This looks like a fog seal. emulsified asphalt is being sprayed to seal off the cracks and keep water out of the cracks (also referred to as a crack seal for this very reason)
We do this on roadways, however due to the slickness and long term durability- an aggregate is also added. This is what we call a seal coat or chip seal. This is more of a maintenance operation. For new asphalt we place a tack coat instead of a fog seal to help it bind with the layer underneath
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