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- New Age Exploration (NAE) secures additional tenements within the Quartz Hill Gold project in the Central Pilbara gold district of Western Australia
- The most recent tenure adds to three exploration licences granted last month, covering a further 651 square kilometres
- Executive Director Joshua Wellisch said the project is close to being fully granted and the company is eager to start the next stage of exploration
- Additionally, NAE and Monterey Minerals have agreed to extend the option to acquire the Northern Pilbara package, while NAE awaits assay results
- Shares are trading 8.3 per cent higher at 1.3 cents each at 10:08am AEST
New Age Exploration (NAE) has been granted three additional tenements within the Quartz Hill Gold project in the Central Pilbara Gold district of Western Australia.
The most recent granted tenure is in addition to three exploration licences granted last month, covering a further 651 square kilometres.
All new tenure is located adjacent to De Grey Mining’s (DEG) illustrious Hemi gold deposit, which is estimated to house more than 6.8 million ounces of gold.
With the additional tenements, New Age Exploration Executive Director Joshua Wellisch said the project is close to being fully granted and the company is eager to start the next stage of exploration.
“Our team is continuing to achieve proficient progress across the entire portfolio in the highly prospective Central Pilbara and is focussed on delivering a pipeline of exploration opportunity in the region.”
In other news, NAE is awaiting assay results and an evaluation report for a recently completed drill programme at the Northern Pilbara package, which is under option with CSE-listed Monterey Minerals (MREY).
Under the option and asset sale agreement between New Age and Monterey, NAE has the right to acquire whole ownership of the tenements from Monterey.
However, the companies have agreed to extend the option term by 45 days to enable NAE to receive and evaluate the pending assays before considering exercising its right to acquire the tenements.
New Age plans to update the market in the coming weeks.
Shares were trading 8.3 per cent higher at 1.3 cents each at 10:08am AEST.
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