New Age Exploration (ASX: NAE) is an Australian-based resource company with two advanced exploration stage projects in the United Kingdom.
Redmoor Tin-Tungsten Project
NAE holds a 50% interest in Cornwall Resources Limited (CRL) which holds an Exploration License covering 23km2 in the world class Cornish tin-tungsten-copper mining district, including the Redmoor Tin-Tungsten Project.
As a result of a 20-hole, 7,046 m drill program completed by CRL in 2017, an updated inferred resource has been defined, and the geological knowledge of the project significantly advanced. This resource, consisting of 4.5 Mt @ 1.00 % SnEq almost doubled the previous high-grade inferred resource.
An additional high-grade exploration target of 4 Mt to 6 Mt has also been identified at Redmoor with an estimated grade of 0.9% to 1.3% SnEq.
A phased drilling programme of between 5,000 m and 10,000 m in total is planned to be undertaken by CRL in 2018. Phase 1 of the 2018 drilling program (4,000 m) will commence in June 2018 which will focus on extending the high-grade resource at Redmoor and aim to add a significant portion of the 4-6Mt exploration target to the resource.
Lochinvar Coking Coal Project
NAE was granted the Lochinvar Coking Coal License in June 2012. The Company then rapidly advanced the project during 2013 and 2014 completing a Phase 1 drilling program and maiden inferred resource in October 2013, followed up by the granting of the Lochinvar South License in February 2014. In August 2014, a Phase 2 drilling program was completed and a total coking coal resource of 111Mt (49Mt indicated and 62Mt inferred) of was defined.
The Lochinvar Scoping Study was completed in October 2014 confirming a low cost and long- life project based on a longwall mining operation delivering a low ash, high volatile coking coal into the UK and European steel industry. The Project is well served by extensive infrastructure including rail within the License providing access to multiple ports and steelworks.
Lochinvar is a large strategic coking coal asset with expected FOB costs of US$70/t in the lowest quartile of global seaborne coking coal costs.
In March 2017 an update of the Lochinvar Scoping Study was completed showing improved economics for the project.