New Age Exploration defines maiden Resource for Redmoor

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THE DRILL SERGEANT: New Age Exploration (ASX: NAE) has defined a maiden Inferred Resource at the company’s Redmoor tin-tungsten project, located in south east Cornwall, United Kingdom.

The calculation of the Resource follows the completion of an assay verification program of historic drill core from the project.

The Inferred Resource at Redmoor has come in at:

–    9.1 million tonnes at 0.69 per cent tin equivalent (0.21 per cent tin, 0.16 per cent tungsten, 0.2 per cent zinc, 0.008 per cent lead, 8.38ppm silver) using a 0.53 per cent tin cut-off grade.

“Establishing a JORC-compliant Inferred Resource for the Redmoor tin tungsten project is a great milestone for us,” New Age Exploration managing director Gary Fietz said in the company’s announcement to the Australian Securities Exchange.

“Within just four months of completing the acquisition, we have created additional value by upgrading the Redmoor Conceptual Exploration Target to a JORC compliant Inferred Resource.

“With the integrity of the historic drilling database confirmed by the re-sampling program and a defined Inferred Resource, we can now confidently move forward with our technical work program, including the completion of a Scoping Study.”

 

Redmoor project location plan and regional geology. Source: Company announcement

 

NAE said the Mineral Resource remains open both at depth and laterally and has had the modelled orebody extended into areas of more limited drilling to define an Exploration Target.

Based on this work, the company’s contractors, SRK consider a reasonable Exploration Target, in addition to the Inferred Resource, to be in the range of four to six million tonnes with an average tin grade of between 0.08 per cent and 0.13 per cent, a tungsten grade of between 0.16 per cent and 0.26 per cent a copper grade of between 0.20 per cent and 0.34 per cent and a tin equivalent grade of between 0.51 per cent and 0.85 per cent.

NAE is now compiling historical technical data in preparation for a Scoping Study to identify the company’s preferred development pathway and to enable it to more accurately determine project economics.

From these studies, the company indicated it will then consider its future options, which may include continued testwork, securing strategic partnerships and/or divestment.