Melbourne-based explorer New Age Exploration Ltd (ASX: NAE) which has mineral projects in the United Kingdom and grass roots gold prospects on New Zealand’s South Island, finished the half year to December in profit.
This was largely due to the impairment loss in the December 2016 half year for the Lochinvar coal project in the UK of $A1.707 million being reversed. So, for the half year profit was $A1.256 M ($NZ1.336 M) and cash outflows from operating and investment activities were $A863,5433.
New Age’s cash and cash equivalents at the end of 2017 was down to $A870,955 ($NZ926,320), compared to the December half of 2016 when it was more than $A2 million.
NAE’s Otago South gold prospect was targeting extensions of the Otago Pioneer Quartz Reef, or a mirror image of the Macraes goldfield to the north.
The company said that post the quarter a stream sediment sampling programme was undertaken in February on the Teviot permit with a total of eight samples being sent to a laboratory.
The forward work programme was being assessed, and will be finalised once all field results were received.
New Age said the February field sampling had been inconclusive in that it had not identified significant anomalous levels of arsenic – a traditional pathfinder mineral for gold in the area.
Possible options ahead include further close-spaced soil-weathered schist sampling near two anomalous gold results, south-east of the Otago Pioneer Quartz Reef.
Subsequent to releasing its December half financial report, New Age has released positive new mineral resource figures for its Redmoor tin-tungsten project in the UK.
Companies mentioned in article