New Age Exploration Ltd
New Age Exploration Confirms Shear-Hosted Gold Discovery at Lammerlaw
New Age Exploration (ASX: NAE) has reported a new style of gold mineralisation at the Bella Prospect within its Lammerlaw Gold-Antimony Project in New Zealand's Otago Region. Drillhole LAMRC015 returned 24 metres at 1.66 g/t gold from 54m to 78m downhole, identifying shear-hosted gold mineralisation at Lammerlaw for the first time. This adds a second mineralisation style to the project beyond the previously targeted quartz veins.
The announcement frames this as a technical change in the project story rather than a routine assay update. LAMRC015 also intersected near-surface quartz vein gold, while a diamond tail from 78m to 95.8m showed visual mineralisation to the end of hole, with assays pending in Q3 2026.
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A Discovery That Changes the Geological Model at Bella
According to the announcement, exploration at Lammerlaw had previously focused on sub-vertical quartz vein systems. LAMRC015 has now identified a near-surface tabular shear zone dipping about 30° south, hosted within the foliation of schist — a layered metamorphic rock common in Otago.
That matters because the shape and setting of the mineralisation are different. Narrow quartz veins can host strong grades, but broader shear zones may offer better continuity and potentially larger mineralised volumes. However, this will only be confirmed if follow-up drilling proves the system extends along strike and at depth.
The company also noted that LAMRC015 was drilled 92 metres west of LAMRC013, which had previously returned 6m at 0.65 g/t gold. In the report, this spacing is presented as evidence that mineralisation remains open to the west.
What Did the CEO Say?
"Today we confirm a new discovery of shear-hosted gold mineralisation that has all the hallmarks of a Macraes-type system. LAMRC015 (and LAMDT015) confirms the potential for a substantial mineral system at the Bella Prospect and points the way to the significant potential of the Lammerlaw Mineral Trend," said Kirby Johnson, CEO of New Age Exploration.
Key Drilling Results from LAMRC015
The reported intercepts from LAMRC015 show two mineralisation styles in the same hole. Near surface, the hole intersected quartz vein gold. Furthermore, deeper down, it intersected the newly identified shear-hosted zone.
| Hole ID | From (m) | To (m) | Interval (m) | Gold grade (g/t) | Interpretation |
|---|---|---|---|---|---|
| LAMRC015 | 8 | 14 | 6 | 1.8 | Near-surface quartz vein |
| LAMRC015 | 27 | 38 | 11 | 4.5 | Quartz vein, incl. 1m @ 19 g/t Au |
| LAMRC015 | 54 | 61 | 7 | 1.79 | Upper part of shear zone |
| LAMRC015 | 54 | 78 | 24 | 1.66 | Full reported shear intercept |
| LAMRC015 | 72 | 78 | 6 | 2.9 | Lower shear zone at end of RC hole |
| LAMDT015 | 78 | 95.8 | 17.8 | Pending | Visual mineralisation in diamond tail |
All intercepts are reported as downhole lengths. The announcement states that the true width of the tabular shear zone may approach the reported intercept length, though this will depend on the final geometry as further drilling defines the system.
The company also drew a distinction between the upper quartz vein hits and the deeper shear-hosted interval. The quartz vein intercepts are described as partially weathered and may contain some secondary enrichment, meaning gold may have been locally concentrated near surface by weathering processes. In contrast, the deeper shear-hosted interval is interpreted as primary mineralisation within the schist.
What Shear-Hosted Gold Mineralisation Means for Investors
Shear-hosted gold mineralisation is a structural style of gold deposit where gold is distributed through a broader rock zone affected by movement along faults. Instead of sitting only in narrow veins, mineralisation can spread through a wider tabular package of altered rock and quartz veining.
For non-specialists, three points matter:
- Broader geometry: Shear zones can be thicker than discrete veins
- Potential continuity: They may continue over longer distances along strike and down dip
- Possible scale implications: If drilling confirms continuity, they can support larger mineral inventories than narrow isolated veins
This does not mean Lammerlaw has an economic deposit. The ASX announcement is clear that the project remains at an early exploration stage, with no Mineral Resource or Ore Reserve defined. However, the identification of a new mineralisation style can materially affect how the market views the target size and future drill strategy.
Shear-Hosted vs Quartz Vein Gold: What Is the Difference?
A quartz vein system usually consists of narrower mineralised structures that can carry higher grades but may vary sharply over short distances. A shear-hosted system is often broader and more evenly distributed through the host rock. In exploration, that difference influences drilling design, target scale and, later, possible mining methods if a deposit is defined.
Why the Macraes Comparison Appears in the Announcement
New Age Exploration described Bella and the broader Lammerlaw Mineral Trend (LMT) as showing the hallmarks of a Macraes-style system. This is a geological comparison, not a statement about future size or economics.
The ASX release specifically notes that the Macraes Mine in Otago, operated by OceanaGold, has produced more than 5 million ounces of gold since production began in 1990. It also holds remaining measured and indicated resources of 54.8 million tonnes at 0.85 g/t gold for 1.49 million ounces. The company included this for geological context only.
That distinction is important. Lammerlaw is still being tested, and the announcement explicitly states that the Macraes reference does not imply Lammerlaw will host a deposit of similar scale, grade or economic potential.
The reason the comparison matters at all is that both projects sit within the Otago Schist belt. Academic work by MacKenzie and Craw (2016) proposed that the southwestern margin of the Otago Schist belt — where Lammerlaw sits — may host structural settings analogous to the block containing the Hyde-Macraes Shear Zone. In simple terms, the geological setting may be capable of hosting similar styles of gold mineralisation.
The Broader Lammerlaw Mineral Trend
The announcement describes the Lammerlaw Mineral Trend as a tectonic-stratigraphic package up to 100 metres thick and extending more than 5 kilometres along strike. It has been defined through regional electromagnetics, soil sampling, rock-chip geochemistry and historic workings.
The trend hosts gold, antimony, tungsten and associated mineralisation. For investors, that means Bella is not viewed as an isolated occurrence, but part of a larger mineralised corridor within the permit.
The company holds 100% of Minerals Exploration Permit MEP60807, covering the Lammerlaw Gold Project. According to the ASX announcement, the permit was granted on 16 December 2021 for a period of five years.
Historic Bella Mine Workings Add Context
A useful detail in the release is the location of the historic Bella Mine, which lies about 120 metres west of the LAMRC015 collar and along strike. Historic workings and shallow shafts at the site date from the late 1800s, with reported historic assay grades of 15.1 g/t gold.
Those early workings targeted high-grade sub-vertical quartz veins, which aligns with the older geological understanding of the area. The new interpretation suggests that deeper or broader shear-hosted mineralisation may not have been recognised or accessible using mining methods available at the time.
This does not validate the modern exploration model by itself. Nevertheless, it does show that the area has a documented gold endowment and structural continuity across the Bella trend.
What to Watch in the Phase 2 Drilling Programme
New Age Exploration confirmed that a substantial amount of drilling data remains pending from the Phase 2 drilling programme. That creates a defined near-term news flow period, particularly because the new shear-hosted model has only been identified in one reported hole so far.
The key pending result is the LAMDT015 diamond tail, where visual mineralisation was observed from 78m to 95.8m with core recovery above 95%. If the diamond tail returns similar gold grades to the RC intercept, the total mineralised interval could extend to approximately 41 metres. However, that remains conditional on assays, and visual mineralisation alone does not confirm grade.
In addition, the company confirmed 14 additional drillholes at Bella have assays pending in Q3 2026:
| Hole ID | Depth (m) |
|---|---|
| LAMRC014 | 84.5 |
| LAMRC016 | 88.0 |
| LAMRC017 | 76.0 |
| LAMRC018 | 81.0 |
| LAMRC019 | 78.0 |
| LAMRC020 | 54.0 |
| LAMRC021 | 64.0 |
| LAMRC022 | 73.0 |
| LAMRC005 | 86.0 |
| LAMRC006 | 78.5 |
| LAMRC007 | 34.0 |
| LAMRC008 | 31.0 |
| LAMDD01 | 62.4 |
| LAMDD02 | 66.6 |
Furthermore, additional context in preparation includes an updated drill plan map and an east-west long section incorporating holes LAMRC009, LAMRC012, LAMRC013 and LAMRC015. These will be useful for assessing continuity and understanding how the shear zone sits relative to the quartz veins.
Why This Announcement Matters for NAE Shareholders
The importance of this update lies less in a single intercept and more in what that intercept suggests about project scale. According to the ASX announcement, Lammerlaw is no longer being viewed only as a quartz vein target. It is now also being tested as a shear-hosted orogenic gold system within a district with known examples of that mineralisation style.
From an investor perspective, the main implications are:
- A new target model has emerged, which may expand the exploration potential at Bella and along the broader LMT
- Mineralisation starts relatively shallow, with the shear zone reported from 54m depth
- The system remains open, both to the west and at depth
- Near-term catalysts are clear, with assays pending from the diamond tail and 14 additional holes in Q3 2026
The announcement does not establish economic viability, nor does it define a resource. What it does provide is early drill support for a larger geological concept that, if confirmed by follow-up results, could materially change the scale expectations for Lammerlaw.
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Final Takeaways from the Lammerlaw Update
New Age Exploration's ASX announcement presents LAMRC015 as a meaningful technical development at the Bella Prospect. The reported 24m at 1.66 g/t gold from a newly recognised shear-hosted zone, combined with visual mineralisation in the diamond tail and a broad 5km Lammerlaw Mineral Trend, gives the company a new exploration framework to test.
For the market, the next step is straightforward. The value of this discovery will depend on whether pending assays and follow-up drilling confirm continuity, thickness and grade across more holes. Until then, the announcement positions Lammerlaw as an early-stage Otago gold project with an expanded geological model and a busy Q3 2026 results pipeline.
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