New Age Exploration Limited (NAE or the Company) is pleased to advise it has commenced a detailed aeromagnetic survey covering 420km2, on 4 Exploration Licences including E47/5064, E47/3958, E47/5065 and E47/5063 in the highly prospective Central Pilbara Gold district, Western Australia.

The tenure is located North and within 50km of De Grey Mining's (ASX: DEG) Hemi gold discovery. As previously announced 29 September 2020, NAE has the right to acquire 100% ownership of the new tenements from Monterey Minerals Inc (Monterey) (CSE:MREY). The option to acquire the tenements has been extended by 30 days to enable this detailed due diligence to be completed.

The survey will provide greater definition and resolution to assist in the delineation and targeting of 'Hemi' style intrusions as well as shear hosted gold.

NAE Executive Director, Joshua Wellisch commented; 'The commencement of the detailed aeromagnetic survey is very important for NAE's due diligence of the Monterey tenure. We are excited to see the results in the coming weeks as it is the key tool in highlighting potential Hemi Gold style targets.'

Thomson Aviation has been engaged to conduct the aeromagnetic on 100m spaced, east - west oriented lines, with a sensor height of 35m. This represents a significant improvement in data resolution, with the tenements only previously covered by wide 400m line spaced open file surveys. The survey is expected to be completed within 5-7 days the preliminary results can be used for initial assessment of the Monterey tenements under the option agreement.

The final survey results will be provided within three weeks from completion, where they will be fully processed and assessed for intrusion related and shear hosted gold mineralisation. These results will be contrasted with the initial reconnaissance ground work to assess the overall gold potential. Targets will then be identified and prioritised for subsequent exploration programs. The Company looks forward to providing further updates in the near future.

Contact:

Joshua Wellisch

Tel: +61 411 306 886

Email: joshua@nae.net.au

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