- New Age Exploration (NAE) prepares for maiden drilling at its OPQ mine in New Zealand
- The planned 935-metre reverse circulation (RC) drill program will begin on February 21, targeting down plunge of the mine and testing a 750-metre section along-strike
- NAE also confirms “encouraging” gold assay results from surface sampling at the Manorburn prospecting permit
- At the Marlborough prospecting permit, initial reconnaissance sampling revealed significant gold assays from outcropping quartz veins and historically mined material
- NAE shares are trading at 0.7 cents at 11:43 am AEDT
New Age Exploration (NAE) is gearing up to commence its first round of drilling at the Otago Pioneer Quartz (OPQ) mine in New Zealand.
The company’s plans include 935-metres of reverse circulation (RC) drilling, targeting down plunge of the mine and testing a 750-metre section along-strike.
NAE Executive Director Joshua Wellisch said the drilling was the first of its kind in the area.
“This is the first hard-rock gold exploration drilling ever to be completed in the historically productive Waipori Goldfield,” Mr Wellisch said.
The OPQ mine and OPQ shear zone have never been drill tested, with the company suggesting positive initial results could spur additional drilling along the shear zone.
“This represents a unique opportunity for NAE to unlock the potential of one of New Zealand’s largest historic goldfields in a world-class gold province,” he said.
The company will begin drilling on February 21, setting up a track-mounted RC drill rig. Six holes will be drilled at depths of between 120 metres and 180 metres, aiming to intersect the gold-bearing quartz within the old workings.
Historically, the OPQ mine produced gold from 1861 to 1903, until development costs became too high and poor weather conditions forced its closure.
At NAE’s Manorburn prospecting permit, surface sampling revealed the tenure of previous samples collected historically in the 1980s. The low-detection gold assays collected from the permit followed up the results from exploration efforts in the 80s.
Additionally, the company recorded encouraging gold assay results from surface sampling in the Marlborough prospecting permit, which demonstrated quartz veins hosting high-grade gold, providing “extensive and worthy” exploration targets.
NAE shares were trading at 0.7 cents at 11:43 am AEDT.