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NEW GOLD INTERSECTS WIDE, HIGH-GRADE COPPER-GOLD PORPHYRY MINERALIZATION AT NEW AFTON’S K-ZONE

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NEW GOLD INTERSECTS WIDE, HIGH-GRADE COPPER-GOLD PORPHYRY MINERALIZATION AT NEW AFTON’S K-ZONE

 

 

 

 

 

EXTENDS K-ZONE ABOVE THE ELEVATION OF THE C-ZONE EXTRACTION LEVEL

 

New Gold Inc. (TSX: NGD) (NYSE American: NGD) is pleased to provide an exploration update for the New Afton copper-gold mine located in British Columbia, Canada. Underground exploration drilling conducted from C-Zone infrastructure intersected bornite-rich mineralization over strike lengths exceeding 200 metres and estimated true widths up to 40 metres. Copper and gold grades are proving to be higher in the bornite-bearing core of K-Zone compared to the haloing chalcopyrite-bearing copper-gold mineralization.

 

Highlights

  • High-grade copper-gold porphyry mineralization intersected within bornite-bearing K-Zone1:
    • 2.01% copper and 1.79 g/t gold mineralization (3.22 CuEq%) over 217 metres core length (40 metres estimated true width) in Borehole EA24-485 including:
      • 1.85% copper and 3.67 g/t gold mineralization (4.23 CuEq%) over 31 metres core length2
      • 3.23% copper and 1.98 g/t gold mineralization (4.62 CuEq%) over 78 metres core length2
    • 1.21% copper and 1.03 g/t gold mineralization (1.89 CuEq%) over 214 metres core length (22 metres estimated true width) in Borehole EA23-477 including:
      • 1.85% copper and 2.13 g/t gold mineralization (3.23 CuEq%) over 56 metres core length2
      • 2.78% copper and 0.49 g/t gold mineralization (3.15 CuEq%) over 42 metres core length2

 

“The latest K-Zone drilling includes some of the best mineralized intervals drilled at the New Afton mine and expands the mineralized envelope, highlighting the potential for a new mining zone close to existing mine infrastructure,” stated Patrick Godin, President and CEO. “The confirmation of high-grade bornite-bearing mineralization demonstrates the high mineral prospectivity around the New Afton mine and provides a high level of confidence as we look to grow K-Zone with drilling from the underground exploration drift. Combined with resource conversion opportunities such as C-Zone Extension, East Extension, and D-Zone, and several other near-mine and regional exploration targets, K-Zone is a key component in our strategy to extend mine life with minimal capital investment.”

 

The exploration drift, which is being developed to provide additional drill platforms, is scheduled for completion in June and will be utilized to accelerate exploration drilling in the eastern part of the mine, including better defining the high-grade extension of K-Zone. The Company plans to provide additional exploration updates to the market later this year.

 

New Afton continues to execute on its exploration strategy to extend the mine life beyond 2030. Exploration efforts remain focused on potential near-mine zones located above the C-Zone extraction level to minimize capital investment and maximize free cash flow generation. The Company continues to advance strategic opportunities for mine life extension, leveraging New Afton’s processing plant, infrastructure and tailings storage facility, which has sufficient capacity to process significantly more ore beyond the current New Afton mine life.

 

1All copper and gold grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones.

2Estimated true widths are not determined. They are interpreted to be less than the estimated true width of the host zone and the core length of the reported interval.

 

All new K-Zone drilling intercepts in bornite-bearing and chalcopyrite-bearing K-Zone are summarized in Tables 1 and 2, and Figure 1 below. Indicative copper equivalent (CuEq) and gold equivalent (AuEq) grades are included for context and estimated using price assumptions of US$3.50 per pound of copper, US$1,500 per ounce of gold, and US$21.00 per ounce of silver.

 

Table 1: New Drilling Results at K-Zone

 

Zone Drill Hole From (m) To (m) Interval (m) Estimated True
Width (m)
Cu (%) Au (g/t) Ag (g/t) CuEq (%) AuEq (g/t)
K-Zone (Bornite) EA24-485 330 547 217 40 2.01 1.79 10.43 3.22 5.15
Including1 365 396 31 1.85 3.67 10.45 4.23 6.78
Including1 441 519 78 3.23 1.98 18.12 4.62 7.40
EA23-477 298 512 214 22 1.21 1.03 3.43 1.89 3.02
Including1 392 448 56 1.85 2.13 5.42 3.23 5.18
Including1 466 508 42 2.78 0.49 7.12 3.15 5.04
K-Zone (Chalcopyrite) EA23-483 232 318 86 15 0.40 0.68 1.11 0.84 1.34
Including1 276 284 8 1.00 2.62 5.20 2.69 4.30
EA23-481B 582 618 36 12 0.83 0.41 3.97 1.12 1.79
EA24-486B 187 235 48 12 0.30 0.41 0.64 0.56 0.90
EA23-467B 292 306 14 4 0.29 0.48 0.75 0.59 0.95
1. Estimated true widths are not determined. They are interpreted to be less than the estimated true width of the host zone and the core length of the reported interval.

 

Table 2:  K-Zone Drilling Location and Orientation

 

Drill Hole Azimuth1 Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)
EA24-485 050 +04 596 675,269 5,614,689 -506
EA23-477 049 -05 557 675,268 5,614,689 -506
EA23-483 054 -08 501 675,265 5,614,671 -506
EA23-481B 044 +07 707 675,268 5,614,689 -506
EA24-486B 067 -34 372 675,264 5,614,670 -506
EA23-467B 058 -19 443 675,269 5,614,689 -507
1. Relative to UTM North.

 

About New Gold

 

New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds other Canadian-focused investments. New Gold’s vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility.

 

 


Figure 1: Significant Drill Intercepts at K-Zone, Looking North (Mine Grid). Inset Shows Down-Dip View on K-Zone (175m Thick Slice) (CNW Group/New Gold Inc.)

 

Posted May 30, 2024

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