New Age Exploration (ASX: NAE) is an ASX-listed resources Company offering an opportunity to invest in coking and thermal coal projects in the favourable investment destinations of the United Kingdom and Colombia.
In June 2012 NAE was granted an underground licence over a major coking coal project in the UK, The Lochinvar Project. Situated on the Scottish and English borders, Lochinvar contains a Conceptual Exploration Target of 330 to 410 million tonnes of potential high volatile coking and PCI coal1. The Lochinvar Coking coal project is well served by extensive infrastructure including a railway line within 16km providing access to multiple ports and steelworks.
NAE is currently proceeding towards the delineation of a JORC resource at Lochinvar and the commencement of a scoping study.
The Terranova Project in Central Colombia is NAE’s most advanced Colombian project where the Company has entered into a binding agreement with the operators and owners of the producing Terranova Mine to undertake the mechanisation and expansion of the coking coal operation.
To date, the Company has announced a maiden JORC Resource estimate of 3.6Mt medium volatile hard coking coal (1.6Mt measured and indicated, 2Mt inferred) at the Terranova 887T concession.
In the Cesar Basin, NAE has entered into binding agreements to acquire two exploration and mining concessions within the Cesar thermal coal basin in Colombia through the NAE-Aurora partnership.
In addition to the Company’s coal assets, NAE has signed an agreement with the owner of mineral rights covering an area of approximately 23km2 that includes the Redmoor Tin-Tungsten Project in south east Cornwall, UK. NAE intends to commence a work program in 2013 to confirm the exploration target and to allow the reporting of a potential JORC Resource.
1Based on 13 boreholes and 55km of seismic lines completed by the NCB from the 1950′s to the early 1980′s
2FWS conceptual exploration targets issued 27th July 2011 and 3rd August 2011