New Age sets stage to drill Macras gold mine lookalike
New Age is progressing its Lammerlaw project in New Zealand’s South Island by applying for an exploration licence that will pave the way for drilling to begin.
The application follows the receipt of additional assay results from infill soil sampling completed earlier this year that show a series of northwest trending gold-arsenic anomalies that stretch out over 200m to 1,000m of strike.
These results also include a highly anomalous sample that returned 902 parts per billion (0.9 grams per tonne).
Exploration success at Lammerlaw could be significant for the company as the project targets orogenic gold mineralisation hosted in low angle shear zones, which is similar to the +10 million ounce Macras gold mine on the northern side of the Otago Schist Belt.
New Age Exploration (ASX:NAE) notes that the grant of the 75sqkm exploration licence will be the first step towards carrying out an infill drilling program over the gold-arsenic anomalies.
“The application for the exploration permit is a significant step to advance towards a maiden drill program at our Lammerlaw gold project,” executive director Joshua Wellisch said.
“We are very keen to start drill testing the growing gold-arsenic anomalies identified from soil samples completed earlier in 2021.
“We see the progression of the Lammerlaw Project lining up to meet the company’s strategic direction of a year-round pipeline of exploration opportunities.”
The company has also applied to extend the duration of the broader Lammerlaw prospecting licence to continue ridge and spur soil sampling along electromagnetic lineation associated with potential shear-hosted gold mineralisation.
The application for the exploration licence over 75sqkm of the 256sqkm Lammerlaw project area comes after the company identified several gold-arsenic anomalies from soil samples that coincide with electromagnetic lineaments.
These lineaments represent peak metamorphic rock type boundaries/transitions that are the preferred host for shear and similarly timed gold mineralising hydrothermal fluid flow.
New Age says the grant of the licence, expected before the end of 2021, and securing land access will allow it to start drilling during the 2021/2022 summer season.
Meanwhile, further sampling and detailed geological mapping will be carried out to better constrain the anomalies and finalise scout drilling targets.
The company also plans to recommence ridge and spur soil sampling on the untested southern lineaments after winter.
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.