New Age Exploration (ASX:NAE) reports recent field work at its Central Otago Gold Project in New Zealand has expanded the pool of ‘highly prospective’ targets in the Otago Pioneer Quartz (OPQ) gold exploration project area.
Sampling old working has demonstrated the ‘high-grade’ potential of the OPQ Fault Zone and adjacent narrow vein quartz lodes.
NAE considers its OPQ gold exploration project to potentially host structurally controlled, ‘high-grade’ quartz lode systems, as well as bulk tonnage Macraes and Bendigo Ophir orogenic gold deposits.
The company’s share price had surged 14.285% as of 11.30am AWST.
Commenting on the results, New Age Exploration CEO and Executive Director Joshua Wellisch said: “The OPQ project represents an exciting drill ready, high-grade gold opportunity within our New Zealand portfolio.
“The OPQ project represents an exciting drill ready, high-grade gold opportunity”
The utilisation of modern exploration techniques including the latest geophysical review has highlighted a significant increase in the overall target horizon for high-grade gold deposits.
We look forward to conducting our maiden drill program following the pending results and required field preparations.”
The Central Otago Schist Belt is renowned for the famous Otago gold rush that began in the 1860s, when alluvial gold was discovered in ‘extremely rich’ Gabriel’s Gully, an area located less than 15km to the east of OPQ gold exploration project.
Hard rock gold mining followed but stopped in the early 1900s. Since then, very little focused modern exploration has been applied and no drill has ever been completed within the OPQ Gold Exploration Project area.
This combination of historically productive ground in an under-explored area presents an exciting opportunity for NAE to make a significant discovery.
Images: New Age Exploration Ltd