ASX Release 20th September 2018: New Age Exploration (“NAE” or “the Company”) is excited to announce the outstanding results from the first two holes of the 2018 Phase 1 drilling program at its Redmoor Tin‐Tungsten Project, being undertaken through its 50% owned joint venture vehicle Cornwall Resources Limited (“CRL”).
- Multiple high‐grade zones successfully intercepted within the Sheeted Vein System (SVS) in both of the first
- These outstanding results are the best achieved to date at Redmoor and are almost all higher grades than the current high‐grade inferred resource (1.0% SnEq), highlighting increasing grade observed with depth in CRL holes drilled to date at Redmoor.
- The above intercepts provide strong evidence of down‐dip extensions of the high‐grade zones within the SVS (up to 180m below existing intercepts) and also potentially extend this deeper mineralisation along‐strike.
- Drilling of 3 further holes (CRD023, CRD024 and CRD025) of the Phase 1 program is now complete and these holes are in the process of being sampled and analysed. Visually, all three holes have intersected multiple zones of tungsten and copper mineralisation of a similar appearance to that in CRD021 and CRD022.
- Drilling of the final 2 Phase 1 holes (CRD026 and CRD027) is now underway and is expected to be completed in early October.
- Final results from the Phase 1 program are expected to be released in November.
- Based on the outstanding Phase 1 results to date, CRL’s shareholders, NAE and SML, are reviewing plans to undertake additional drilling to further expand the size of the high‐grade resource and at increasing the level of confidence of a portion of the resource to an Indicated Mineral Resource classification. These are prerequisites to commencing a Pre‐Feasibility Study in 2019.
NAE Managing Director Gary Fietz commented: “These results have exceeded our expectations and
continue to demonstrate the potential for a larger higher‐grade resource extending to depth and
increasing in grade with depth at Redmoor. Based on the outstanding results to date from the Phase 1
program, we expect to be providing an update within a month on the additional drilling plans being prepared by CRL which will pave the way for commencement of a PFS in 2019”.