New Age Exploration (ASX: NAE) has ‘significantly’ expanded its landholding in the highly-endowed Central Otago Gold Belt in New Zealand following the granting of a prospecting permit over its 100%-owned Manorburn Project.
Following the grant of permit PP60716, the company reports that it has commenced exploration and evaluation of the project as a high priority, with mapping and surface geochemical surveys planned to commence within weeks.
The news follows earlier identification of ‘numerous’ key target areas from a review of legacy exploration data.
Speaking on the update, New Age Exploration Executive Director Joshua Wellisch said: “The granting of the Manorburn permit strengthens our position in New Zealand and Otago where we already have a well-advanced gold exploration program with the Lammerlaw and OPQ Exploration Permits.
“Manorburn adjoins Santana Minerals recent Gold discovery in Bendigo-Ophir”
Manorburn adjoins Santana Minerals (ASX: SMI) recent Gold discovery in Bendigo-Ophir providing an exceptional opportunity to advance our exploration efforts within this highly prospective Gold district in New Zealand. We look forward to providing further updates as we accelerate our programs.”
The addition of the Manorburn project, together with the Company’s existing OPQ and Lammerlaw Projects has now expanded NAE’s landholding within Central Otago to a total of 558km².
The Central Otago Schist/Gold Belt is regarded as one of the most highly-endowed yet underexplored regions in New Zealand. The region hosts the ‘world-class’ Macraes Gold Deposit, which is the largest active gold mine in New Zealand with a combined production and current Mineral Resource totalling in excess of 10 million ounces of gold. In addition, the recently-discovered Bendigo-Ophir Deposits encompass a current Mineral Resource Estimate of 643K ounces of gold.
Map displaying NAE’s Central Otago Gold Project along with significant nearby depositsThe company notes that ‘numerous’ historical gold occurrences have been reported from within each of the project tenement areas, confirming the potential of each to host significant mineralisation.
Moving forward, NAE are proceeding with evaluation work at Manorburn, which will include a comprehensive desktop review of legacy geoscientific exploration data, detailed assessment of all available geophysical data, detailed geological field mapping, regional scale, and detailed surface geochemistry surveys, and drill testing of key target areas.
Images: New Age Exploration Limited
