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:
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.
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.