New Age’s $3.75M Raise Signals High Stakes in Pilbara and Otago Gold Plays
New Age Exploration Limited has raised $3.75 million to accelerate drilling at its promising Wagyu Gold Project in Western Australia and Lammerlaw Gold Project in New Zealand, targeting Hemi-style mineralisation and Macraes-style analogues.
- Placement raises $3.75 million with strong investor support
- Wagyu project shows multiple Hemi-style gold mineralised intrusives
- High-grade drill results include 8m at 5.0 g/t gold at Wagyu
- Immediate 4,000m RC drilling planned at Wagyu and follow-up at Lammerlaw
- Placement includes new shares and attaching options, subject to shareholder approval
Capital Raising to Fuel Exploration
New Age Exploration Limited (ASX – NAE) has successfully secured $3.75 million through a two-tranche placement aimed at advancing drilling and exploration activities at its Wagyu Gold Project in Western Australia's Central Pilbara and the Lammerlaw Gold Project in Otago, New Zealand. The capital raise attracted strong support from both existing shareholders and new institutional investors, underscoring market confidence in the company's exploration potential.
Wagyu Project – A Stone’s Throw from a Major Deposit
The Wagyu Gold Project is strategically located approximately 5 kilometres west of Northern Star Resources’ Hemi gold deposit, which boasts an 11.2 million ounce resource. Recent petrographic and X-ray diffraction analyses have confirmed the presence of multiple quartz diorite intrusives with strong sericite–chlorite–dolomite alteration; hallmarks of the ‘Hemi Style’ mineralisation that hosts gold at the nearby deposit.
Drilling results at Wagyu have been encouraging, with high-grade intercepts such as 8 metres at 5.0 grams per tonne gold (g/t Au) indicating the potential for an economically viable resource. These findings have prompted plans for an immediate 4,000-metre Reverse Circulation (RC) drilling campaign to test the depth and strike extensions of the mineralisation.
Lammerlaw Project – Exploring Macraes-Style Mineralisation
In New Zealand, the Lammerlaw Gold Project is being explored for Macraes-style gold mineralisation, a well-known deposit type in the Otago region. Initial drilling has intersected shear zone-hosted gold mineralisation with grades including 6 metres at 0.65 g/t Au, alongside elevated tungsten and arsenic levels; geochemical signatures consistent with the Macraes deposit analogue.
Follow-up drilling is planned to test strike extensions and higher-grade shoots, with the company optimistic about the project's potential to contribute meaningfully to its portfolio.
Placement Details and Outlook
The placement involves issuing over 1.5 billion new shares in two tranches – the first tranche under the company’s existing placement capacity, and the second tranche subject to shareholder approval at the upcoming Annual General Meeting. Additionally, attaching options exercisable at $0.012 each will be issued, also pending shareholder approval.
New Age Exploration’s Managing Director Joshua Wellisch highlighted the significance of the raise, noting the strong investor recognition of the upside at Wagyu and the company’s readiness to commence an extensive drilling program. With all permits in place, the company anticipates a steady flow of news as drilling progresses.
Bottom Line?
As New Age Exploration embarks on its expanded drilling campaigns, the market will be watching closely for results that could reshape the company’s resource profile and valuation.
Questions in the middle?
- Will the upcoming drilling at Wagyu confirm a substantial economic gold resource?
- How will shareholder approval impact the timing and scale of the second tranche and option issuance?
- What are the potential implications of Lammerlaw’s Macraes-style mineralisation for New Age’s New Zealand portfolio?
