- New Age Exploration (NAE) completes the acquisition of four Pilbara-based tenements from Monterey Minerals
- NAE has paid an upfront consideration of 7.5 million shares and will pay up to a further 60 million shares upon meeting resource estimate milestones
- Recent drilling focused on multiple targets displaying similarities to De Grey Mining’s (DEG) Hemi gold discovery and will be followed up with more drilling
- In conjunction with two recently granted tenements, New Age Exploration now has a 100 per cent-owned landholding of 2400 square kilometres
- Company shares are up 14.3 per cent to trade at 1.2 cents at 12:44 pm AEST
New Age Exploration (NAE) has completed the acquisition of four Pilbara-based tenements from Monterey Minerals.
The companies signed the option and asset sale agreement in September 2020 for NAE to acquire a 100 per cent interest in the tenements.
New Age Exploration has paid an upfront consideration of 7.5 million shares, will pay a deferred consideration of 30 million shares which will be issued once it delivers a 250,000-ounce indicated resource on the tenements. A further 30 million shares will be issued when it has completed a 500,000-ounce resource.
The decision follows an initial review of results from a phase one drilling program which included 37 holes. The aircore program covered 12 high priority targets which display similarities to De Grey Mining’s (DEG) Hemi gold discovery.
Due to the limited depth of the drill rig however, the majority of the modelled “Hemi-style” magnetic targets remain untested. Follow up drilling with a more powerful rig is being planned for later this year.
Despite most of the magnetic targets remaining untested, several of the holes encountered mafic-ultramafic rocks and low-level gold and base metal anomalism.
Previous results include two metres at 0.41 grams of gold per tonne (g/t) including one metre at 0.77g/t gold from 37 metres; and two metres at 0.13 per cent zinc, 0.59g/t silver and 0.12 per cent lead including 0.14 per cent zinc, 0.55g/t silver and 0.12 per cent lead from 10 metres.
Executive Director Joshua Wellisch was pleased with the initial drill results.
“We are extremely encouraged by the initial drill results received on this reconnaissance drilling program. Drilling under thick transported cover and exposing previously unrecognised mafic-ultramafic rocks with anomalous gold and base metals is an excellent start,” he said.
In addition, New Age has been granted the remaining two tenements within the adjacent Quartz Hill Project and, with the completion of the Northern Pilbara acquisition, NAE’s 100 per cent-owned landholding now totals 2400 square kilometres.
“Our substantial landholding in the Pilbara is now all 100 per cent-owned and granted which will underpin an exciting pipeline of exploration opportunity,” Mr Wellisch said.
Company shares were up 14.3 per cent to trade at 1.2 cents at 12:44 pm AEST.