Join our daily newsletter At The Bell to receive exclusive market insights
- New Age Exploration (NAE) granted a prospecting permit which covers the Marlborough gold project in New Zealand
- The permit expands the company’s position within the Central Otago and Marlborough Schist belt as it already holds the Lammerlaw, OPQ and Manorburn projects
- According to New Age, the Marlborough project has seen little exploration but is considered highly prospective with a number of “compelling” targets
- Later in the quarter, the company will undertake a geophysical review, as well as mapping and sampling at the project
- NAE shares are down 12.5 per cent to trade at 0.7 cents per share as of 12:11 pm AEST
New Age Exploration (NAE) has expanded its landholding in New Zealand following the grant of a prospecting permit.
The company was granted PP60725 which covers its Marlborough project in the highly prospective Central Otago and Marlborough Schist belt.
While it’s reportedly highly prospective and host to “compelling” targets, the Marlborough permit is underexplored with little to no modern exploration undertaken.
New Age believes the Marlborough permit may host structurally-controlled orogenic gold mineralisation similar to the bulk tonnage Macraes and Bendigo-Ophir deposits, as well as high-grade quartz lode systems that are seen in other parts of the Otago goldfield.
In addition to the Marlborough project, the company also owns the Lammerlaw, OPQ and Manorburn projects. The Manorburn Project sits adjacent to Santana Minerals’ (SMI) two million ounce Rise and Shine project.
Executive Director Joshua Wellisch said the new permit gives the company the opportunity to test historically proven ground with modern exploration methods.
“The granting of the Marlborough permit consolidates our pier competitive position in New Zealand and compliments our presence in Otago where we continue to advance all projects towards drill ready targets,” he said.
New Age Exploration will conduct a work program which will include a geophysical review, mapping, and rock chip and sampling at the Marlborough project.
NAE shares were down 12.5 per cent to trade at 0.7 cents per share as of 12:11 pm AEST.
