Australian mining firm eyes $4 billion prize after Otago gold find
Australia's New Age Exploration announced an early-stage gold find in New Zealand's Otago region, pointing to a potential $4 billion prize. The company disclosed its findings to the Australian Securities Exchange.
According to RNZ Business, New Age Exploration disclosed its early-stage gold findings in the Otago region to the Australian Securities Exchange this week. The company said the discovery points to a potential $4 billion prize.
Because the findings are still at an early stage, the final scale will depend on further drilling and assessment work. In projects of this kind, there is usually a long path between initial results and reaching production.
Otago is a region historically known for gold mining. Whether the new find proves economically viable will become clearer from the technical data at later stages.
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