Vancouver – Underground drilling at New Gold‘s (NGD-T, NGD-X) New Afton project near Kamloops, British Columbia is confirming a new, deep zone of copper mineralization beneath the existing resource.
Several intercepts from the deep drill program hit significant copper-gold values, including UA-78 that cut 148 metres (about 62 metres of horizontal thickness) of 1.2% copper and 1.07 grams gold per tonne. Mineralized intersections came from up to 1,100-metres depth below surface, the deepest so far from the project and remains open.
The new C zone is situated vertically below the modeled deposit at the Main zone where a measured and indicated resource of 50.5 million tonnes of 1.2% copper, 0.89 gram gold and 2.9 grams silver per tonne has been reviewed using a $20 per tonne cut-off grade (based on US$1.20 per lb. copper, US$450 per oz. gold and US$5.25 per oz. silver).
With New Gold’s underground drill program now wrapped up, having reached its limitation based on constraints and orebody geometry, a high capacity surface rig is now testing for further extensions of this new mineralization at even greater depths.
C zone has a strike of about 670 metres and vertical extent of some 300 metres. It is comprised of a couple of distinct lenses separated by a lower grade cross-cutting structure. Copper mineralization is hypogene, predominantly chalcopyrite.
New Gold anticipates its feasibility study at New Afton to be completed by the year-end and will soon be submitting its final mine permitting plan.
The company posts a $240-million market capitalization given its recent $10.00 trading level and 24 million shares outstanding.
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