Proactive Investors - Run By Investors For Investors

New Age Exploration to update resources after more drilling

The project is being undertaken through its 50%-owned joint venture vehicle Cornwall Resources Limited.
New Age and its partner will continue to target tin-tungsten

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.

View full NAE profile View Profile

New Age Exploration Ltd Timeline

Related Articles

Bauxite on a ship
January 21 2019
The company will undertake a number of site preparation activities in the March quarter.
Cobalt on the element table
January 17 2019
The company’s managing director will speak at the RIUExplorersConference in Fremantle next month.
gold bars
December 20 2018
Arc Minerals has significant upside at Kalaba in Zambia

© Proactive Investors 2019

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

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