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17/12/2018 — Gold
Otago gold still in NAE’s sights

The Melbourne-based explorer New Age Exploration Ltd (ASX: NAE) still has the Otago Schists gold prospect as a project after deciding to divest one of its projects in Great Britain.

In a brief announcement late last week New Age said it had received “significant interest” in its Lochinvar coal project in the UK.

The company said its board had been motivated to divest Lochinvar and focus on the 50% owned Redmoor tin-tungsten project in the UK and the 100% owned Otago gold project.

The tenor of recent announcements by the company did not give a priority to the Otago project until it recently announced some higher grade results with field testwork.

The two licences are in the southern sector of the Otago Schists and in a similar geological environment to the Macraes gold project, further north, owned by OceanaGold Corporation and NZ’s largest gold producer.

The latest announcement also said technical director Neil Hutchison had resigned to meet new additional workload with alternate companies.

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