New Age Exploration Limited
New Age Exploration Limited
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(DEVELOPMENT)
Australian-based explorer is taking advantage of the improving economic outlook for metallurgical coal to commission an updated scoping study on its Lochinvar project in the UK straddling the England-Scotland border.
The improving economic outlook for metallurgical coal has prompted New Age Exploration to commission an updated scoping study on its Lochinvar project in the UK straddling the England-Scotland border.
NAE says it’s cautiously optimistic geopolitical events and UK government changes will continue to improve the regulatory environment for metallurgical coal.
Exec director Joshua Wellisch says NAE has received expressions of interest the Lochinvar project from a range of potential investors.
Australian company New Age Exploration has consolidated its position as a leading explorer in New Zealand with the grant of a 499sqkm prospecting permit over its 100%-owned Marlborough gold project at the top of the South Island.
NAE plans an initial program of geophysical review, mapping, rock chip and soil sampling in the current quarter while continuing work on its existing permits further south in Central Otago.
(EXPLORATION)
Australian company New Age Exploration will be targeting the epicentre of New Zealand’s gold rush of the 1860s after gaining approval to explore an area in Marlborough encompassing four significant gold-tungsten occurrences.
Australian-based NAE continues to seek improved economics for its 100%-owned Lochinvar coking coal project on the English-Scottish border, with an optimisation study by technical consultants Palaris identifying a potential lower-cost pathway to development.
The study sees opportunities advance saleable coal delivery by adding a single bord and pillar mining panel during the forecast 2-year construction period, prior to first longwall production.
UK battery metals specialist Strategic Minerals will take full ownership of the Redmoor tin-tungsten project in Cornwall after reaching agreement to buy the 50% shareholding of New Age Exploration for up to £2.66M in cash and royalties.
SML says having 100% control will enable it to set development timing at Redmoor, where it recently increased inferred resources to 137,000t SnEq (11.7Mt @ 1.17%).
UK miner Strategic Minerals has trebled the estimate of contained metal and underlined the potential of its Redmoor tin-tungsten project in SE Cornwall after achieving strong results in its 2018 drilling program.
Inferred resources at Redmoor calculated by Geologica UK are now 11.7Mt @ 1.17% for 137,000t tin-equivalent.
Exec director Peter Wale says the resource adds confidence to SML and its 50% JV partner New Age Exploration in their aim to restart mining at Redmoor.
Australian-based NAE is closer to its strategy of selling its Lochinvar coking coal project, reporting significant interest since it announced plans to divest the potential underground longwall mine on the border between Scotland and England.
NAE says the sale would enable it to focus on its 50%-owned Redmoor tin/tungsten project in SE Cornwall, in JV with Strategic Minerals, and it 100%-owned Otago gold project in New Zealand.
(TUNGSTEN) Despite late March storms that temporarily slowed its progress at the Hemerdon mine in SW England, Wolf Minerals remains the leader of an emerging trend to target ancient mines for tungsten, tin and other metals to feed EV, electronics and renewable energy sectors.
The changing economic position for coal continues to improve the prospects for NAE's Lochinvar hard coking coal project in Scotland, with a scoping study update boosting its base-case NPV by 54% to $US410M and IRR by 35% to 27%. The study draws on higher coal prices, growing demand and the post-Brexit decline in the UK currency.
Lochinvar is predicted to produce 47Mt over a 26 year mine life at operating costs of $US58/t against realised prices of $150/t, delivering cash of $95Mpa and allowing 4-year payback of the $229M construction capital cost.