A small budget has been earmarked for more field work on two gold prospects in Otago South for Melbourne-based explorer New Age Exploration Ltd (ASX: NAE).
The company, which has its prime interest on tin-tungsten and coal properties in the United Kingdom, retains two essentially grass roots prospects in Otago South which it considers may have geological analogies to the huge Macraes gold project further north, operated by OceanaGold Corporation (TSX & ASX: OGC).
The June quarter report said results in the past two years have shown areas with anomalous gold and early this year soil sampling on strike extensions of the historic OPQ Reef and on targets further south produced anomalous gold values.
Two samples from manportable percussion core drilling gave anomalous values, while stream sampling on the Teviot permit near Beaumont gave anomalous levels of gold.
New Age said the follow-up programme to better delineate strike extent of the OPQ Reef should be completed by late September on a budget of $A20,000 ($NZ21,800).
During the quarter New Age undertook a two-tranche capital raising for $A1.6 million and undertook a presentation that focussed on its UK assets. The company finished the quarter with $1,053,352.