New Age Exploration (ASX: NAE) is an Australian-based resource company with two advanced exploration stage projects in the United Kingdom.
Redmoor Tungsten-Tin Project
In October 2012, NAE acquired a 100% interest in the Redmoor Project Exploration License covering 23km2 in the world class Cornish tin-tungsten-copper mining district.
An updated Redmoor total inferred resource was defined in December 2015 of 13.3Mt @ 0.37%WO3Eq (0.56% SnEq) including a High Grade Inferred Resource od 2.3Mt @ 0.80% WO3Eq (1.19% SnEq).
An additional High Grade Exploration Target of 4Mt to 6Mt has also been identified at Redmoor with an estimated grade of 0.6% to 1.0% WO3Eq (0.9% to 1.5% SnEq). The high grade Exploration Target is 2 to 3 times the size of the High Grade Resource at a similar expected grade highlighting the exciting exploration potential of the project.
NAE is currently focused on advancing a high grade mining option for the Redmoor project.
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.
During 2015, NAE made the decision to curtail activities on the Lochinvar project due to low coking coal prices until market conditions improve sufficiently. With expected FOB costs of US$70/t Lochinvar would be in the lowest quartile of global seaborne coking coal costs and is well positioned for the next market upturn.