Mining News Update

Redmoor Resource Update – February 2019

Redmoor Resource Update Delivers: Inferred Mineral Resource Tripled and Grade Increased by 17%. New Age Exploration Limited (ASX:NAE) is pleased to announce the results of an updated mineral resource estimate for its Redmoor Tin-Tungsten Project in the UK, undertaken through its 50% owned joint venture vehicle, Cornwall Resources Limited (“CRL”). The updated Mineral Resource Estimate has been completed by external consultants Geologica (UK), following the completion of CRL’s successful 12-hole 2018 diamond drilling program, aimed at expanding the Redmoor resource.

Highlights

  • Updated Inferred Mineral Resource of 11.7 Mt @ 0.56% WO3, 0.16% Sn, 0.50 % Cu (1.17% Sn Eq or 0.82% WO3 Eq)3 defined within parallel high-grade zones within the Sheeted Vein System (SVS) using a break even cut-off grade of 0.45% Sn Eq1.
  • This represents a tripling of the contained metal (now 137kt Sn Eq) compared with the previous March 2018 Mineral Resource estimate (45kt Sn Eq).
  • The 1.17% Sn Eq updated Inferred Mineral Resource grade, reported at a 0.45% break-even cut-off grade, is 17% higher than the previous March 2018 Mineral Resource estimate (4.5Mt @ 1.0% Sn Eq).
  • Included within the Inferred Mineral Resource is 10.2Mt at 1.26% Sn Eq at a 0.65% Sn Eq total cost cut-off grade, reinforcing the potential to economically mine the resource.
  • Continuity of the SVS which hosts the high-grade zones now confirmed over a strike length in excess of 1,000 m and for some 650 m down dip. Ore body geometry appears likely to be amenable to underground mining.
  • Redmoor now ranks as the 2nd highest grade undeveloped tin or tungsten Mineral Resource in the world on a grade basis.
  • On a contained metal basis, the Redmoor Mineral Resource now ranks the (No. 1) largest undeveloped tin or tungsten underground mining project in the world.
  • The majority of the Redmoor deposit remains open down-dip and to the west, where an Exploration Target has been defined in addition to the resource.
  • Initial metallurgical testwork program underway at Wardell Armstrong International, Cornwall.
  • Mining study to commence shortly aimed at identifying optimal project development path.
  • CRL’s shareholders will then consider the next steps in the work program aimed at advancing the project towards PFS completion.

NAE Director Joshua Wellisch commented “The updated Redmoor Inferred Mineral Resource further establishes the project as a deposit of global significance. The 1.17% Sn Eq resource grade places the project in an outstanding competitive position relative to other new tin and tungsten projects around the world. The result of the resource update is consistent with the increased grades seen through the 2018 drill program and provides an extremely strong base on which the project will be advanced from this year”.

A detailed report can be downloaded by clicking here.

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