New Age Exploration Ltd (NAE) said it was in several talks on a proposed deal for the Lochinvar coking coal project on the border of Scotland and England.
LOCHINVAR
The Australian group owns 100% of three contiguous exploration and conditional underground mining licences known as Lochinvar, Lochinvar North and Lochinvar South.
A resource of 111 Mt comprises 49 Mt indicated resource and 62 Mt inferred resource was previously defined, based on holes drilled from 1979 to 2014, in accordance with the JORC Code (2012).
In its quarterly activities report for March 2023, NAE said that the potential quantity and quality of the exploration targets was conceptual in nature, with insufficient exploration undertaken.
NAE added: “The company is currently in discussions with several parties on a proposed transaction of the Lochinvar project.
“Further information on the details will be provided Q2 2023.”
As at 31 March 2023, NAE had cash reserves of A$2.2 million (£1.2m).