New Age Exploration Ltd

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

Drilling aims to expand the resource to increase the valuation of a future mining operation.

RC drill rig
Recently completed studies already forecast the project to be profitable

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.

Quick facts: New Age Exploration Ltd

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Market: ASX
Market Cap: $2.67 m

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