news, a reconnaissance field sampling program has been completed on four of its exploration licences in the area.
The sampling program focused on key magnetic targets identified in a recently
completed airborne geophysical survey in the Pilbara, which included the Quartz Hill and Bullock Well projects.
A preliminary assessment of the airborne survey results are said to indicate the tenements consist primarily of granitic basement rocks beneath recent alluvial cover.
Additionally, NAE said the surveys identified major cross cutting structures and demagnetised zones, representing areas of potential fluid flow or migratory pathways that could host gold mineralisation.
The field sampling program was designed to refine the priority drill targets ahead of future air-core drilling, and included 234 soil samples sites and eight stream sample sites.
No visual gold or mafic rock types were observed during the program. Samples are due to arrive at the lab later this week for analysis.
Shares were trading 16.7 per cent higher at 1.4 cents apiece at 2pm AEST.
