New Age Exploration Limited ('NAE' or 'the Company') is pleased to provide the following update on recently completed review of detailed airborne geophysical data covering both of the Company's New Zealand Gold projects.

The projects include the Otago Pioneer Quartz ('OPQ') Project within NAE exploration permit (EP 60502) and the Lammerlaw Project which includes prospecting permit (PP 60544) adjoining OPQ to the west.

REVIEW OF GEOPHYSICAL DATA ON LAMMERLAW AND OPQ PERMITS

NAE commissioned a report by Anthony Coote, (APSAR Ltd) to examine regional geophysical and other data in March 2020 in the Lammerlaw and OPQ permits. The report covered reviews of; magnetic and EM airborne geophysics flown by Fugro Ltd for Glass Earth NZ Ltd in 2007, geology, structure and petrology previous geochemical sampling including soil sampling, stream sediments and drilling Priority targets for exploration were identified and exploration recommendations produced. These included; targeting contacts between contrasting metamorphic rocktypes comprising carbonaceous pelitic schists overlying psammitic mafic schists. These areas are identified by sharp boundaries between high and low response on airborne EM surveys. These contact zones preferentially host mineralised shearing and veining in other deposits in Otago.

GOLD EXPLORATION TARGETS

The regional geology is dominated by the Otago Schist belt, a high-grade metamorphic schist, which has a long history of both hard rock and alluvial gold mining. The Otago Schist is divided into structural blocks or zones of increasing metamorphic grade known as; Sub-Greenschist Facies, Lower Greenschist Facies, Upper Greenschist Facies and Amphibolite Facies. Gold mineralisation at the >10Moz Au Macraes deposits, hosted in the Hyde Macraes Shear Zone ('HMSZ'), occurs entirely within the Lower Greenschist Facies zone in the northeast of the Otago Schist belt.

MacKenzie and Craw (2016) identified the potential for Macraes style shear zone hosted gold deposits to occur in the southern part of the Otago Schist belt within the Lower Greenschist Facies zone, inside the Permit area. These southern shear zone gold exploration targets have been identified as being a 'mirror image' of the geology present in the northern margin of the Otago Schist belt (approximately 60km to the northeast) containing the Hyde Macraes Shear Zone ('HMSZ') which hosts the Macraes gold mine (>10 Moz).

Gold mineralisation such as that found along the HSMZ on the northeastern side of the Otago Schist belt may therefore also be present on the southwestern side of the Otago Schist belt within the Permit.

COMPARISON WITH MACRAES GOLD DEPOSIT

The Macraes gold deposit, including the Frasers Open Pit and Underground mine, is the largest gold mine in New Zealand and has produced more than 4 million ounces of gold since opening in 1990. It has a current mineral resource of over 6 Moz making the deposit >10 Moz in total. The Macraes mine is developed in a regionally continuous shear zone known as the Hyde Macraes Shear Zone ('HMSZ'). The HMSZ is up to 150m thick and dips at approximately 20-degree to the northeast.

The mineralised HMSZ and associated cross faults correlate with conductivity highs from an airborne geophysical survey flown for Glass Earth NZ Ltd in 2007. Conductivity lineaments may therefore be used as a tool to help identify the occurrence of potentially mineralised shear zones in the 'mirror image' geological setting within Lower Greenschist Facies target zone in the southern part of the Otago Schist belt within the Permit.

HISTORIC GOLD MINING

The Permit contains the historically mined Bella Lode where gold was mined in the late 1800's with an average grade of 15 g/tonne Au over 0.6-1.8m thickness, before the mine closed in 1901. The Permit also contains a historically mined antimony lode along and scheelite (tungsten) workings with minor occurrences of copper, silver and mercury. New Zealand's largest alluvial gold deposit, Gabriels Gully (>0.5 Moz produced), is located approximately 3km directly to the south of the Permit the source of the gold remains unidentified.

PLANNED WORK PROGRAM

The culmination of the geological setting being analogous to the Hyde Macraes Shear Zone, the presence of conductivity lineaments similar to the Hyde Macraes Shear Zone to target exploration, the close proximity of New Zealand's largest alluvial gold deposit (Gabriels Gully), and historic gold mines being located on the Permit make it particularly prospective for gold exploration. A follow up exploration program will commence after current work restrictions due to COVID 19 are lifted. Initial fieldwork will focus on geological mapping soil sampling and rock chip sampling.

FORWARD LOOKING STATEMENTS

This report contains 'forward-looking information' that is based on the Company's expectations, estimates and forecasts as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, objectives, performance, outlook, growth, cash flow, earnings per share and shareholder value, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses, property acquisitions, mine development, mine operations, drilling activity, sampling and other data, grade and recovery levels, future production, capital costs, expenditures for environmental matters, life of mine, completion dates, commodity prices and demand, and currency exchange rates. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast' and similar expressions. The forward looking information is not factual but rather represents only expectations, estimates and/or forecasts about the future and therefore need to be read bearing in mind the risks and uncertainties concerning future events generally.

Contact:

Tel: +613 9614 5612

Email: info@nae.net.au

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