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New Age Exploration drill results exceed expectations at Redmoor Project

The company is focused on the Redmoor Tin-Tungsten Project and Otago Gold Project.
map of projects and drill rig picture
OVERVIEW: NAE The Big Picture
It is in the process of divesting its interest in the Lochinvar Coking Coal Project

New Age Exploration Ltd (ASX:NAE) has received the drill results from the final four holes of its 2018 drilling program at its Redmoor Tin-Tungsten Project in the United Kingdom.

Results included some of the highest grade intersections to date at Redmoor such as 5.9 metres at 4.93% tin equivalent including 1 metre at 26.20% tin equivalent.

Updating of the JORC resource estimate has commenced and results are expected in the current March quarter of 2019.

JORC resource subject to pending update

All 12 drill holes intersect high-grade mineralisation

Without exception, all 12 of the 2018 drill holes intersected potentially ore-grade mineralisation.

This level of success in targeting mineralisation further confirms confidence in the geological model and the continuation of mineralisation in the high-grade zones.

Exploration at Redmoor is being conducted by Cornwall Resources Ltd (CRL), the subsidiary company jointly held by New Age and partner Strategic Minerals plc (LON:SNL).

Notably, these grades are comparable with grades recently seen in CRD028 of up to 29.68% tin equivalent.

The particularly high tenor of the 2018 results, including the highest-grade intercepts ever drilled at Redmoor highlights the potential to substantially increase both tonnage and grade.

READ: New Age Exploration intersects tin grades up to 29.68% at Redmoor Tin-Tungsten Project

NAE’s director Joshua Wellisch said: “The results from Redmoor continue to exceed our expectations.

“Grades of up to 26.2 % tin equivalent are extremely encouraging and provide a strong conclusion to CRL’s already superb 2018 drill program results.

“These results provide a strong basis for the resource update that is now underway.

“The directors would like to thank the CRL team for their outstanding job of delivering the 2018 program, which we expect will set the tone for a year of substantial progress in 2019.”

Divesting its coal asset to focus on the Otago Gold Project

NAE is in the process of divesting its Lochinvar Coal Project in the UK to focus on Redmoor and its Otago Gold Project in New Zealand.

In December 2018, the company revealed it had received significant interest for the acquisition of its Lochinvar Coal Project.

READ: New Age Exploration confirms receipt of interest to divest non-core coal asset

In November 2018, the company revealed that it had encountered gold values of between 0.25 and 0.66 ppm gold at its Otago South Gold Project on the South Island of New Zealand.

Notably, the project is along strike of from the historic Otago Pioneer Quartz (OPQ) mine.

READ: New Age Exploration Limited reports up to 0.66 ppm gold values in Otago, New Zealand

The 0.66 ppm gold value was about 2.7 kilometres southeast and along strike of the mine and a soil anomaly defined by Macraes Mining Company in the 1990s.

The value was also about 2 kilometres southeast and along strike of 1.4ppm and 0.6 ppm gold soil results NAE sampled in February 2018.

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