New Age Exploration Concludes First Phase Drill Program at Wagyu Project; Shares Surge 33%

New Age Exploration (ASX:NAE) completed the first phase of drilling at its Wagyu gold project in Western Australia, testing targets on the eastern side of the project area, according to a Tuesday filing with the Australian Securities Exchange.

The program involved drilling and sampling 156 air-core drill holes, covering 7,460 meters. Three of the four gold targets were confirmed as intrusive systems, with two systems interpreted as intermediate intrusive rocks from phase 1 drill samples, the filing said.

Samples have been sent to Intertek's Perth facility for analysis for gold and multi-elements, with results expected within three weeks.

Phase 2 exploration drilling is set to begin in late September, with additional air-core drilling planned, according to the filing.

Shares surged more than 33% in recent trade.