New Age Exploration Drills for High-Grade Silver at Depth in NSW as Grades Improve
Key Takeaways
- New Age Exploration (ASX: NAE) has commenced Phase 1 drilling at the 100%-owned Wallah Silver Project in the Lachlan Fold Belt, NSW, with a 90m pre-collar already completed on the first hole.
- The two-hole programme targets approximately 300m of total drilling and is designed to test whether high-grade silver-rich polymetallic mineralisation improves at depth beneath the historic Walla Walla Silver-Lead Mine — a thesis supported by previous drilling results.
- Assay results are expected in early Q4 CY2026, providing a defined near-term binary catalyst within weeks of drilling completion.
- Phase 2 planning is already advanced, targeting IP anomalies along strike to the north and south of the historic mine identified through reprocessed geophysical data.
- From acquisition completion on 30 June 2026 to rig on-site in September represents less than 70 days — a pace of execution that signals management's operational tempo at a wholly-owned project with no JV dilution.
Rig turning at Wallah as NAE targets depth extensions at historic NSW silver mine
New Age Exploration (ASX: NAE) has commenced Phase 1 drilling at its 100%-owned Wallah Silver Project (EL9610) in the Lachlan Fold Belt of central New South Wales. The announcement, dated 7 September 2026, marks the operational inflection point following a rapid sequence of milestones since the project’s acquisition.
The Phase 1 programme comprises two holes targeting approximately 300m of total drilling, drilled as pre-collar open-hole percussion (PCD) with a diamond tail. The programme is expected to take 12–14 days to complete, subject to weather and ground conditions, with a 90m pre-collar already finished on the first hole.
Kirby Johnson, CEO
“The rig is turning at Wallah. Phase 1 is a tight, two-hole program designed to test whether the high-grade mineralisation beneath the historic Walla Walla mine improves at depth, as our earlier drilling indicated. We expect to be through both holes within two weeks, with assays to follow. Phase 2 planning is already well advanced.”
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What Phase 1 is targeting and why depth matters
Phase 1 holes are testing the down-dip extension of known high-grade silver-rich, intrusion-related polymetallic mineralisation beneath the historic Walla Walla Silver-Lead Mine. Critically, previous drilling indicates that grade increases with depth — meaning the strongest mineralisation may not yet have been reached.
The targeted mineralisation is high-grade, silver-rich, polymetallic vein-style, occurring within a broader halo of vein stockwork and disseminated sulphides extending into the surrounding host rock. For investors, a grade-at-depth thesis is a meaningful signal at this stage: it suggests the programme is drilling toward better material, not away from it.
Key facts investors should know about the programme:
- 100% owned — no joint venture dilution
- Previous drilling results support a depth-grade improvement thesis (refer ASX announcement dated 2 March 2026 for JORC Table 1 disclosure)
- Acquisition completed 30 June 2026; field activities commenced 8 July 2026; historic geophysical data reprocessed 11 August 2026; drilling contractor appointed 31 August 2026
- Rapid progression from acquisition to rig-on-site
Milestones and what comes next
This is a two-phase programme, with Phase 1 the immediate near-term catalyst and Phase 2 already in advanced planning. That pipeline signals the company is not a single-shot story at Wallah.
Targeted milestones as the programme advances:
- Phase 1 drilling completion — mid to late September 2026
- Assay results — expected early Q4 CY26, following drilling completion
- Phase 2 planning — targeting IP anomalies along strike to the north and south of the historic mine
Phase 2 targets were identified through the reprocessing of historic geophysical data announced on 11 August 2026, making it a data-driven next step rather than a speculative one. Beyond Wallah, NAE’s broader portfolio includes the Wagyu Gold Project in WA’s Mallina Basin and gold and antimony interests in New Zealand’s Otago Goldfields — Wallah adds a silver-focused pillar to a multi-commodity, multi-jurisdiction explorer.
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Investment thesis: a tight programme with a defined catalyst
Phase 1 is structured to generate a near-term, binary result: two holes, assays expected early Q4 CY26, with a clear geological rationale in the grade-at-depth thesis. The programme is concise by design, and the timeline to a result is short.
The pace of execution since acquisition is also worth noting. From completion on 30 June 2026 to a rig on-site in September represents a meaningful indicator of management’s operational tempo at a 100%-owned project with no dilution from a joint venture partner.
| Milestone | Target Date | Status | Significance |
|---|---|---|---|
| Wallah acquisition completed | 30 June 2026 | Complete | 100% ownership secured, no JV dilution |
| Field exploration activities commenced | 8 July 2026 | Complete | On-ground work initiated on 8 July 2026, following the 30 June 2026 acquisition |
| Historic geophysical data reprocessed | 11 August 2026 | Complete | Defined IP anomaly targets for Phase 2 |
| Drilling contractor appointed | 31 August 2026 | Complete | Phase 1 programme locked in |
| Phase 1 drilling commenced | 7 September 2026 | Underway | 90m pre-collar on first hole already complete |
| Phase 1 drilling completion | Mid to late September 2026 | Targeted | Two holes, ~300m total |
| Assay results | Early Q4 CY26 | Targeted | Key binary catalyst for depth-grade thesis |
| Phase 2 planning | Ongoing | Advanced | Targeting IP anomalies north and south of historic mine |
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