Past year: ▼ 33%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 June 2020drilling progress report● Neutral
NAE's team has mobilised in Otago after COVID-19 lockdown for mapping and soil and rock chip sampling at Lammerlaw and OPQ. About 350 soil samples are planned along 17 lines. This starts the delayed field program; no results yet.
23 Apr 2020drilling progress report● Neutral
An airborne geophysics review by APSAR identifies priority targets across the OPQ and Lammerlaw gold permits for Macraes-style gold. Mapping and sampling will start after COVID-19 working restrictions lift, so timing of field work is uncertain.
12 Dec 2019drilling result▲ Good
OPQ Phase 1 assays show 0.1-2.5 g/t gold in 5 shallow hand-held holes, bringing anomalous results to 10 and supporting a roughly 6km potential strike. This is modest, not a discovery. Phase 2 aircore and trenching planned for Q1 2020.
24 Sept 2019resource reserve update▲ Good
A Palaris study finds Lochinvar could start with a cheaper Bord and Pillar mine, with about 33Mt of the existing resource between 200m and 400m deep. NAE plans further study. No resource change or cost figures are given; it builds on the existing 111Mt resource.
29 Aug 2019drilling scheduled● Neutral
NAE will restart gold exploration at Otago Pioneer Quartz in mid-September 2019 with Phase 1 mapping and soil sampling, to define targets for later aircore drilling and trenching. Assay results are expected in December. The target strike length is up to 6km.
17 May 2019resource reserve update● Neutral
A high-level mining study by Wardell Armstrong, on the Feb 2019 resource, found Redmoor suited to underground long-hole stoping with backfill; the economic evaluation was called encouraging. No figures given. NAE is selling its 50% stake, so it will not carry this work forward.
15 Apr 2019resource reserve update▲ GoodMajor
Consultants Palaris set a Lochinvar North Exploration Target of 77-142Mt of coking coal, based on historic boreholes showing Nine Foot seam averaging 4.1m. It is conceptual, not a resource, and adds to the existing 111Mt Lochinvar resource.
14 Feb 2019resource reserve update▲ GoodMajor
Redmoor Inferred Resource is now 11.7Mt @ 1.17% SnEq, up from 4.5Mt @ 1.0%. Contained metal roughly triples to 137kt SnEq. A mining study is next, and shareholders will then consider steps toward a pre-feasibility study.
24 Jan 2019drilling result▲ GoodMajor
Final four 2018 Redmoor holes all hit mineralisation, with intercepts up to 26.20% SnEq. Across all 12 holes the average grade is 1.81% SnEq, 81% above the current resource. The program finished under budget; a resource update is due in Q1 2019, and CRL received a £138,000 R&D refund.
27 Nov 2018drilling result▲ GoodMajor
Remaining Phase 1 holes and the first Phase 2 hole all returned high grades. CRD028 hit up to 29.68% SnEq, the highest yet at Redmoor. One extra hole (CRD032) was added to Phase 2 within budget. A resource update is planned for Q1 2019, and metallurgical testwork has begun.
26 Nov 2018drilling result▲ Good
September soil sampling at the Otago Pioneer Quartz gold target found anomalous gold up to 0.66ppm, potentially extending the target's strike. The Teviot permit was dropped after no anomalous results. An exploration permit application covering 71.4 km² was lodged with priority status. Next: trenching and drilling.
18 Oct 2018drilling result▲ Good
Re-release with clarification of the 4 October Redmoor results: CRD023 22.49m @ 1.00% SnEq and CRD024 6.00m @ 2.61% SnEq. Remaining Phase 1 holes are drilled, with final results due November. NAE funds £121,500 for Phase 2. Resource update deferred to Q1 2019.
4 Oct 2018drilling result▲ GoodMajor
Two more Redmoor holes returned high grades, e.g. CRD024 6.00m @ 2.61% SnEq and CRD023 22.49m @ 1.00% SnEq. A Phase 2 of at least 4 holes will follow, with NAE funding £121,500. The resource update is deferred to Q1 2019 to capture a larger resource.
20 Sept 2018drilling result▲ GoodMajor
First two 2018 Redmoor holes hit high grades, e.g. CRD022 14.10m @ 1.44% SnEq and CRD021 7.65m @ 1.48% SnEq, up to 180m below earlier intercepts. Directors say these are the best yet and exceed expectations. Additional drilling is under review ahead of a 2019 PFS.
22 Aug 2018drilling progress report▲ Good
Two of seven 2018 Redmoor holes are complete, with tungsten mineralisation seen to 715m depth; assays are due in September. Cornwall Resources received a £101,000 R&D tax refund. A Phase 2 decision (about 8 holes) is due in September.
28 May 2018drilling scheduled▲ GoodMajor
Preliminary studies on the 4.5Mt Redmoor resource were encouraging, so a 5,000-10,000m drilling program restarts in June. Phase 1 (4,000m) is funded by a £664,000 underwriting and loan from partner SML. Resource update expected by end-2018. The company says the studies are not a JORC Scoping Study.
20 Mar 2018resource reserve update▲ GoodMajor
Redmoor high-grade Inferred Resource is now 4.5Mt @ 1.00% SnEq, almost double the 2015 high-grade estimate. A new Exploration Target of 4-6Mt @ 0.9-1.3% SnEq sits below it. A phased drilling program and scoping studies are underway, with a pre-feasibility study aimed for 2019.
11 Dec 2017drilling result▲ GoodMajor
All 5 Phase 2 Redmoor holes hit high-grade zones, averaging 8.4m @ 1.34% SnEq. CRD019 found 7.00m @ 2.63% SnEq, extending the zones 180m deeper and still open. Resource update is on track for Q1 2018, and the joint venture wants to speed development.
1 Nov 2017drilling result▲ GoodMajor
Final 5 Phase 1 Redmoor holes returned higher grades, e.g. CRD013 7.41m @ 2.11% SnEq and CRD015 15.03m @ 1.01% SnEq. NAE and SML will each fund a further £180,000 total for 2 more Phase 2 holes (5 total), resource update and 2018 overheads. Resource update still Q1 2018.
7 Sept 2017drilling result▲ GoodMajor
First 10 Redmoor Phase 1 holes returned high-grade intercepts, e.g. 28.2m @ 0.81% SnEq in CRD009, which the directors say exceed expectations. Partners fund the first 3 Phase 2 holes (£150,000), refocused on the high-grade zones. Resource update is expected Q1 2018, later than the late-2017 target.
31 July 2017drilling result▼ BadMajor
Otago South soil and rock sampling (877 samples) remained inconclusive for gold. NAE applied to relinquish 75% of both permits, cutting holding costs from about NZ$51,000 to NZ$13,000 a year, with a small follow-up planned for Q4. This follows the weak April results.
15 May 2017drilling scheduled▲ GoodMajor
NAE plans a 4-7 hole Lochinvar drilling program targeting shallower coal west and south of the resource, starting Q4 2017 and finishing H1 2018. Budget is about A$1.2M, funded by the placement, SPP and cash, and depends on the SPP raising enough.
4 Apr 2017drilling result▼ BadMajor
Otago South soil sampling (783 samples) found no significant arsenic anomalies, so the planned approach is unlikely to work. One rock chip reached 193ppm arsenic. About NZ$87,000 of the NZ$150,000 budget is spent; Q2 work shifts to historic gold workings, with results due in July.
22 Mar 2017drilling spud▲ GoodMajor
Drilling started at Redmoor on 21 March, on schedule, with two Energold rigs. Phase 1 is 13 holes, expected to finish in Q3 2017. Preliminary results are due in Q3 and final Phase 1 results in Q4; Phase 2 depends on Phase 1 success.
15 Mar 2017resource reserve update▲ GoodMajor
Lochinvar scoping study update lifts base-case NPV to about US$410M (from US$263M in 2014), IRR 27%, using US$160/t coal. First production is now 2022, not 2018. Roughly US$250M of funding would be needed; the study is ±40% accuracy.
2 Mar 2017drilling scheduled▲ GoodMajor
The Redmoor joint venture signed a drilling contract with Energold Drilling for a 23-hole, two-phase program (13 holes, then 10), starting late March. Council approvals are in place and access agreements cover 19 holes. Initial results are expected in the third quarter of 2017.
6 Feb 2017farm in farm out completion▲ GoodMajor
SML paid the £843,649 Redmoor option balance, completing its option. SML and NAE now each hold 50% of Cornwall Resources, with 248,864 new shares going to SML. This resolves the open payment thread and funds 2017 drilling, still planned for the first half.
29 Nov 2016drilling progress report▲ Good
Fieldwork has begun at the Otago South permits: geological mapping and arsenic soil sampling by Dr MacKenzie, with consultants sought for bulk sampling. The ~NZ$150,000 program, stated as fully funded, should take about four months to identify drill targets.
26 May 2016farm in farm out agreement▲ GoodMajor
Strategic Minerals Plc (AIM) can earn 50% of Redmoor for A$2.145m total: A$214,000 upfront for 9.1% and A$1.931m option payment by 31 December 2016. This would fund the next drilling. NAE takes 35m SML shares; chairman Alan Broome also chairs SML.
15 Dec 2015resource reserve update▲ GoodMajor
Redmoor Inferred Resource updated to 13.3Mt @ 0.37% WO3Eq (up from 9.1Mt in 2013), including 2.3Mt @ 0.80% WO3Eq high grade. A 4-6Mt high grade Exploration Target is added; a mining study is due late January.
