Sign up Australia
Proactive Investors - Run By Investors For Investors

New Age Exploration plans new drilling to extend and upgrade tin-tungsten resource

Preparations are being made for a phased drilling program at the Redmoor project in Cornwall.
Two miners examine a Redmoor core sample
Examining a core sample from the Redmoor Tin-Tungsten Project

New Age Exploration Limited (ASX:NAE) is preparing for a phased drilling program aimed at expanding and upgrading the inferred mineral resource at Redmoor Tin-Tungsten Project in the UK.

The proposed program will seek to expand the high-grade resource of 4.5 million tonnes at 1.0% tin equivalent through testing and conversion of the 4-6 million tonne exploration target.

Six or more close-spaced holes are also planned with the intention of upgrading the resource to the indicated category.


These holes will be drilled into the inferred resource high-grade zones.

New Age also aims to test wider high-grade exploration potential that has not yet been explored.

To this end, Cornwall Resources Limited (CRL), which is 50%-owned by New Age, has started discussions with potential drilling contractors for a 2018 drilling program.

CRL has also recently obtained consent to drill from Cornwall Council.

READ: New Age Exploration's updated Redmoor resource features robust tin equivalent grade

The Redmoor project is about 25 kilometres by road from the city and port of Plymouth, and 40 kilometres from the recently commissioned Hemerdon tungsten mine and processing plant.

The area has well-established infrastructure and is in the world-class Cornwall tin-tungsten-copper mineralised district.

Benchmarking ranks Redmoor highly

Redmoor’s high-grade resource has recently been benchmarked against competitor’s tin and tungsten projects.

This process has ranked Redmoor in the world’s top five highest grade tin-tungsten projects on a tin equivalent basis and the world’s top three new projects.

The inferred resource has 45,000 tonnes of contained tin equivalent and the exploration target has the potential to increase this to 100,000 tonnes via further drilling.

Mining and processing studies

Mining and processing studies are nearing completion and an economic evaluation is underway.

CRL has engaged UK-based engineers Fairport Engineering, which has recent tungsten plant construction experience, to carry out a scoping-level review of the Redmoor processing plant and surface infrastructure.

This will be done using existing metallurgical test work and process flowsheet information.

CRL has also engaged technical consultants Mining One of Australia to carry out a scoping-level review of mine design, mining capital and operating cost estimate.

This will be based on the updated high-grade resource estimate.

Strong tin outlook

New Age is buoyed by the outlook for tin and tungsten.

Tin prices continue to rise steadily with current spot prices at around US$22,000 per tonne, the highest price since 2014.

The metal has a positive outlook due to its growing use in electronics, electric vehicles, robotics and increased use of technology along with tin plating and alloys.

This is supported by declining supply and limited new supply projects, with LME tin stocks remaining at 12-year lows.

Similarly, the spot price of tungsten of about US$320 per tonne is the highest since 2014, with prices rising 70% since January 1, 2017.

Tungsten is widely used due to its unique properties, including high melting point, density and hardness.

View full NAE profile View Profile

New Age Exploration Ltd Timeline

Related Articles

Picture of timetable for Wolfsberg project
March 13 2018
Chairman Tony Sage says the key number in the prefeasibility study will be the net present value.
Picture of high-grade manganese sample
April 12 2018
Mineral Resources' proposed takeover of Atlas Iron indicates that the market for manganese assets is on the rise.
project area
September 04 2018
Significant scope for quick expansion both along strike and at depth with ongoing drilling throughout the remainder of 2018.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use