An Australian mining company has announced the discovery of a significant gold deposit near Dunedin, New Zealand, with estimated in-ground metal value reaching approximately NZD 4 billion. New Age Exploration reported that its Lammerlaw Gold-Antimony Project, located about 70 kilometers west of Dunedin in Otago, contains mineralisation with strong similarities to the nearby Macraes gold system.
In a statement to the Australian Securities Exchange this week, New Age Exploration described the find as shear-hosted gold mineralisation within a rock formation more than 5 kilometers long and up to 100 meters thick. The deposit also includes antimony, tungsten, and associated minerals. Results from an initial 15-hole drilling program revealed high-grade gold intercepts and substantial thicknesses, indicating promising potential for a large mineral system.
Chief Executive Kirby Johnson expressed optimism about the discovery, emphasizing the geological resemblance to the established Macraes gold mine, which has been a significant source of employment and regional economic benefit for Otago. Johnson noted that the company is targeting a million-ounce gold deposit at Lammerlaw, which, at current market prices, could translate into billions in metal value before accounting for capital and operational expenses.
Despite the encouraging findings, Johnson cautioned that the project remains in the early exploration phase. He highlighted that there are many steps to complete—including further drilling and obtaining necessary approvals—before mining operations could commence. "It’s still an early stage exploration project," he said. "But it’s very encouraging and enough for us to know that we have a new mineral system here."
The Lammerlaw project covers four prospects—Bella, Fulton’s, Bucks, and Antimony—with Bella situated near a historic gold mine dating back around 100 years. Johnson noted that the land in the area has marginal agricultural value, with no nearby residences or wineries and evidence of prior mining activity. He also stressed the company’s preference for developing an underground mine rather than an open-pit operation, aiming to minimize environmental and landscape impact.
Johnson indicated that the project is approximately four to five years behind the development timeline of another regional operation, Santana Minerals. Last year, New Age Exploration conducted modest drilling at Fulton’s and Antimony prospects, with plans for further exploration scheduled for the upcoming summer. The company emphasized that the progression and viability of the project will ultimately depend on New Zealand’s environmental management standards and regulatory approvals.
If developed into a full-scale mine, the Lammerlaw project could generate employment, royalties, and other economic benefits for the Otago region, mirroring the contributions of the established Macraes mine. However, significant work remains before such outcomes can be realized.