Vancouver — Underground drilling at New Gold’s (NGD-T, NGD-X) New Afton project near Kamloops, B.C., 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, which 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 below surface, the deepest so far from the project. The mineralization remains open at depth.
The new C zone is situated vertically below the modelled 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 C$20-per-tonne cutoff 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 extension of some 300 metres. It comprises 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 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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