Proactive Investors - Run By Investors For Investors

New Age Exploration reveals positive mining study on Redmoor project

Binding contracts have now been signed for the sale of New Age’s 50% share of the Redmoor tin and tungsten project.
project map
The sale to Strategic Minerals is for $5 million

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.

View full NAE profile View Profile

New Age Exploration Ltd Timeline

Related Articles

April 03 2019
As its name indicates, graphene is extracted from graphite, the material used in pencils
Supersaturated brine flows from the Long Canyon No 2 well to the cuttings pit
April 16 2019
The company has a $1.65 million commitment from a strategic investor and is rattling the tin for a further $1.35 million.
Lithium cube
December 08 2018
The resource exploration and development company looks to supply the rapidly growing lithium-ion battery industry for both mobile devices and laptops, as well as the burgeoning electronic-vehicle industry

© 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