New Age Exploration hits Macraes-style shear zone gold at Lammerlaw project

• NAE finds evidence of Macraes-style shear zone gold in maiden RC drilling at Lammerlaw
• Mineralisation textures, pathfinder geochemistry and host rock type all consistent with early-stage Macraes-style mineralisation
• Additional drilling programs in the works to target new gold zones and higher-grade shoots

Special Report: Results from a maiden reverse circulation drilling program at the Lammerlaw project in New Zealand has highlighted the potential for Macraes deposit-style gold on the tenure.

New Age Exploration (ASX:NAE) says the results are a validation of its exploration strategy and targeting approach, with mineralisation textures, pathfinder geochemistry and host rock type all consistent with early-stage Macraes-style mineralisation.

Of the five holes drilled, four struck gold mineralisation, with the best intersection grading at 2m at 1.05g/t gold within a larger drill hit of 6m at 0.65 g/t gold from 92 metres of depth.

The drill bit also encountered elevated tungsten up to 1750 parts per million and arsenic up to 680ppm alongside antimony in all four mineralised holes, consistent with the pathfinder elements in hard rock gold mineralisation at Macraes.

New Age Exploration executive director Josh Wellisch said the drilling results were an important milestone for the company and the project.

“From the outset, our vision was to test the southern limb of the Otago antiform for Macraes-style mineralisation,” he said.

“We identified Lammerlaw as the key ground to hold, and within our first 500 metres of drilling, we have intersected exactly what we set out to find – shear zone hosted gold mineralisation with the same characteristics that underpin the Macraes system.

“Grades reported in these early intersections are typical of Macraes-style deposits. Our next step is to build on this success – target potential higher-grade shoots and continue to drill towards defining a maiden resource.

“We’re confident Lammerlaw has the geological scale and setting to support a significant gold system, and this is a very encouraging start.”

Macraes gold mine

Lammerlaw sits directly to the south of the Macraes gold mine, along the southern limb of the same regional anti-form structure.

Macraes is New Zealand’s largest active gold producing mine, currently operating in two open pits and two underground mines with an adjacent processing plant.

Over its operating life of more than 30 years, Macraes has produced more than 5 million ounces of gold. Its current mineral resource estimate and ore reserves total another 2.34 Moz.

NAE has taken a methodical approach in searching for Macraes-style mineralisation at Lammerlaw, beginning with detailed mapping of historical workings and old ariel photographs, before advancing to soil surveys.

The company identified an eight-kilometre-long trend of continuous gold in soil, linking up through old workings, and drilling has now confirmed continuous shear-hosted gold mineralisation – much like Macraes.

From here, NAE intends to follow up on its best result with further sampling while planning the next round of drilling to test the remaining targets on the project tenure.

New Age will also delve deeper into the newly discovered shear zone gold system with a second drilling program, testing for continuity and higher-grade shoots as the company works toward a maiden resource estimate.

This article was developed in collaboration with New Age Exploration, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.