New Age Exploration (NAE) has successfully raised $1.6 million through a share placement, signaling a significant advancement in their gold drilling efforts at the Wagyu project. This financial boost is set to drive a 3000-meter Reverse Circulation (RC) drilling program scheduled to kick off in March.

The funds secured from this placement, which garnered substantial support from various investor categories, will be allocated towards intensifying drilling activities at the Wagyu gold project. New Age Exploration plans to undertake comprehensive drilling to test gold targets, as well as evaluate the depth and continuity of mineralization, including additional aircore drilling slated for the second quarter.

Notably, the Wagyu project is strategically located within the same mineralized trend as the Hemi deposit, a significant 11.2 million ounce gold resource recently acquired by Northern Star Resources. The successful share placement involved the issuance of 400 million fully paid shares at a discounted price, positioning NAE to accelerate its exploration endeavors and capitalize on the promising potential of Wagyu.

Following the completion of Phase 1 and Phase 2 aircore drilling programs, which unveiled multiple gold intercepts reinforcing the correlation between intermediate intrusive rocks and gold mineralization, New Age Exploration is now poised to progress to the next drilling phase. This phase encompasses the 3000-meter RC drilling program, continuous geological assessment, and additional aircore drilling activities in the upcoming quarter.

The recent resampling of drilling outcomes at Wagyu in February revealed 16 significant intercepts, with notable results such as a 7-meter zone of gold mineralization in drillhole 24WA225, including enriched areas with high-grade gold content. These findings underscore the project’s potential and draw parallels to the world-class Hemi deposit, positioning Wagyu as a promising gold discovery in the Central Pilbara region.

NAE’s Executive Director, Joshua Wellisch, expressed satisfaction with the robust investor support received, emphasizing the significance of expanding drilling efforts to explore gold targets at varying depths and across new prospective zones. The upcoming Phase 3 drilling program is anticipated to provide crucial insights into the continuity and scale of mineralization at Wagyu, potentially elevating its status to that of a major gold discovery akin to Hemi.

As New Age Exploration continues to advance its exploration initiatives at Wagyu, the company remains optimistic about uncovering further insights into the project’s geological characteristics and its potential to emerge as a significant player in the gold mining sector.