Proactiveinvestors Australia New Age Exploration Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia New Age Exploration Ltd RSS feed en Tue, 16 Jul 2019 12:58:04 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - New Age Exploration reveals positive mining study on Redmoor project ]]> https://www.proactiveinvestors.com.au/companies/news/220468/new-age-exploration-reveals-positive-mining-study-on-redmoor-project-220468.html New Age Exploration Ltd (ASX:NAE) has confirmed that a high-level mining study on the Redmoor tin and tungsten project has recently been completed by Wardell Armstrong International.

Results of the study have been encouraging and show that the Redmoor deposit is amenable to underground mining using long-hole open stoping with backfilling as the mining method.

An updated preliminary economic evaluation based on the recently completed high-level mining study has also been completed by Wardell Armstrong with encouraging results.

READ: New Age Exploration signs final documents for $5 million Redmoor sale

The Redmoor tin and tungsten project is owned by Cornwall Resources Limited, the joint venture vehicle in which New Age has a 50% interest.

Binding contracts have now been signed for the sale of New Age’s 50% share of Cornwall Resources to Strategic Minerals PLC (ASX:LON) for a total consideration of $5 million.

The agreed settlement date for the contract is May 30, 2019 when the first tranche of $2 million is payable to New Age.

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Fri, 17 May 2019 12:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220468/new-age-exploration-reveals-positive-mining-study-on-redmoor-project-220468.html
<![CDATA[News - New Age Exploration signs final documents for $5 million Redmoor sale ]]> https://www.proactiveinvestors.com.au/companies/news/220165/new-age-exploration-signs-final-documents-for-5-million-redmoor-sale-220165.html New Age Exploration Ltd (ASX:NAE) has executed final unconditionally binding documentation for the sale of its 50% interest in the  Redmoor Tin-Tungsten Project in the United Kingdom.

A total consideration of $5 million to be paid to NAE progressively with the first $2 million settlement scheduled for 30 May 2019 and the next $1 million on 29 November 2019.

New Age’s executive director Joshua Wellisch said: “NAE and SML have worked closely together to prepare final documentation for SML’s purchase of NAE’s 50% holding in Cornwall Resources Limited.

“The transaction will provide NAE with a strong financial position to focus on the development of its existing suite of projects and assess new opportunities that establish shareholder value.”

READ: New Age Exploration reveals Exploration Target and work program at Lochinvar North

Last month, New Age was granted an exploration licence, conditional mining licence, and option agreement at the Lochinvar Coal Project in the UK.

The new area, which was mined from the mid-1800s is known as Lochnivar North and adjoins to the north and east of the existing Lochinvar Licence.

A work program initially aimed at defining a JORC resource has been planned.

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Tue, 14 May 2019 08:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220165/new-age-exploration-signs-final-documents-for-5-million-redmoor-sale-220165.html
<![CDATA[News - New Age Exploration reveals Exploration Target and work program at Lochinvar North ]]> https://www.proactiveinvestors.com.au/companies/news/218534/new-age-exploration-reveals-exploration-target-and-work-program-at-lochinvar-north-218534.html New Age Exploration Ltd (ASX:NAE) has been granted an exploration licence, conditional mining licence, and option agreement at the Lochinvar Coal Project in the UK.

The new area, which was mined from the mid-1800s is known as Lochnivar North and adjoins to the north and east of the existing Lochinvar Licence.

Notably, an Exploration Target of 77-142 million tonnes of coking coal has been determined for Lochinvar North using a minimum seam thickness of 1.2 metres and a maximum depth of cover of 1,000 metres.

A work program initially aimed at defining a JORC resource has been planned using existing historical drilling and geological data.

Lochinvar North has the potential to extend the Lochinvar resource and increase project economics.

READ: New Age Exploration receives exploration and mining licence at Lochinvar Coking Coal Project

New Age’s executive director Joshua Wellisch said: “We are very pleased with the outcome of the review done by the highly experienced consultants at Palaris.

“The results underpin the expectations we have of the northern licence and highlight the overall value of securing the tenure.

“We look forward to progressing the whole of Lochinvar to the next stage and unlocking the value for shareholders.”

Aim is to define JORC resource

An initial 12 to 24 month work program has been developed for the Lochinvar North Licence Area.

The key aim of this work program will be to define a JORC compliant Resource to an Inferred and Indicated status – similar to that which NAE has already defined over the Lochinvar Licence.

The primary task for the first year will be a data collation, assessment, and interpretation of the Lochinvar North Licence area.

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Mon, 15 Apr 2019 12:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218534/new-age-exploration-reveals-exploration-target-and-work-program-at-lochinvar-north-218534.html
<![CDATA[News - New Age Exploration receives exploration and mining licence at Lochinvar Coking Coal Project ]]> https://www.proactiveinvestors.com.au/companies/news/218281/new-age-exploration-receives-exploration-and-mining-licence-at-lochinvar-coking-coal-project-218281.html New Age Exploration Limited (ASX:NAE) has been granted an exploration licence, conditional mining licence and option by the Coal Authority for 66.5 square kilometres adjoining the existing Lochinvar licence to the north and east.

Following an application over Lochinvar North licence, which was lodged in February 2018, the Coal Authority confirmed the grant of the Lochinvar North licence to New Age Exploration on April 8, 2019.

New Age Exploration executive director Joshua Wellish said: “The board is very pleased we have been able to secure the Lochinvar North licence – it is an important development for the project as we now control the up dip potential of the deposit and have a strategic foothold on the known mineralisation.”

READ: New Age Exploration $5 million sale of Redmoor on track for 30 May 2019

An initial 12 to 24-month work program has been developed for the Lochinvar North licence area with the key aim to define a JORC compliant resource similar to that already defined in the adjoining Lochinvar licence.

The company’s primary task will be data collection, assessment and interpretation of the Lochinvar North licence area, which will be used to understand the northern area of the Solway basin to complete a reinterpretation of the region.

This will include the following:

Collation and review of historic drilling, seismic and geological data;

Geological mapping; and

Review and interpretation of historic seismic lines in the Lochinvar North area.

READ: New Age Exploration to divest Redmoor tin-tungsten to Strategic Minerals

The estimated budget for completion of the Lochinvar North work program is shown in the table below.

 

 

Lochinvar North has the potential to extend the Lochinvar resource, reduce the depth to first coal and therefore the capital cost of the decline.

This will overall increase production rates and mine life for the Lochinvar project.

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Wed, 10 Apr 2019 11:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218281/new-age-exploration-receives-exploration-and-mining-licence-at-lochinvar-coking-coal-project-218281.html
<![CDATA[News - New Age Exploration $5 million sale of Redmoor on track for 30 May 2019 ]]> https://www.proactiveinvestors.com.au/companies/news/218187/new-age-exploration-5-million-sale-of-redmoor-on-track-for-30-may-2019-218187.html New Age Exploration Ltd (ASX:NAE) has provided an update to its shareholders regarding the sale of its 50% interest in the  Redmoor Tin-Tungsten Project in the United Kingdom.

The sale has now been scheduled for completion on 30 May 2019, subject to New Age agreeing the form of the Royalty Deed and Mortgage, which will secure the stage II payment of $1 million.

New Age’s board has determined that no other regulatory or shareholder approvals are required prior to completion.

READ: New Age Exploration raising $940,500 to advance UK, New Zealand projects

New Age owns 100% of the Otago Pioneer Quartz Gold Exploration Project on the South Island of New Zealand.

The project hosts the historical Otago Pioneer Quartz Gold Mine.

New Age also owns the Lochinvar Coking Coal Project located on the Scottish-English border.

The project consists of two adjacent exploration and conditional underground mining licences known as Lochinvar and Lochinvar South.

In March 2017, an updated scoping study was produced valuing a low-cost, long wall coking coal mining operation at US$410 million.

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Tue, 09 Apr 2019 11:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218187/new-age-exploration-5-million-sale-of-redmoor-on-track-for-30-may-2019-218187.html
<![CDATA[News - New Age Exploration to divest Redmoor tin-tungsten to Strategic Minerals ]]> https://www.proactiveinvestors.com.au/companies/news/216696/new-age-exploration-to-divest-redmoor-tin-tungsten-to-strategic-minerals-216696.html New Age Exploration Ltd (ASX:NAE) has agreed to sell its 50% stake in the British Redmoor Tin-Tungsten Project joint venture entity Cornwall Resources Ltd (CRL) to its JV partner Strategic Minerals plc (LON:SNL) for $5 million.

The three-stage deal is subject to shareholder and regulatory approvals and agreement to a series of documents.

READ: New Age Exploration raising $940,500 to advance UK, New Zealand projects

Stage I would involve an upfront payment of $2 million, payable on contract completion.

The next stage, stage II, would consist of a $1 million payment made within 180 days of the contract settlement.

Stage III would involve a 1.5% net smelter royalty of Redmoor production capped at $2 million, to finish off the $5 million sale.

Redmoor expects the sale may need to be presented to its shareholders for approval at a general meeting likely to take place in the next six weeks.

READ: New Age Exploration triples Redmoor resource and increases grade

NAE executive director Joshua Wellisch highlighted the value benefits of a Redmoor sale today, comparing them to the potential risks of holding onto the project.

Wellisch told the Australian market: “The sale of the Redmoor Tin-Tungsten Project is an excellent outcome for NAE shareholders as the new board continues execution of its strategic corporate direction.

“A cash sale of this asset will provide the company with a strong funding base and will significantly reduce costs."

Wellisch flagged the timing of the proposed sale, saying: “The board believes the transaction was at an opportune time in the development cycle of the project, whereby a substantial value for the asset was realised while mitigating risk.

“The sale may be subject to approval by NAE shareholders at a general meeting, we consider this will be forthcoming within six weeks and we look forward to finalising the transaction.”

BIG PICTURE: New Age Exploration drill results exceed expectations at Redmoor project

The Cornwall project partners tripled the Redmoor resource in the English county of Cornwall to 11.7 million tonnes at 1.17% tin equivalent in February 2019.

Redmoor’s grade was also increased with the resource update, after a number of good results from 12 drill holes drilled in 2018.

The project is adjacent to the Kit Hill granite intrusion, home to a number of historical British mines.

Redmoor has been named as the largest undeveloped tin or tungsten underground mining project in the world.

READ: New Age Exploration reports up to 0.66 ppm gold values in Otago, New Zealand

NAE previously expressed its hopes to divest is Lochinvar Coal Project in the UK to focus on Redmoor and its Otago Gold Project in New Zealand.

Instead, the cash of a Redmoor sale has returned Lochinvar to NAE’s development list.

NAE reported today: “The company will now focus on the development of its Lochinvar/Otago projects and continue to pursue other value add opportunities.”

The junior company launched a $940,500 capital raising in February 2018 priced at 55 cents a share after the company ended December quarter 2018 with $291,844 cash.

CPS Capital, the lead manager of the capital raising, had received firm commitments for the capital raising by late last month.

Today, NAE reported the company would be “in a strong financial position upon settlement of the sale and in conjunction with the recent capital raising of about $940,000.

“The divestment of this asset will also significantly reduce costs.”

NAE chairman Alan Broome, also the chairman of SNL, had flagged the potential for the sale to NAE’s board then excused himself from further dealings on the proposed transaction and board voting on the matter on either board.

 

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Mon, 18 Mar 2019 19:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216696/new-age-exploration-to-divest-redmoor-tin-tungsten-to-strategic-minerals-216696.html
<![CDATA[News - New Age Exploration raising $940,500 to advance UK, New Zealand projects ]]> https://www.proactiveinvestors.com.au/companies/news/215467/new-age-exploration-raising-940500-to-advance-uk-new-zealand-projects-215467.html New Age Exploration Ltd (ASX:NAE) has received firm commitments from clients of lead manager, CPS Capital, to undertake a share placement to raise $940,500 at 0.55 cents per share.

Funds raised under the placement will be allocated towards the development of the New Age’s existing projects, seek new opportunities and working capital.

READ: New Age Exploration triples Redmoor resource and increases grade

Earlier this month, the company updated the high grade inferred resource at its Redmoor Tin-Tungsten Project in the UK to 11.7 million tonnes at 1.17% tin equivalent.

Impressively, Redmoor now ranks as the second-highest grade undeveloped tin or tungsten mineral resource in the world on a grade basis.

Furthermore, on a contained metal basis, the Redmoor resource now ranks as the largest undeveloped tin or tungsten underground mining project in the world.

 

New Age expects subscription funds to be received and shares issued under the share placement by mid next week.

CPS Capital have elected to take its 6% broker fees payable under the mandate in shares, at the placement price of 0.55 cents per share.

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Thu, 28 Feb 2019 13:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215467/new-age-exploration-raising-940500-to-advance-uk-new-zealand-projects-215467.html
<![CDATA[News - New Age Exploration in trading halt with a material funding update pending ]]> https://www.proactiveinvestors.com.au/companies/news/215262/new-age-exploration-in-trading-halt-with-a-material-funding-update-pending-215262.html New Age Exploration Limited (ASX:NAE) is in a trading halt pending an announcement in connection with a material funding update.

The ASX has granted the halt which will remain in place until the start of normal trading on Thursday, February 28, 2019, or when an announcement is released to the market, whichever occurs earliest.

New Age shares last traded at 0.5 cents.

The company’s flagship asset is the Redmoor Tin-Tungsten Project in the UK, which is being developed in a joint venture with Strategic Minerals PLC (LON:SML).

READ: New Age Exploration triples Redmoor resource and increases grade

An updated high-grade inferred mineral resource estimate has recently been prepared.

The resource now stands at 11.7 million tonnes at 0.56% tungsten trioxide, 0.16% tin and 0.50% copper for 1.17% tin equivalent or 0.82% tungsten trioxide equivalent.

This places Redmoor as the second-highest grade undeveloped tin or tungsten mineral resource in the world on a grade basis.

Metallurgical study

A metallurgical study is nearing completion and results will be included in a preliminary mining study which is expected to begin next month.

New Age is also focused on the Otago South Gold Project on New Zealand’s South Island and which is along strike from the historical Otago Pioneer Quartz (OPQ) mine.

The company has encountered gold values of between 0.25 and 0.66 ppm along strike of the OPQ mine.

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Tue, 26 Feb 2019 09:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215262/new-age-exploration-in-trading-halt-with-a-material-funding-update-pending-215262.html
<![CDATA[Media files - New Age Exploration advancing Redmoor and Otago, exploring Lochinvar options ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12246/new-age-exploration-advancing-redmoor-and-otago-exploring-lochinvar-options-12246.html Fri, 15 Feb 2019 17:10:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12246/new-age-exploration-advancing-redmoor-and-otago-exploring-lochinvar-options-12246.html <![CDATA[News - New Age Exploration triples Redmoor resource and increases grade ]]> https://www.proactiveinvestors.com.au/companies/news/214585/new-age-exploration-triples-redmoor-resource-and-increases-grade-214585.html New Age Exploration Ltd (ASX:NAE) has updated the high grade inferred resource estimate to 11.7 million tonnes at 1.17% tin equivalent at its Redmoor Tin-Tungsten Project in the UK.

Impressively, Redmoor now ranks as the second-highest grade undeveloped tin or tungsten mineral resource in the world on a grade basis.

Furthermore, on a contained metal basis, the Redmoor resource now ranks as the largest undeveloped tin or tungsten underground mining project in the world.

A preliminary mining study is now expected to commence in March 2019 and the metallurgical study underway is well advanced and expected to be complete this month.

The updated Inferred Mineral Resource is 11.7 million tonnes at 0.56% tungsten trioxide, 0.16% tin and 0.50% copper for 1.17% tin equivalent or 0.82% tungsten trioxide equivalent.

READ: New Age Exploration drill results exceed expectations at Redmoor Project

NAE’s director Joshua Wellisch said: “The updated Redmoor Inferred Mineral Resource further establishes the project as a deposit of global significance.

“The 1.17% tin equivalent resource grade places the project in an outstanding competitive position relative to other new tin and tungsten projects around the world.

“The result of the resource update is consistent with the increased grades seen through the 2018 drill program and provides an extremely strong base on which the project will be advanced from this year.”

Progressing towards pre-feasibility

The best route for the advancement of the project towards a pre-feasibility study is now being reviewed.

This work program will be informed by the results of a planned mining study and metallurgical study which is already underway.

These studies will define operating parameters for the future project and thus enable future infill drilling and metallurgical work to be optimised.

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Thu, 14 Feb 2019 09:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214585/new-age-exploration-triples-redmoor-resource-and-increases-grade-214585.html
<![CDATA[News - New Age Exploration drill results exceed expectations at Redmoor Project ]]> https://www.proactiveinvestors.com.au/companies/news/213205/new-age-exploration-drill-results-exceed-expectations-at-redmoor-project-213205.html New Age Exploration Ltd (ASX:NAE) has received the drill results from the final four holes of its 2018 drilling program at its Redmoor Tin-Tungsten Project in the United Kingdom.

Results included some of the highest grade intersections to date at Redmoor such as 5.9 metres at 4.93% tin equivalent including 1 metre at 26.20% tin equivalent.

Updating of the JORC resource estimate has commenced and results are expected in the current March quarter of 2019.

JORC resource subject to pending update

All 12 drill holes intersect high-grade mineralisation

Without exception, all 12 of the 2018 drill holes intersected potentially ore-grade mineralisation.

This level of success in targeting mineralisation further confirms confidence in the geological model and the continuation of mineralisation in the high-grade zones.

Exploration at Redmoor is being conducted by Cornwall Resources Ltd (CRL), the subsidiary company jointly held by New Age and partner Strategic Minerals plc (LON:SNL).

Notably, these grades are comparable with grades recently seen in CRD028 of up to 29.68% tin equivalent.

The particularly high tenor of the 2018 results, including the highest-grade intercepts ever drilled at Redmoor highlights the potential to substantially increase both tonnage and grade.

READ: New Age Exploration intersects tin grades up to 29.68% at Redmoor Tin-Tungsten Project

NAE’s director Joshua Wellisch said: “The results from Redmoor continue to exceed our expectations.

“Grades of up to 26.2 % tin equivalent are extremely encouraging and provide a strong conclusion to CRL’s already superb 2018 drill program results.

“These results provide a strong basis for the resource update that is now underway.

“The directors would like to thank the CRL team for their outstanding job of delivering the 2018 program, which we expect will set the tone for a year of substantial progress in 2019.”

Divesting its coal asset to focus on the Otago Gold Project

NAE is in the process of divesting its Lochinvar Coal Project in the UK to focus on Redmoor and its Otago Gold Project in New Zealand.

In December 2018, the company revealed it had received significant interest for the acquisition of its Lochinvar Coal Project.

READ: New Age Exploration confirms receipt of interest to divest non-core coal asset

In November 2018, the company revealed that it had encountered gold values of between 0.25 and 0.66 ppm gold at its Otago South Gold Project on the South Island of New Zealand.

Notably, the project is along strike of from the historic Otago Pioneer Quartz (OPQ) mine.

READ: New Age Exploration Limited reports up to 0.66 ppm gold values in Otago, New Zealand

The 0.66 ppm gold value was about 2.7 kilometres southeast and along strike of the mine and a soil anomaly defined by Macraes Mining Company in the 1990s.

The value was also about 2 kilometres southeast and along strike of 1.4ppm and 0.6 ppm gold soil results NAE sampled in February 2018.

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Thu, 24 Jan 2019 11:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213205/new-age-exploration-drill-results-exceed-expectations-at-redmoor-project-213205.html
<![CDATA[News - New Age Exploration confirms receipt of interest to divest non-core coal asset ]]> https://www.proactiveinvestors.com.au/companies/news/211115/new-age-exploration-confirms-receipt-of-interest-to-divest-non-core-coal-asset-211115.html New Age Exploration Ltd (ASX:NAE) has received a significant interest for the acquisition of its Lochinvar Coal Project in the UK.

The company is aiming to divest its coal asset and focus on the Redmoor Tin/Tungsten Project in the UK (50%-owned) and the Otago Gold Project in New Zealand, along with new project opportunities.

READ: New Age Exploration intersects tin grades up to 29.68% at Redmoor Tin-Tungsten Project

New Age recently intersected high-grade tin in the first hole of second-phase drilling at the Redmoor project.

The results provide further confirmation of improving grades at depth and are the highest-grade intercepts drilled at Redmoor.

Director resignation

New Age technical director Neil Hutchison has resigned as a director to meet new additional workload with alternate companies.

READ: New Age Exploration reports up to 0.66 ppm gold values in Otago, New Zealand ]]>
Thu, 13 Dec 2018 17:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211115/new-age-exploration-confirms-receipt-of-interest-to-divest-non-core-coal-asset-211115.html
<![CDATA[News - New Age Exploration intersects tin grades up to 29.68% at Redmoor Tin-Tungsten Project ]]> https://www.proactiveinvestors.com.au/companies/news/209978/new-age-exploration-intersects-tin-grades-up-to-2968-at-redmoor-tin-tungsten-project-209978.html New Age Exploration Ltd (ASX:NAE) has intersected high-grade tin in the first hole of second-phase drilling at its Redmoor Tin-Tungsten Project in the UK.

The results provide further confirmation of improving grades at depth and are the highest-grade intercepts drilled at Redmoor.

Drilling in 2018 has focused on increasing the tonnage and grade of the tin-tungsten-copper resource within Redmoor’s sheeted vein system and phase II will aim to extend the resource in the open down-dip direction.

Exploration at Redmoor is being conducted by Cornwall Resources Ltd (CRL), the subsidiary company jointly held by New Age and partner Strategic Minerals plc (LON:SNL).

 

Highlighted results are: 6.56 metres at 3.3% tin equivalent from 459.41 metres, including 1.22 metres at 15.55%; 12.01 metres at 1.84% from 493.16 metres, including 0.75 metres at 13.15%; and 7.99 metres at 3.45% from 543.61 metres, including 0.7 metres at 29.68%.

Four holes from phase II are now complete, with an additional hole planned, and assay results are expected early in the first quarter of 2019.

Investors responded positively with shares up 33% to 0.8 cents intra-day.

The company has also begun preliminary ore characterisation metallurgical test work on Redmoor samples in preparation for a future pre-feasibility study.

READ: New Age Exploration reports up to 0.66 ppm gold values in Otago, New Zealand

New Age technical director Neil Hutchison said the results, with grades up to 29.68% tin equivalent, were outstanding and had exceeded expectations.

Hutchison said: “The drilling has been successful in extending and increasing the grades of the known mineralisation beyond the existing resource model.

“Distribution of the various metals is demonstrating zonation within the structure, which is typical of large mineralised systems supporting the upside potential of the project.

“The joint venture agreed to incorporate another drill hole into the program which is expected to contribute to the planned resource upgrade as the CRL team have demonstrated success by extending known mineralisation beyond the existing resource model.”

Hutchison said that once all assay results were received in early 2019, a resource upgrade would be performed with the aim of substantially extending the high-grade resource.

Well-developed wolframite and chalcopyrite

 

READ: New Age Exploration directors step up to executive roles to assist with new strategic direction

The first hole of second-phase drilling yielded values of up to 20.62% tungsten oxide and 1.98% copper, observed in drill core in the form of well-developed wolframite and chalcopyrite mineralisation in quartz veins.

The hole successfully tested a portion of the target immediately below the central part of the high-grade resource, and together with adjacent holes from phase I drilling, provide strong potential to further increase the size and grade of the resource.

Redmoor’s sheeted vein system (SVS) is a body with numerous closely-spaced sub-parallel veins carrying high-grade tin, tungsten and copper mineralisation.

The SVS has a strike continuity of more than 650 metres, with a thickness of around 100 metres, and a variable known dip extent of between 250 and 450 metres.

Within the system are a series of discrete high-grade zones, sub-parallel to the overall SVS envelope.

The 2018 drilling program was designed to test this high-grade material and all holes in phase I intersected it.

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Mon, 26 Nov 2018 20:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209978/new-age-exploration-intersects-tin-grades-up-to-2968-at-redmoor-tin-tungsten-project-209978.html
<![CDATA[News - New Age Exploration Limited reports up to 0.66 ppm gold values in Otago, New Zealand ]]> https://www.proactiveinvestors.com.au/companies/news/209885/new-age-exploration-limited-reports-up-to-066-ppm-gold-values-in-otago-new-zealand-209885.html New Age Exploration Limited (ASX:NAE) has encountered gold values of between 0.25 and 0.66 ppm gold along strike of the historic Otago Pioneer Quartz (OPQ) mine in New Zealand as the company rationalises its portfolio.

The company reported it returned a 0.66 ppm gold value at its Otago South Gold Project on the South Island along a line about 2.7 kilometres southeast and along strike of the mine and soil anomaly defined by Macraes Mining Company in the 1990s.

The value was also about 2 kilometres southeast and along strike of 1.4ppm and 0.6 ppm gold soil results NAE served up in February 2018.

READ: New Age Exploration directors step up to executive roles to assist with new strategic direction

Gold values of 0.5 ppm and 0.25 ppm were seen along a line north of Lake Mahinerangi, about 3 kilometres northwest and along strike of the OPQ historic mine and soil anomaly previously defined by Macraes.

The company reported, “These results potentially extend the strike length of the OPQ gold exploration target significantly.”

NAE director and technical director Neil Hutchison spoke the importance of the latest finds.

Hutchison said, “The initial first pass stages of soil sampling to the north and south of the historically mined OPQ Reef line has been successful in defining gold anomalism along a discontinuous strike length of at least 6 kilometres.

“The OPQ reef was mined over 100 years ago averaging 2 metres wide over a strike length of at least 1,200 metres, yielding an average of around 13 grams per tonne gold.

“This recent round of auger soil sampling has extended gold anomalism by about 2,700 metres to the southeast and 3,000 metres to the northwest across the lake, with several samples returning more than 0.5g/t and up to 1.4g/t gold from soil sampling.

“This suggests structurally controlled gold-bearing veins exist within the schistose host-rocks below the windblown cover, extending along strike in both directions away from the historic OPQ Reef.”

The company’s next step will involve exploration with trenching a drilling of “identifying parallel structures.”

Hutchison noted a parallel zone to the east had also been identified and would be “mapped and soil sampled to test its prospectivity for addition gold-bearing systems.”

 

NAE is taking a new strategic direction, promoting non-executive directors Hutchison and Joshua Wellisch a fortnight ago to manage the process as executives at the company.

The pair is hoping to rationalise the company’s project portfolio, reduce costs and pursue value-adding opportunities.

NAE’s drilling and exploration efforts at Otago is forming part of their review, helping to determine the company’s next course of action for the project.

READ: New Age Exploration to update resources after more drilling

The company has its flagship Redmoor Tin-Tungsten Project in the UK in its portfolio.

Redmoor is in the UK county of Cornwall, near the border of Devon and is housed in the joint venture Cornwall Resources Limited being with partner SNL.

NAE holds a 50% stake in the venture.

Drilling this year at Redmoor project returned thick, high-grade intersections, including 22.49 metres grading 1% tin equivalent from 667.1 metres, which included 2 metres at 4.25%.

NAE’s Cornwall partner SML and NAE have a phase II drilling project planned for the site, with four more holes aimed at extending the high-grade resource ahead of feasibility studies.

The inferred resource is 4.5 million tonnes at 1.0% tin equivalent while a high-grade exploration target of 4-6 million tonnes at 0.9% to 1.3% tin equivalent has been defined.

A resource upgrade will follow phase II drilling.

Lochinvar Cocking Coal Project in Scotland is no longer a key focus under the company’s portfolio rationalisation project and its board plans to pursue options to monetise the asset.

New Age Exploration will hold its AGM in Melbourne this Wednesday, November 28 at 11am at the RSM Australia Partners office at 55 Collins Street.

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Mon, 26 Nov 2018 02:12:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209885/new-age-exploration-limited-reports-up-to-066-ppm-gold-values-in-otago-new-zealand-209885.html
<![CDATA[News - New Age Exploration directors step up to executive roles to assist with new strategic direction ]]> https://www.proactiveinvestors.com.au/companies/news/209050/new-age-exploration-directors-step-up-to-executive-roles-to-assist-with-new-strategic-direction-209050.html New Age Exploration Limited (ASX:NAE) has appointed experienced mining directors Joshua Wellisch and Neil Hutchison as executives to manage its new strategic direction.

Both will step up to the executive roles after previously being appointed as non-executive directors.

The company’s primary strategy moving forward is to rationalise the project portfolio, reduce overall costs and pursue new value-add opportunities.

Opportune time in markets

It intends to utilise the incoming skills and network of the new board to capitalise on an opportune time in the market cycle.

Chairman Alan Broome said: “We are very pleased with the appointments of Mr Wellisch and Mr Hutchison as executives to ensure continuity of operations in conjunction with a new overall strategy.”

Hutchison is an exploration/mining geologist with more than 25 years’ experience working in Australia and overseas, and a track record of discovery, resource/reserve definition, project development, evaluations and acquisitions.

Wellisch is a corporate professional whose career has included several executive management and director roles in ASX listed companies, and he has experience in capital raisings, corporate structuring and the facilitation of ASX listings.

READ: New Age Exploration to update resources after more drilling

New Age Exploration’s primary focus is on the Redmoor Tin-Tungsten Project in the UK.

Exploration will be ramped up in the new year with more results to provide ongoing news flow, including a resource update.

The project is being undertaken through 50%-owned joint venture vehicle Cornwall Resources Limited.

Strong Redmoor results

Drilling this year returned thick, high-grade intersections, including 22.49 metres grading 1% tin equivalent from 667.1 metres, which included 2 metres at 4.25%.

Another intersection of 6.21 metres grading 1.46% tin equivalent from 499.42 metres included 1 metre at 4.11%.

Preparing drill core from the Redmoor project.

Phase II drilling planned

These results prompted New Age and its Cornwall Resources JV partner SML to plan a phase II drilling program with four more holes aimed at extending the high-grade resource ahead of feasibility studies.

The inferred resource is 4.5 million tonnes at 1.0% tin equivalent while a high-grade exploration target of 4-6 million tonnes at 0.9% to 1.3% tin equivalent has been defined.

A resource update has been deferred until after the phase II holes are completed.

READ: New Age Exploration intersects further high-grade tin-tungsten zones ahead of Redmoor resource update

Cornwall Resources holds an exploration licence covering 23 square kilometres in the world-class Cornish tin-tungsten-copper mining district.

Broome added: “It is an exciting time for the company and we look forward to providing further news as we progress.”

The new strategy adopted by the company means that the Lochinvar Cocking Coal Project in Scotland is not seen as a key focus and the board will seek to monetise the asset.

Further detailed evaluation is required at the Otago South Gold Project in New Zealand to determine the next course of action.

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Tue, 13 Nov 2018 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209050/new-age-exploration-directors-step-up-to-executive-roles-to-assist-with-new-strategic-direction-209050.html
<![CDATA[News - New Age Exploration to update resources after more drilling ]]> https://www.proactiveinvestors.com.au/companies/news/207348/new-age-exploration-to-update-resources-after-more-drilling-207348.html New Age Exploration Limited (ASX:NAE) will time a resource update for its Redmoor Tin-Tungsten Project after a second phase of drilling this year after reporting thick, high-grade intersections at its 50%-held Redmoor Tin-Tungsten Project.

The company shared highlights from additional holes at Redmoor today, including a 22.49-metre thick intersection grading 1% tin equivalent.

READ: New Age Exploration makes changes to the board and management

The highlighted intersection was seen from 667.1 metres and included 2 metres at 4.25% tin equivalent.

Another intersection of 6.21 metres grading 1.46% tin equivalent from 499.42 metres included 1 metre at 4.11% tin equivalent.

New Age reported: “These outstanding results included the highest grade length-averaged intercepts yet drilled and highlight the potential to increase both the resource tonnage and grade at Redmoor.”

NAE managing director Gary Fietz told the market: “These results continue to indicate the presence of high grades below the established resource, and show the potential of Redmoor to deliver a larger, higher grade resource.

“We look forward to working towards a significant resource update in quarter 1, 2019.”

READ: New Age Exploration intersects further high-grade tin-tungsten zones ahead of Redmoor resource update

Three more holes have been drilled, finalising the Phase 1 drilling program, with results pending.

New Age said tungsten and copper mineralisation was seen in all three holes, with sampling and analysis currently underway.

The company expects to results final results from the program in November.

New Age and its Cornwall Resources Limited JV partner SML plan to start a Phase 2 drilling program at the site and drill four more holes to extend the high-grade resource ahead of starting feasibility studies next year, in 2019.

The company reported: “Given the better-than-expected Phase 1 results to date, NAE and its JV partner SML have now decided to defer the resource update until after the additional Phase 2 holes are completed, targeting a larger, higher grade resource update.”

READ: New Age Exploration finds multiple tungsten zones at Redmoor project

New Age will fund its 50%, or £121,500, share of Phase 2 drilling costs with cash reserves this month and in October, with results due early next year.

The costs are about two-thirds of what was paid for Phase 1 drilling which began in June this year.

JV partners New Age and SML each spent £332,000 during their first-phase campaign.

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Thu, 18 Oct 2018 02:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207348/new-age-exploration-to-update-resources-after-more-drilling-207348.html
<![CDATA[News - New Age Exploration makes changes to the board and management ]]> https://www.proactiveinvestors.com.au/companies/news/207027/new-age-exploration-makes-changes-to-the-board-and-management-207027.html New Age Exploration Limited (ASX:NAE) has agreed on the termination of Gary Fietz’s executive service agreement (ESA) and his consequential resignation as managing director.

Fietz has agreed to continue to be available to the company as a consultant for a period of three months to ensure an orderly transition to new management.

New Age has also received the resignation of non-executive director Michael Amundsen.

To fill the vacancies left by the above resignations, the company has appointed Neil Hutchison, Stephen Layton and Joshua Wellisch as non-executive directors.

Neil Hutchison

Hutchison is an exploration/mining geologist with over 25 years’ experience working in Australia and overseas.

He has a track record of discovery, resource/reserve definition, project development, evaluations and acquisitions.

Hutchison is currently a non-executive director of Kairos Minerals Ltd (ASX:KAI).

Stephen Layton

Layton has over 35 years’ experience in equity capital markets in the UK and Australia.

Having raised capital for many ASX listed companies, Layton specialises in corporate advisory, facilitation of ASX listings, capital raising services and assisting companies grow.

Joshua Wellisch

Wellisch is a corporate professional whose career has included several executive management and director roles in ASX listed companies.

He is currently a director of NRG Capital specialising in capital raisings, corporate structuring and the facilitation of ASX listings.

READ: New Age Exploration intersects further high-grade tin-tungsten zones ahead of Redmoor resource update

Alan Broome will remain as chairman and will oversee implementation of a new management structure, which is anticipated to include the appointment of a managing director or chief executive officer.

In the meantime, New Age will continue to progress the development of its projects proactively and in line with its previously disclosed strategy.

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Mon, 15 Oct 2018 12:24:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207027/new-age-exploration-makes-changes-to-the-board-and-management-207027.html
<![CDATA[News - New Age Exploration intersects further high-grade tin-tungsten zones ahead of Redmoor resource update ]]> https://www.proactiveinvestors.com.au/companies/news/206342/new-age-exploration-intersects-further-high-grade-tin-tungsten-zones-ahead-of-redmoor-resource-update-206342.html New Age Exploration Ltd (ASX:NAE) has intersected further high-grade zones in phase I drilling at its Redmoor Tin-Tungsten Project in the United Kingdom.

The 7-hole program is now complete with the third and fourth holes delivering the highest-grade length-averaged intercepts yet drilled at the project.

 

The company recently announced it had intersected high-grades in the first two holes and analysis of the remaining three, in which multiple intersections of tungsten and copper mineralisation have been visually identified, is underway.

The drilling was conducted by New Age’s joint venture vehicle Cornwall Resource Ltd, which has New Age and Strategic Minerals plc (LON:SML) as its major shareholders.

Chalcopyrite and wolframite mineralisation from 480.5 metres within sheeted vein system

  READ: New Age Exploration receives best results to date from Redmoor Tin-Tungsten Project

New Age managing director Gary Fietz said: “These results continue to indicate the presence of high grades below the established resource.

“[These] show the potential of Redmoor to deliver a large, higher-grade resource.”

An assay of 22.49 metres at 1% tin equivalent from 667.1 metres, including 2 metres at 4.25%, was intersected in one hole, demonstrating the potential to increase both resource tonnage and grade. 

Other highlighted results include: 22.49 metres at 1% tin equivalent from 667.1 metres, including 2 metres at 4.25%; 6.21 metres at 1.46% from 499.42 metres, including 1 metre at 4.11%; and 5.62 metres at 1.83% from 567.94 metres, including 1 metre at 7.74%; and 6 metres at 2.61% from 583.95 metres, including 3 metres at 4.45%.

Fietz said the company was looking forward to a significant resource update in the first quarter of next year.

Chalcopyrite and wolframite mineralisation from 477.75 metres within sheeted vein system

  READ: New Age Exploration finds multiple tungsten zones at Redmoor project

Based on the strong phase I results, a second-phase drilling program will be undertaken, continuing directly from the end of phase I.

Phase II will consist of at least four holes and will aim to further extend Redmoor’s high-grade resource in preparation for a pre-feasibility study starting in 2019.

New Age will fund its UK£121,500 share of phase II costs during October and November from its available cash, with Strategic Minerals contributing an equal amount.

The first phase was funded by the joint venture partners, with each contributing UK£332,000.

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Wed, 03 Oct 2018 21:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206342/new-age-exploration-intersects-further-high-grade-tin-tungsten-zones-ahead-of-redmoor-resource-update-206342.html
<![CDATA[Media files - New Age Exploration delivers high-grade results at Redmoor amid declining tin supply ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10551/new-age-exploration-delivers-high-grade-results-at-redmoor-amid-declining-tin-supply-10551.html Fri, 21 Sep 2018 02:02:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10551/new-age-exploration-delivers-high-grade-results-at-redmoor-amid-declining-tin-supply-10551.html <![CDATA[News - New Age Exploration receives best results to date from Redmoor Tin-Tungsten Project ]]> https://www.proactiveinvestors.com.au/companies/news/205271/new-age-exploration-receives-best-results-to-date-from-redmoor-tin-tungsten-project-205271.html New Age Exploration Limited (ASX:NAE) has received best results to date from its Redmoor Tin‐Tungsten Project in the UK with almost all being higher grades than the high-grade inferred resource.

Multiple high‐grade zones have been intersected within the Sheeted Vein System (SVS) in the first two holes of the phase I program.

Increasing grades at depth

Results of up to 14.10 metres at 1.44% tin equivalent from 420.25 metres, including 2.00 metres at 4.55% highlight increasing grades at depth.

Managing director Gary Fietz said, “These results have exceeded our expectations and continue to demonstrate the potential for a larger higher‐grade resource extending to depth and increasing in grade with depth at Redmoor.”

 

The drilling by 50%-owned joint venture vehicle Cornwall Resources Limited (CRL) provides evidence of down‐dip extensions of high‐grade SVS zones and potentially extends deeper mineralisation along strike.

Other strong results are:

- 14.21 metres at 1.13% tin equivalent from 644.63 metres, including 1.59 metres at 5.06%; - 7.65 metres at 1.48% from 670.02 metres, including 1.09 metres at 4.84%; - 9.75 metres at 1.01% from 405.00 metres, including 1.5 metres at 3.42%; and - 10.88 metres at 0.92% from 483.36 metres, including 4.20 metre at 1.89%. READ: New Age Exploration finds multiple tungsten zones at Redmoor project

Drilling of three further holes of the phase I program is complete and these holes are being sampled and analysed.

Coarse blocky wolframite in quartz veins.

Visually, these holes have also intersected multiple zones of tungsten and copper mineralisation of a similar appearance to that in the first two holes.

Wolframite and chalcopyrite in quartz veins.

CRL began the phase I program in June 2018 aimed at further increasing the tonnage and grade of the high‐grade tin‐tungsten‐copper inferred resource of 4.5 million tonnes at 1.0% tin equivalent within the SVS.

READ: New Age Exploration substantial shareholder increases interest to 8.65%

Fietz said, “Based on the outstanding results to date from phase I, we expect to be providing an update within a month on the additional drilling plans being prepared by CRL which will pave the way for the commencement of a PFS in 2019.”

Drilling of the final two phase I holes is underway and this work is expected to be completed in early October.

Due to encouraging mineralisation, the majority of holes have been slightly extended beyond planned depths, with the total drilled depth for the phase 1 program forecast to be around 4,200 metres.

Assessing further drilling

Based on phase I results to date, the project partners are reviewing plans to undertake additional drilling.

The aims would be to further expand the size of the high‐grade resource and to increase the level of confidence of a portion of the resource to the indicated resource classification.

These are prerequisites to commencing a pre‐feasibility study in 2019.

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Thu, 20 Sep 2018 09:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205271/new-age-exploration-receives-best-results-to-date-from-redmoor-tin-tungsten-project-205271.html
<![CDATA[Media files - New Age Exploration 'ahead of schedule' with Phase 1 drilling at Redmoor Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10232/new-age-exploration-ahead-of-schedule-with-phase-1-drilling-at-redmoor-project-10232.html Fri, 24 Aug 2018 09:29:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10232/new-age-exploration-ahead-of-schedule-with-phase-1-drilling-at-redmoor-project-10232.html <![CDATA[News - New Age Exploration finds multiple tungsten zones at Redmoor project ]]> https://www.proactiveinvestors.com.au/companies/news/203348/new-age-exploration-finds-multiple-tungsten-zones-at-redmoor-project-203348.html New Age Exploration Ltd (ASX:NAE) has intersected multiple zones of tungsten mineralisation in phase I drilling at its Redmoor Tin-Tungsten Project in the United Kingdom.

The first phase program comprises seven holes for 4,000 metres and is aimed at extending the Redmoor high-grade inferred resource.

Drilling of two holes has been completed and drilling of the third and fourth are underway.

The program is being conducted by New Age’s joint venture vehicle Cornwall Resource Ltd, which has New Age and Strategic Metals plc (LON:SML) as its major shareholders.

 

New Age managing director Gary Fietz said observations in drill core from the first two holes appear to confirm the down-dip continuation of mineralisation well below the current known inferred resource.

Fietz said: “Samples from these holes are now at the laboratory, from which we are awaiting assays to confirm the tenor of this mineralisation.

“Drilling of the remainder of phase I is ongoing and is aimed at further confirming the extent of this untested deeper mineralisation.”

Wolframite in quartz vein, from 432.4 metres

  READ: New Age Exploration’s Redmoor project supported by strong tin and tungsten outlook

The first drill hole reached a total depth of 728.7 metres, observing multiple zones of tungsten mineralisation between 600-715 metres.

This hole was extended below its target depth and is the deepest hole drilled to date.

The second hole was drilled to a depth of 516.9 metres, observing tungsten mineralisation between 405-501 metres down.

Core for the first two holes have been dispatched for analysis and the third and fourth holes have yet to reach the targeted mineralised zones.

READ: New Age Exploration substantial shareholder increases interest to 8.65%

As of Sunday, August 19, the third hole was at a depth of 594 metres and the fourth at a depth of 217 metres.

Their targeted depths are 670 metres and 570 metres, respectively.

Phase I drilling is expected to be finished ahead of schedule in October with final results anticipated in November.

A decision by shareholders on phase II drilling is expected to be made in September.

  READ: New Age Exploration completes placement after issuing tranche two shares

Cornwall has also received a cash payment of $177,000 net of fees from the UK Government, for research and development relief for the years ending June 2016 and June 2017.

A further research and development claim for the year ending June 2018 will be finalised and submitted in the quarter four 2018.

Commenting on the tax relief, Fietz said: “We are also pleased with the research and development payment recently received which strengthens CRL’s cash position and reduces the amount of new funding required.”

New Age has enough cash to fund its share of the 2018 phase II exploration program, as well as corporate overheads.

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Tue, 21 Aug 2018 22:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203348/new-age-exploration-finds-multiple-tungsten-zones-at-redmoor-project-203348.html
<![CDATA[News - New Age Exploration substantial shareholder increases interest to 8.65% ]]> https://www.proactiveinvestors.com.au/companies/news/202172/new-age-exploration-substantial-shareholder-increases-interest-to-865-202172.html New Age Exploration Limited (ASX:NAE) substantial shareholder Kairos Minerals Ltd (ASX:KAI) has demonstrated its confidence in the company’s tin and tungsten strategy through a further investment.

Kairos has increased its interest to 8.65% from 6.21% after acquiring almost 26.54 million shares valued at $172,500.

READ: New Age Exploration secures $227,500 investment from Kairos Minerals

A month ago Kairos became a substantial shareholder through investing $227,500 via the issue of 35 million shares at 0.65 cents per share and now owns almost 61.54 million shares.

New Age has recently boosted capital to advance drilling at the flagship Redmoor Tin-Tungsten Project in Cornwall, UK.

READ: New Age Exploration completes placement after issuing tranche two shares

The company has this week completed a $1.6 million two-tranche placement.

Managing director Gary Fietz said: “Completion of this $1.6 million placement marks an important milestone for the company, allowing it to continue to fund this year’s drilling program at Redmoor.”

New Age has now funded its 50% share of the Redmoor 2018 phase I drilling program, which is estimated to cost £664,000

A second drill arrived at the project recently and the phase I program is progressing on schedule.

Drilling is targeted below the current resource where grades have shown a tendency to increase with depth.

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Fri, 03 Aug 2018 16:16:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202172/new-age-exploration-substantial-shareholder-increases-interest-to-865-202172.html
<![CDATA[News - New Age Exploration completes placement after issuing tranche two shares ]]> https://www.proactiveinvestors.com.au/companies/news/202056/new-age-exploration-completes-placement-after-issuing-tranche-two-shares-202056.html New Age Exploration Ltd (ASX:NAE) has completed its $1.6 million two-tranche placement after issuing the second tranche of placement shares.

The second tranche of shares required shareholder approval which was received at the extraordinary general meeting (EGM) held recently.

New Age’s managing director Gary Fietz said: “The successful completion of this $1.6 million placement marks an important milestone for the company, allowing it to continue to fund this year’s drilling program at Redmoor.”

READ: New Age Exploration Redmoor project supported by strong tin and tungsten outlook

New Age has funded its 50% share (£332,000) of the £664,000 Redmoor 2018 phase I drilling program.

The second drill arrived at Redmoor recently and the phase I program is progressing on schedule.

The company had $1.24 million in cash at 31 July 2018, which will be applied to advancing the company’s projects and to working capital.

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Thu, 02 Aug 2018 12:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202056/new-age-exploration-completes-placement-after-issuing-tranche-two-shares-202056.html
<![CDATA[News - New Age Exploration Redmoor project supported by strong tin and tungsten outlook ]]> https://www.proactiveinvestors.com.au/companies/news/201596/new-age-exploration-redmoor-project-supported-by-strong-tin-and-tungsten-outlook-201596.html New Age Exploration Ltd (ASX:NAE) commenced its 7-hole, 4,000-metre 2018 phase I drilling program in June at its flagship Redmoor Tin Tungsten Project in the UK.

While the Redmoor resource is already the world’s third highest-grade new tin-tungsten project, 2018 drilling aims to demonstrate Redmoor is truly world-class both in term of grade and tonnes.

The objective of the phase I program is to increase the size and grade of the Inferred resource before moving onto the 2018 phase II program.

READ: New Age Exploration raises capital to advance drilling at Redmoor Tin-Tungsten Project

Notably, the outlook for the tin and tungsten markets is positive.

A study by Rio Tinto and MIT ranked tin #1 and tungsten #7 as metals affected by new technology.

Tin may be the forgotten EV metal

Tin is a critical metal for new technology and its uses include electronics, electric vehicles (EVs), robotics and renewables.

EVs have more electronics and therefore need more tin and next-generation tin-based batteries are under development.

Notably, tin is also used in conventional lead-acid batteries.

Tin prices are expected to continue to rise due to supply shortages and growing demand fuelled by increased usage of tin in new technology.

Tungsten’s unique properties make it essential

Tungsten is an essential metal due to its unique properties which include the highest melting temperature of all metals, very high density and very high hardness.

Major uses of tungsten include cemented carbide (drill bits, saw blades), alloys for high temperation application (aerospace and missile systems), light bulbs and electronics.

China produces around 80% of global tungsten but significant supply cutbacks since late 2017 due to Chinese environmental regulation are expected to support tungsten prices.

Developing the Redmoor and Lochinvar projects

New Age is developing its advanced Redmoor Tin Tungsten Project and Lochinvar Coking Coal Project both located in the UK.

Redmoor has a high-grade Inferred resource of 4.5 million tonnes grading 1.00% tin equivalent and an additional Exploration Target, which is the focus of drilling.

Lochinvar is a large strategic coking coal asset located to supply the European steel industry.

An updated scoping study from March 2017 revealed a net present value (NPV) of US$410 million.

The project boats lowest quartile operating costs and low capital costs due to existing rail and port infrastructure.

All three resolutions at EGM passed

All three resolutions proposed at today’s extraordinary general meeting have been passed.

These included:

• Ratification of prior issue of 112 million shares at 0.65 cents;
• Approval for issue of 134.15 million shares at 0.65 cents; and
• Approval for issue of 14.7 million shares to the placement lead manager.

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Thu, 26 Jul 2018 11:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201596/new-age-exploration-redmoor-project-supported-by-strong-tin-and-tungsten-outlook-201596.html
<![CDATA[News - New Age Exploration secures $227,500 investment from Kairos Minerals ]]> https://www.proactiveinvestors.com.au/companies/news/200092/new-age-exploration-secures-227500-investment-from-kairos-minerals-200092.html New Age Exploration Ltd (ASX:NAE) has secured an investment of $227,500 from Kairos Minerals Ltd (ASX:KAI) via the issue of 35 million shares at 0.65 cents per share.

Kairos is now a substantial holder in New Age, having 6.21% voting power.

READ: New Age Exploration raises capital to advance drilling at Redmoor Tin-Tungsten Project

New Age recently completed tranche 1 of its $1.6 million placement, raising $728,000 via the issue of shares at 0.65 cents per share.

The new funds will enable New Age to fund its share of the recently commenced 2018 Redmoor drilling program and to maintain its 50% shareholding in Cornwall Resources Limited.

READ: New Age Exploration to recommence drilling to expand high-grade tin-tungsten resource

New Age re-commenced drilling on site at the Redmoor Tin-Tungsten Project in Cornwall, UK on 22 June 2018.

The phase I drilling program is aimed at upgrading the Redmoor high-grade inferred resource of 4.5 million tonnes at 0.37% tungsten, 0.25% tin and 0.57% copper for a 1.0% tin equivalent grade.

Drilling will be targeted below the current resource where grades have shown a tendency to increase with depth.

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Wed, 04 Jul 2018 16:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200092/new-age-exploration-secures-227500-investment-from-kairos-minerals-200092.html
<![CDATA[Media files - New Age Exploration drilling to demonstrate 'Redmoor is a truly world-class deposit' ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9741/new-age-exploration-drilling-to-demonstrate-redmoor-is-a-truly-world-class-deposit--9741.html Fri, 29 Jun 2018 13:41:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9741/new-age-exploration-drilling-to-demonstrate-redmoor-is-a-truly-world-class-deposit--9741.html <![CDATA[News - New Age Exploration raises capital to advance drilling at Redmoor Tin-Tungsten Project ]]> https://www.proactiveinvestors.com.au/companies/news/199538/new-age-exploration-raises-capital-to-advance-drilling-at-redmoor-tin-tungsten-project-199538.html New Age Exploration Ltd (ASX:NAE) has completed tranche 1 of its $1.6 million placement, raising $728,000 via the issue of shares at 0.65 cents per share.

Firm commitments have already been received for tranche 2 of the placement to raise a further $872,000 via the issue of shares at the same price.

The new funds will enable New Age to fund its share of the recently commenced 2018 Redmoor drilling program and to maintain its 50% shareholding in Cornwall Resources Limited.

READ: New Age Exploration to recommence drilling to expand high-grade tin-tungsten resource

New Age re-commenced drilling on site at the Redmoor Tin-Tungsten Project in Cornwall, UK on 22 June 2018.

The phase I drilling program is aimed at upgrading the Redmoor high-grade inferred resource of 4.5 million tonnes at 0.37% tungsten, 0.25% tin and 0.57% copper for a 1.0% tin equivalent grade.

Drilling will be targeted below the current resource where grades have shown a tendency to increase with depth.

Cornwall Resources Limited funding

New Age will fund its £332,000 share of the Redmoor 2018 phase I drilling program costs by way of participating equally with its JV partner, Strategic Minerals Plc, in a Cornwall Resources Limited placement to raise £664,000, to be undertaken during the week commencing 2 July 2018.

As a result, the loan and underwriting arrangement provided by Strategic Minerals to enable early commencement of drilling will then be cancelled.

New Age managing director Gary Fietz said: “The funds raised from tranche 1 of the placement will be mainly applied to the fully funded drilling program already underway at Redmoor aimed at extending the high-grade resource.

“Also importantly New Age will maintain its 50% ownership in Cornwall Resources Limited and the Redmoor Project.”

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Tue, 26 Jun 2018 12:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199538/new-age-exploration-raises-capital-to-advance-drilling-at-redmoor-tin-tungsten-project-199538.html
<![CDATA[News - New Age Exploration secures funding for tin tungsten project ]]> https://www.proactiveinvestors.com.au/companies/news/199089/new-age-exploration-secures-funding-for-tin-tungsten-project-199089.html New Age Exploration Ltd (ASX:NAE) has secured $1.6 million in commitments for a two-tranche share placement priced at 0.65 cents per share.

The funding will go towards the company’s flagship 50% owned Redmoor Tin-Tungsten Project in Cornwall, UK.

Specifically, the money raised will go towards paying the company’s 50% share of the Redmoor 2018 phase I drilling program amounting to £332,000.

New Age’s managing director Gary Fietz said: “We are delighted by the strong interest in the placement and the funds raised will initially be applied to drilling about to commence at Redmoor aimed at extending the high-grade resource, directly below the current resource where grades have shown a tendency to increase with depth based on results to date.”

Lead manager elects to take fee in shares

In a show of confidence for the company, the placement’s lead manager CPS Capital has elected to take their broker fee payable only in shares at the placement price.

The shares will be issued on completion of the placement subject to shareholder approval. 

Fietz added: “CPS Capital’s request to take their broker fee only in shares demonstrates their support of the Company and their positive view on the value of our projects and we look forward to the continued relationship with CPS Capital going forward.”

READ: New Age Exploration to recommence drilling to expand high-grade tin-tungsten resource

The planned 5,000-10,000-metre program is due to an encouraging economic evaluation based on recently completed mining, processing and surface infrastructure studies.

Drilling is aimed at extending the high-grade resource in order to increase the life of a potential mining operation and consequently its economic value.

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Tue, 19 Jun 2018 11:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199089/new-age-exploration-secures-funding-for-tin-tungsten-project-199089.html
<![CDATA[News - New Age Exploration tips off market to material capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/198909/new-age-exploration-tips-off-market-to-material-capital-raising-198909.html New Age Exploration Ltd (ASX:NAE) has been granted a trading halt by the ASX ahead of a material capital raising.

Shares in the company will remain halted until the earlier of the release of information regarding the capital raising or the commencement of trading next Tuesday.

READ: New Age Exploration to recommence drilling to expand high-grade tin-tungsten resource

New Age is closing in on commencing drilling this month at its 50% owned Redmoor Tin-Tungsten Project in Cornwall, UK.

The planned 5,000-10,000-metre program is due to an encouraging economic evaluation based on recently completed mining, processing and surface infrastructure studies.

Drilling is aimed at extending the high-grade resource in order to increase the life of a potential mining operation and consequently its economic value.

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Fri, 15 Jun 2018 11:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198909/new-age-exploration-tips-off-market-to-material-capital-raising-198909.html
<![CDATA[Media files - NAE 'chomping at the bit' to drill 'sweet spot' and update Redmoor resource ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9399/nae-chomping-at-the-bit-to-drill-sweet-spot-and-update-redmoor-resource-9399.html Wed, 30 May 2018 16:54:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9399/nae-chomping-at-the-bit-to-drill-sweet-spot-and-update-redmoor-resource-9399.html <![CDATA[News - New Age Exploration to recommence drilling to expand high-grade tin-tungsten resource ]]> https://www.proactiveinvestors.com.au/companies/news/197751/new-age-exploration-to-recommence-drilling-to-expand-high-grade-tin-tungsten-resource-197751.html New Age Exploration Ltd (ASX:NAE) expects to commence drilling next month at its 50% owned Redmoor Tin-Tungsten Project in Cornwall, UK.

The planned 5,000-10,000-metre program is due to an encouraging economic evaluation based on recently completed mining, processing and surface infrastructure studies.

Drilling is aimed at extending the high-grade resource in order to increase the life of a potential mining operation and consequently its economic value.

Drilling to increase both tonnage and grade

New Age’s managing director Gary Fietz said: “The recently completed high level mining, processing and infrastructure studies have provided both the company and its joint venture partner, Strategic Minerals Plc, with the confidence that, subject to identification of additional high-grade resources, the Redmoor project has the potential to deliver attractive returns on investment.

“We are very encouraged by the potential of this years drilling program, expected to commence in June, to both increase the tonnage and average grade of the Redmoor resource.”

READ: New Age Exploration upgrades tin-tungsten resource and demonstrates coking coal viability

The recent studies were based on the updated high-grade Inferred Mineral Resource of 4.5 million tonnes at 0.37% tungsten, 0.25% tin and 0.57% copper for a 1.0% tin equivalent grade.

While the project is expected to deliver solid operating margins, the existing resource requires to be increased in order to achieve the joint venture partners' criteria for development investment.

Taking aim at the Exploration Target

A drilling contract has been signed to complete a phased drilling program of between 5,000 and 10,000 metres in total.

Notably, the first phase consisting of 4,000 metres has been funded by joint venture partner, Strategic Minerals Plc.

A JORC-compliant a high-grade Exploration Target of 4 to 6 million tonnes grading between 0.9 and 1.3% tin equivalent will be targeted.

The grade of the resource, in drilling to date, has shown a tendency towards increasing with depth.

It is hoped that the deeper holes planned to test the Exploration Target below the currently delineated resource, may result in further improved grades.

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Mon, 28 May 2018 09:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197751/new-age-exploration-to-recommence-drilling-to-expand-high-grade-tin-tungsten-resource-197751.html
<![CDATA[News - New Age Exploration upgrades tin-tungsten resource and demonstrates coking coal viability ]]> https://www.proactiveinvestors.com.au/companies/news/196794/new-age-exploration-upgrades-tin-tungsten-resource-and-demonstrates-coking-coal-viability-196794.html New Age Exploration Limited (ASX:NAE) is a diversified mining group with an advanced tin-tungsten project, a potentially large coking coal project and a gold project.

The most advanced and active of these is the 50%-owned Redmoor tin-tungsten project where the mineral resource estimate was recently updated.

This project is being undertaken through 50%-owned joint-venture vehicle Cornwall Resources Limited, which also recently updated the exploration target.

High-grade inferred mineral resource

The recently completed inferred mineral resource is nearly double the inferred resource established in 2015.

It features 4.5 million tonnes at 0.37 tungsten, 0.25% tin and 0.57% copper.

The high-grade zones were identified within a sheeted vein system (SVS) and the company has identified a continuation of this trend.

New Age has confirmed that the high-grade zones extend over a strike length of more than 1000 metres and 450 metres down dip.

Exploration target

The exploration target extends down-dip below the resource and contains a drill hole with three of the best high-grade zone intersections achieved in 2017 drilling.

Importantly, mineralisation from these intersections have not yet been incorporated in the mineral resource, suggesting there is more promising news to come.

Further high-grade exploration potential was identified below and to the west of the exploration target and to the north in Kelly Bray lode.

A high definition geophysics survey has been undertaken at the western opportunity.

Assumption of high grades at depth

The exploration target has been determined by assuming a continuation of SVS mineralisation containing high-grade zones in similar frequency and thickness to those within the inferred resource.

These are anticipated to extend down-dip beyond the delineated resource, 250 metres beyond the deepest drill holes to intersect the SVS.

The exploration target is between 4 million tonnes and 6 million tonnes of mineralisation grading between 0.9% and 1.3% tin equivalent.

Drillhole CRD019, as shown below, provides significant support for the exploration target.

This hole intersected over 20 metres (true thickness) of high-grade mineralisation within the exploration target area, at grades significantly in excess of those of the reported resource above it.

Redmoor in top five

Management underlined that the Redmoor high-grade resource has recently been benchmarked against the tin and tungsten projects of competitors.

Redmoor is 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 Redmoor inferred resource has 45,000 tonnes of contained tin equivalent.

Furthermore, the exploration target has the potential to increase this to 100,000 tonnes via further drilling planned for 2018, enhancing its chances of becoming a sizeable world-class project.

Lochinvar Coking Coal Project

The Lochinvar Coking Coal Project is on the border between Scotland and England.

In March 2017, New Age announced the results of an update of a scoping study which showed a substantial improvement in the project economics.

The Lochinvar project now has a base-case NPV, determined to an accuracy of plus or minus 40%, of about US$410 million.

Its metrics also include an internal rate of return of about 27% and a payback period of around four years.

Break even at US$100 per tonne

The scoping study update demonstrates that the Lochinvar project is resilient to changes in coking coal price and other key assumptions.

Based on the study metrics, the project can deliver a break-even result at a hard coking coal price of US$100 per tonne.

The economic evaluation is based on a US$160 per tonne hard coking coal benchmark price/US$150 per tonne Lochinvar realised price.

Management noted that hard coking coal benchmark prices are stabilising at the US$170 per tonne to US$200 per tonne FOB Australian price levels.

This represents a material improvement in prices from 2014-2016 cyclical low levels.

Lochinvar sits comfortably in the lowest quartile of the 2017 Wood Mackenzie Global Seaborne Coking Coal FOB cost curve as indicated below.

With a total FOB operating cost of US$58 per tonne, Lochinvar has the potential to deliver a low-cost, long-life operation which is ideally located to supply the European steel industry.

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Fri, 11 May 2018 14:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196794/new-age-exploration-upgrades-tin-tungsten-resource-and-demonstrates-coking-coal-viability-196794.html
<![CDATA[News - New Age Exploration plans new drilling to extend and upgrade tin-tungsten resource ]]> https://www.proactiveinvestors.com.au/companies/news/196011/new-age-exploration-plans-new-drilling-to-extend-and-upgrade-tin-tungsten-resource-196011.html 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.

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Mon, 30 Apr 2018 15:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196011/new-age-exploration-plans-new-drilling-to-extend-and-upgrade-tin-tungsten-resource-196011.html
<![CDATA[Media files - New Age Exploration just scratching the surface of Redmoor resource ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8915/new-age-exploration-just-scratching-the-surface-of-redmoor-resource-8915.html Wed, 21 Mar 2018 22:20:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8915/new-age-exploration-just-scratching-the-surface-of-redmoor-resource-8915.html <![CDATA[News - New Age Exploration's updated Redmoor resource features robust tin equivalent grade ]]> https://www.proactiveinvestors.com.au/companies/news/193421/new-age-exploration-s-updated-redmoor-resource-features-robust-tin-equivalent-grade-193421.html New Age Exploration Limited (ASX:NAE) has released an updated inferred mineral resource estimate and exploration target for its Redmoor Tin-Tungsten Project in the UK.

The project in Cornwall, which is being undertaken through its 50%-owned joint venture vehicle Cornwall Resources Limited, has revealed promising grades.

Key features of the update were the tin equivalent resource grade of 1% and associated high-grade tungsten and copper mineralisation.

Results support underground project

Redmoor is a working mine and these results strengthen the likelihood of the company being able to rebuild the project.

Managing director Gary Fietz said: “The updated Redmoor inferred mineral resource and exploration target is a major milestone on the path to rebuilding a working mine in the Redmoor area.

"Today’s announcement demonstrates the potential for the Redmoor project to host sufficient high-grade tungsten, tin and copper mineralisation to support an underground mining project."

WATCH: Strategic Minerals & NAE save the best till last with highest grades yet at Redmoor

Fietz added: “The 1.0% tin equivalent resource grade is truly world-class and sets the Redmoor project apart from the majority of competitor tin and tungsten projects.”

Fietz compares with other resource scenarios

Management highlighted the fact that a 1% tin equivalent resource grade would be equivalent in value to an in-situ copper grade of 3.1% or gold grade of 5.3 g/t at spot prices.

There is also the potential for exploration upside.

Further high-grade exploration potential has been identified below and to the west of the exploration target.

Drilling aimed at new targets and resource conversion

The upcoming drilling campaign will be aimed at determining whether or not the exploration target represents a potential mineral resource.

The company will also be looking to improve confidence in its inferred resource, potentially enabling the reporting of an indicated mineral resource.

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Tue, 20 Mar 2018 10:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193421/new-age-exploration-s-updated-redmoor-resource-features-robust-tin-equivalent-grade-193421.html
<![CDATA[News - New Age Exploration to deliver Redmoor tin-tungsten resource update in March quarter ]]> https://www.proactiveinvestors.com.au/companies/news/190715/new-age-exploration-to-deliver-redmoor-tin-tungsten-resource-update-in-march-quarter-190715.html New Age Exploration Limited (ASX:NAE) will follow its 2017 exploration campaign at the Redmoor tin-tungsten project located in Cornwall, United Kingdom with a resource update.

This is due for release in the first quarter of 2018, and positive results to date from the project have prompted management to accelerate project development.

Completion of the second phase drilling program during the December quarter confirmed and reinforced the prospectivity of previously reported results.

Recent drilling improves on historical results

Broad high-grade zones were intersected within the Sheeted Vein System (SVS) with considerably higher grades than those delineated in the course of historical drilling.

READ: Strategic Minerals & NAE save the best till last with highest grades yet at Redmoor

The average intersection length and grade of all 33 intercepts from SVS high-grade zones drilled to date has now increased to 15 metres at 1.0% tin equivalent.

Project located in mining friendly district with nearby infrastructure

The Redmoor Tin-Tungsten Project is located between the village of Kelly Bray and the town of Callington in south-east Cornwall, United Kingdom.

It is circa 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.

New Age and Strategic Minerals JV hold licence

Cornwall Resources Limited holds a 15-year exploration licence over the Redmoor Tin and Tungsten project in the historic mining district of Cornwall, United Kingdom.

Cornwall Resources is now jointly owned by New Age Exploration and its joint venture partner, Strategic Minerals Plc (LON:SML).

A joint venture transaction was completed in February 2017 with Strategic Minerals with a total of £1.05 million paid by SML for 50% of the Redmoor project.

This earn-in payment has been primarily applied to funding the Redmoor 2017 drilling program. 

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Mon, 29 Jan 2018 12:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190715/new-age-exploration-to-deliver-redmoor-tin-tungsten-resource-update-in-march-quarter-190715.html
<![CDATA[Media files - Strategic Minerals & NAE save the best till last with highest grades yet at Redmoor ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8521/strategic-minerals-nae-save-the-best-till-last-with-highest-grades-yet-at-redmoor-8521.html Mon, 11 Dec 2017 22:36:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8521/strategic-minerals-nae-save-the-best-till-last-with-highest-grades-yet-at-redmoor-8521.html <![CDATA[News - New Age Exploration delivers best results to date from Redmoor Tin-Tungsten Project ]]> https://www.proactiveinvestors.com.au/companies/news/188539/new-age-exploration-delivers-best-results-to-date-from-redmoor-tin-tungsten-project-188539.html New Age Exploration (ASX:NAE) has received the best results to date from drilling at the Redmoor Tin-Tungsten Project in Cornwall, U.K.

The last five holes of the phase II program all intersected high-grade zones within the Sheeted Vein System (SVS).

There were nine significant intersections averaging 8.4 metres at 1.34% tin equivalent and with grades up to 12.38% tin equivalent.

Redmoor is a 50:50 joint venture with Strategic Minerals Plc (LON:SML), through joint venture vehicle Cornwall Resources Limited.

The project partners are on track to release a resource update in the first quarter of 2018.

The holes were the final drilled in a 20-hole, 7,046-metre program and grades were considerably higher than previous results.

WATCH: New Age Exploration eagerly awaiting final five Redmoor assays

The average length and grade of all 33 significant intersections from SVS high-grade zones has increased to 15 metres at 1.0% tin equivalent.

One hole returned 7.0 metres at 2.63% tin equivalent from 507 metres, including 1.0 metre at 12.38%, which are the best results of the program.

Depth extent increased by 180 metres

The depth extent has been increased by 180 metres and the zones remain open at depth.

Gary Fietz, managing director, said: “In comparison to other projects, the 15 metres at 1.0% tin equivalent average would be equivalent to a copper grade of 2.5% or a gold grade of 5.3 g/t.

“The results have significantly extended the potential for the resource size and grade to improve at depth, which we believe represents a major advance for the project.

“These new results have encouraged us to start looking at how we can expedite the project development.”

Funded by farm-in payment

The majority of the 2017 Redmoor drilling program was funded by a £1.05 million farm-in payment made by Strategic Minerals in February 2017.

This payment resulted in Strategic and New Age becoming 50% joint venture partners in Cornwall Resources.

The partners’ intent with the resource update is to delineate high-grade SVS zones that have potential to be amenable to underground mining.

Work in 2018 may include further resource drilling and/or metallurgical test work, initial underground mine design, engineering studies and baseline data collection.

Subject to results, this work will position the joint venture to commence an early pre-feasibility study.

READ: New Age is leveraged to a rampaging tungsten price

The Redmoor deposit contains tin, tungsten and copper, all of which have been strong performers in the past 12 months.

China produces about 80% of the world's tungsten and in recent months there have been significant supply cutbacks.

The Chinese government is imposing quotas on tungsten production and is enforcing stricter environmental and safety rules.

Tungsten classed as critical commodity

The European Union has classed tungsten as a critical commodity and the British Geological Survey places it at the top of its supply-risk list of materials needed to maintain the U.K.’s economy and lifestyle.

Fietz said: “While it is difficult to be certain about future Chinese government policy on tungsten production quotas, we expect there to be continued regulatory pressure on Chinese supply.

“This, coupled with ongoing global demand growth for tungsten is ideal timing for the Redmoor project where recent drilling results are starting to show that higher levels of tungsten may be present in the deposit.”

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Mon, 11 Dec 2017 09:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188539/new-age-exploration-delivers-best-results-to-date-from-redmoor-tin-tungsten-project-188539.html
<![CDATA[Media files - New Age Exploration eagerly awaiting final five Redmoor assays ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8346/new-age-exploration-eagerly-awaiting-final-five-redmoor-assays-8346.html Thu, 09 Nov 2017 10:28:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8346/new-age-exploration-eagerly-awaiting-final-five-redmoor-assays-8346.html <![CDATA[News - New Age Exploration drill results support tin-tungsten mine ]]> https://www.proactiveinvestors.com.au/companies/news/186539/new-age-exploration-drill-results-support-tin-tungsten-mine-186539.html New Age Exploration (ASX:NAE) has received results from the remaining 5 holes of its 15-hole Phase 1 drilling program at the Redmoor Tin-Tungsten Project located in Cornwall, U.K.

Assays show high-grade zones within the Sheeted Vein System (SVS), with further broad intercepts and improved grades compared to the previous positive results released in September.

WATCH NOW: New Age Exploration encouraged by first drill results at Redmoor

Results include 7.41 metres at 2.11 % tin equivalent and 15.03 metres at 1.01% tin equivalent.

Based on continued encouraging results in high-grade zones within the SVS, two more holes have been added to Phase 2 drilling, increasing it to five holes in total.

Phase 2 drilling is currently underway with only one whole remaining to be drilled – assays will be received after logged, cut and despatched to the lab.

Gary Fietz, managing director, commented

“These new results from the Redmoor drilling program continue to show broad intercepts from high-grade zones within the SVS with even higher grades than those released in September.

“This continues to support the potential for an underground mining project focussed on the high-grade zones within the Sheeted Vein System.

“Drilling of the five Phase 2 holes is now nearing completion. We look forward to providing an update on the results of these holes by the end of the year, when laboratory analysis is completed and results are compiled.

“The team will then commence working on a resource update which is expected during the first quarter of 2018.”

Drill result details

Results for the remaining five Phase 1 holes from CRD011 to CRD015 have been received.

Three of the four holes targeting the SVS intersected high-grade zones including:

- 7.41 metres at 2.11 % tin equivalent from 298.74 metres including 1.15 metres at 7.45 % tin equivalent;
- 7.83 metres at 1.52 % tin equivalent from 156.15 metres including 2.07 metres at 3.05 % tin equivalent;
- 15.03 metres at 1.01 % tin equivalent from 311.99 metres including 3.01 metres at1.51 % tin equivalent;
- 1.00 metre at 4.40 % tin equivalent from 322.02 metres; and
- 6.63 metres at 1.44 % tin equivalent from 343.74 metres including 1.00 metre at 5.56% tin equivalent.

The remaining hole targeted the Kelly Bray lode and successfully intersected a narrow but exceptionally high-grade lode grading 8.70% copper over 0.75 metres from 367.25 metres depth.

Phase 2 drilling nearly complete

The five-hole Phase 2 drilling program is continuing to target high-grade zones within the SVS with the objective of defining a high-grade resource of sufficient size to potentially support an underground mining operation.

Currently 19 of the 20 holes of the combined Phase 1 and 2 2017 program have been completed and completion of the last hole is imminent.

The results from the five Phase 2 holes will be released after completion of logging, core cutting and laboratory analysis and are expected by the end of 2017.

Working towards a resource upgrade

The SVS high-grade zone significant intercepts continue to represent potentially attractive underground mining targets.

New Age continues to believe that the delineation of the SVS high-grade zones has the potential to significantly increase the grade of the prior December 2015 SVS resource.

Following the receipt of results from the five Phase 2 holes, a resource update will be undertaken, results for which are expected in Q1 2018.

READ NOW: New Age is leveraged to a rampaging tungsten price ]]>
Wed, 01 Nov 2017 14:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186539/new-age-exploration-drill-results-support-tin-tungsten-mine-186539.html
<![CDATA[News - New Age is leveraged to a rampaging tungsten price ]]> https://www.proactiveinvestors.com.au/companies/news/184025/new-age-is-leveraged-to-a-rampaging-tungsten-price-184025.html New Age Exploration Ltd's (ASX:NAE) recent drilling at the Redmoor Tin-Tungsten Project exceeded expectations in terms of thicknesses and grades of the mineralisation.

Redmoor is located in Cornwall, U.K, and is a 50:50 joint venture with Strategic Minerals Plc (LON:SML,USOTC:SMCDY), through the joint venture vehicle known as Cornwall Resources Limited (CRL).

New Age last traded at $0.01 for a market cap of circa $5 million, the same valuation as three months prior, yet during this time the tungsten price has spiked faster than any other major metal due to reductions in Chinese supply and increasing global demand.

Tungsten has rallied 65% since the start of the year, last being valued at US$310-335/mtu.

The supply / demand dynamic

China produces about 80% of the world's tungsten, and over the past two months there have been significant supply cutbacks.

The Chinese government is now imposing quotas on tungsten production and is tightening up on enforcement of environmental and safety rules.

The European Union has classed tungsten as a critical commodity and the British Geological Survey places it at the top of its supply-risk list of materials needed to maintain the U.K.’s economy and lifestyle.

Gary Fietz, managing director for New Age, spoke exclusively with Proactive Investors, and commented:

"While it is difficult to be certain about future Chinese government policy on the application of tungsten production quotas, we expect there to be continued regulatory pressure on Chinese supply, in a similar fashion to Chinese regulation of its metallurgical coal production over the past 12 months.

"This, coupled with ongoing global demand growth for tungsten is ideal timing for the Redmoor project where a number of the recently announced high grade drilling results is starting to show higher levels of tungsten may be present in the deposit."

The Redmoor deposit contains tin, tungsten and copper.

Providing a further potential value upside for the deposit, it's worth noting tin prices are strengthening at the US$21,000 tonne levels, while copper is up around 12% over the past four months to US$2.92 pound.

Let's talk tungsten

For those new to tungsten, it is an indispensable commodity due to its unique properties including having the highest melting point of all metals (3422 oC), a high density (19.3g/cm3 similar to gold) and hardness close to diamond.

As a result tungsten has many uses in today’s society, and most commonly for its hardness in cemented carbide tools and steel alloys, such as drill bits, cutting tools and wear resistant materials which have a range of uses in industry, construction, mining and defence.

Tungsten also has a range of uses in cars and planes, where its high density is important.

Light bulbs use tungsten wire elements, as do window heating strips in cars.

Less known is tungsten’s use in automatic watches and sports equipment such as in golf clubs.

Lastly and also importantly, tungsten has a growing use in electronics such as vibrators in mobile phones and heat sinks in modern computer processors and integrated circuits.

A re-visit to the Redmoor Tin-Tungsten Project

Results from the first 10 holes of the Phase 1 diamond drilling program have been encouraging, with broad zones of mineralisation intersected.

The thicknesses and grades exceeded the expectations of New Age's directors.

Highlights from the Sheeted Vein System (SVS) include: 14.8 metres at 1.00% tin equivalent from 245.7 metres; 17.5 metres at 0.68% tin equivalent from 265.9 metres; and 28.2 metres at 0.81% tin equivalent from 298.8 metres.

The remaining Phase 1 and Phase 2 results covering 18 to 21 holes are expected during the December quarter 2017.

Adding to the knowledge of the project, a review of historical drilling results from the 1980's has identified 31 significant high-grade intercepts within the SVS, some of which were previously interpreted to represent high-grade lodes.

Historical highlights include: 6.0 metres at 3.73 % tin equivalent from 282.0 metres, supported by broad zones such as: 30.7 metres at 0.91% tin equivalent from 354.0 metres; and 65.0 metres at 0.62% tin equivalent.

A key to the project is that the joint venture has maintained a close working relationship with the local community and local and County Councils.

There is ongoing positive community support with Cornwall Council extending drilling consent to 31 October 2017.

The joint venture has also provided local employment, while there is also collaboration with universities, providing further opportunities for master's students.

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Fri, 15 Sep 2017 09:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184025/new-age-is-leveraged-to-a-rampaging-tungsten-price-184025.html
<![CDATA[News - WATCH NOW: New Age Exploration's Gary Fietz encouraged by first drill results at Redmoor ]]> https://www.proactiveinvestors.com.au/companies/news/183637/watch-now-new-age-exploration-s-gary-fietz-encouraged-by-first-drill-results-at-redmoor-183637.html New Age Exploration Ltd's (ASX:NAE) managing director, Gary Fietz, has discussed the rising tungsten price and the latest assays from the Redmoor Tin-Tungsten Project with Proactive Investors.

WATCH NOW: New Age Exploration encouraged by first drill results at Redmoor

New Age is partnering with Strategic Minerals Plc (LON:SML,USOTC:SMCDY), through the joint venture vehicle known as Cornwall Resources Limited (CRL).

READ NOW: New Age sharpens focus as news flows from Redmoor Tin-Tungsten Project ]]>
Fri, 08 Sep 2017 07:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183637/watch-now-new-age-exploration-s-gary-fietz-encouraged-by-first-drill-results-at-redmoor-183637.html
<![CDATA[News - New Age sharpens focus on high-grade zones as news flows from Redmoor Tin-Tungsten Project ]]> https://www.proactiveinvestors.com.au/companies/news/183572/new-age-sharpens-focus-on-high-grade-zones-as-news-flows-from-redmoor-tin-tungsten-project-183572.html New Age Exploration Ltd (ASX:NAE) is poised to increase exploration news flow in coming months from the 50% owned Redmoor Tin-Tungsten Project in Cornwall, United Kingdom.

New Age is partnering with Strategic Minerals Plc (LON:SML,USOTC:SMCDY), through the joint venture vehicle known as Cornwall Resources Limited (CRL).

Results from the first 10 holes of the Phase 1 diamond drilling program have been encouraging, with broad zones of mineralisation intersected.

The thicknesses and grades exceeded the expectations of New Age's directors.

Highlights from the Sheeted Vein System (SVS) include: 14.8 metres at 1.00% tin equivalent from 245.7 metres; 17.5 metres at 0.68% tin equivalent from 265.9 metres; and 28.2 metres at 0.81% tin equivalent from 298.8 metres.

The remaining Phase 1 and Phase 2 results covering 18 to 21 holes are expected during the December quarter 2017.

A resource update is then expected in the March quarter 2018.

Gary Fietz, managing director for New Age, commented:

"The initial 10 holes drilled at Redmoor this year include a number of encouraging intercepts with excellent thicknesses and grades from high-grade zones within the SVS.

"We have re-focused Phase 2 of the drilling program on further definition of high-grade zones within the SVS which we believe are a superior underground mining target than the high-grade lodes targeted by the earlier Phase 1 holes.

"We look forward to updating the market on the remaining Phase 1 and Phase 2 drilling results in quarter 4 this year and on the resource update in the first quarter of 2018."

WATCH NOW: New Age's Gary Fietz discusses tungsten price and latest results

Adding to the knowledge of the project, a review of historical drilling results from the 1980's has identified 31 significant high-grade intercepts within the SVS, some of which were previously interpreted to represent high-grade lodes.

Historical highlights include: 6.0 metres at 3.73 % tin equivalent from 282.0 metres, supported by broad zones such as: 30.7 metres at 0.91% tin equivalent from 354.0 metres; and 65.0 metres at 0.62% tin equivalent.

These intercepts provide confidence in the continuity of high-grade zones.

Next steps

Phase 2 exploration is focused on further definition of the high-grade zones identified within the SVS as these have greater potential for a more economically attractive underground mining target than the high-grade lodes.

Location and support

CRL has maintained a close working relationship with the local community and local and County Councils.

There is ongoing positive community support with Cornwall Council extending drilling consent to 31 October 2017.

The joint venture has also provided local employment, while there is also collaboration with universities, providing further opportunities for master's students.

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Thu, 07 Sep 2017 13:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183572/new-age-sharpens-focus-on-high-grade-zones-as-news-flows-from-redmoor-tin-tungsten-project-183572.html
<![CDATA[Media files - New Age Exploration encouraged by first drill results at Redmoor ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8044/new-age-exploration-encouraged-by-first-drill-results-at-redmoor-8044.html Thu, 07 Sep 2017 09:47:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/8044/new-age-exploration-encouraged-by-first-drill-results-at-redmoor-8044.html <![CDATA[News - New Age Exploration's drilling well advanced at tin-tungsten project in Cornwall ]]> https://www.proactiveinvestors.com.au/companies/news/183138/new-age-exploration-s-drilling-well-advanced-at-tin-tungsten-project-in-cornwall-183138.html New Age Exploration Ltd (ASX:NAE) and 50:50 joint venture partner Strategic Minerals Plc (LON:SML) is advancing drilling at the Redmoor Tin-Tungsten Project in Cornwall, United Kingdom.

The phase 1 drilling program comprises an initial 13 holes targeting high grade mineralisation.

Drilling is well advanced with results expected around September 2017.

Redmoor

The Redmoor Tin-Tungsten Project is located between the village of Kelly Bray and the town of Callington in southeast Cornwall, around 25 kilometres by road from the city and port of Plymouth.

New Age owns 50% of Cornwall Resources Limited (with Strategic Minerals Plc the other 50%) which holds a 15-year exploration licence and Option for a Mining Licence over the Redmoor project.

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Wed, 30 Aug 2017 16:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183138/new-age-exploration-s-drilling-well-advanced-at-tin-tungsten-project-in-cornwall-183138.html