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- New Age Exploration (NAE) is gearing up for a maiden drill programme at ‘Hemi-style’ targets within its northern package of Pilbara Gold projects
- The explorer is tipped to start a 40-hole drilling programme within the first half of the year to test gold deposits roughly 50 kilometres of De Grey Mining’s (DEG) iconic Hemi gold discovery
- Under its agreement with Monterey Minerals, NAE has the right to acquire 100 per cent of the tenements but has been granted an additional six months to undertake said exploration activities ahead of its decision
- New Age Exploration shares have closed the day up a strong 27.3 per cent, trading at 1.4 cents
New Age Exploration (NAE) is gearing up for a maiden drill programme at ‘Hemi-style’ targets within its northern package of Pilbara Gold projects.
A programme of works encompassing 40 drill holes at depths totalling 2800 metres is tipped to take place within the first half of this year, in a bid to assess gold deposits adjacent to De Grey’s 2.2-million-ounce Mallina gold resources.
The tenement is situated within roughly 50 kilometres of De Grey Mining’s (DEG) iconic Hemi gold discovery.
NAE has the right to acquire 100 per cent of the tenure from CSE-listed Monterey Minerals, which has been extended by a further six months to allow for completion of drilling activities at the targets.
The companies entered the option and asset sale agreement in September last year.
Recent aeromagnetic surveys have revealed several discrete, circular magnetic anomalies with characteristics similar to the Hemi magnetic signature, which require drilling to determine the potential of mineralised intrusives.
The explorer hasn’t pinned down a commencement date but says the programme is subject to the availability of a suitable drill rig in addition to required regulatory and access approvals.
New Age Exploration shares have closed the day up a strong 27.3 per cent, trading at 1.4 cents.
