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
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
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.