New Age Exploration Limited (ASX:NAE) will follow its 2017 exploration campaign at the Redmoor tin-tungsten project located in Cornwall, United Kingdom with a resource update.
This is due for release in the first quarter of 2018, and positive results to date from the project have prompted management to accelerate project development.
Completion of the second phase drilling program during the December quarter confirmed and reinforced the prospectivity of previously reported results.
Recent drilling improves on historical results
Broad high-grade zones were intersected within the Sheeted Vein System (SVS) with considerably higher grades than those delineated in the course of historical drilling.
READ: Strategic Minerals & NAE save the best till last with highest grades yet at Redmoor
The average intersection length and grade of all 33 intercepts from SVS high-grade zones drilled to date has now increased to 15 metres at 1.0% tin equivalent.
Project located in mining friendly district with nearby infrastructure
The Redmoor Tin-Tungsten Project is located between the village of Kelly Bray and the town of Callington in south-east Cornwall, United Kingdom.
It is circa 25 kilometres by road from the city and port of Plymouth, and 40 kilometres from the recently commissioned Hemerdon Tungsten mine and processing plant.
The area has well-established infrastructure and is in the world class Cornwall tin–tungsten–copper mineralised district.
New Age and Strategic Minerals JV hold licence
Cornwall Resources Limited holds a 15-year exploration licence over the Redmoor Tin and Tungsten project in the historic mining district of Cornwall, United Kingdom.
Cornwall Resources is now jointly owned by New Age Exploration and its joint venture partner, Strategic Minerals Plc (LON:SML).
A joint venture transaction was completed in February 2017 with Strategic Minerals with a total of £1.05 million paid by SML for 50% of the Redmoor project.
This earn-in payment has been primarily applied to funding the Redmoor 2017 drilling program.