New Gold (TSX:NGD;NYSE:NGD) has announced progress at its Rainy River mine northwest of Fort Frances, Ont. Over the first eight months of its 2024 exploration program, drilling expanded mineralized zones, confirmed continuity of new mining areas and led to near-mine discoveries.
“This is our first major drilling campaign since 2017, and it is delivering positive results. This confirms that the deposit remains open at depth and along strike, highlighting the potential for additional underground reserves close to existing infrastructure, while shallow drilling of near-surface targets demonstrates the potential for additional open pit reserves,” said president and CEO Patrick Godin.
Underground drilling results
Intrepid strike-extension drilling highlights:
Hole RR24-2011:
- 3.26 g/t gold and 7.22 g/t silver (3.32 gold equivalent) over 7.5 metres
- 6.09 g/t gold and 9.60 g/t silver (6.17 gold equivalent) over 1.5 metres
Hole RR24-2005:
- 4.44 g/t gold and 38.05 g/t silver (4.78 gold equivalent) over 4.3 metres
- 8.83 g/t gold and 46.90 g/t silver (9.24 gold equivalent) over 1.5 metres
ODM east down-plunge drilling highlights:
- 2.59 g/t gold and 3.10 g/t silver (2.62 gold equivalent) over 13.5 metres
- 5.47 g/t gold and 5.13 g/t silver (5.52 gold equivalent) over 4.5 metres
17 east drilling highlights:
- 4.09 g/t gold and 31.42 g/t silver (4.37 gold equivalent) over 7.6 metres
- 8.19 g/t gold and 74.76 g/t silver (8.85 gold equivalent) over 2.2 metres
New gold mineralization intersection at gap area target:
Hole RRUG24-0007:
- 3.59 g/t gold over 4.5 metres
- 7.65 g/t gold over 1.5 metres
Open pit highlights
NW-trend near-surface drilling highlights:
Hole RC24-0020:
- 4.15 g/t gold and 5.13 g/t silver (4.20 gold equivalent) over 18.0 metres
- 8.47 g/t gold and 10.28 g/t silver (8.57 gold equivalent) over 8.0 metres
Hole RC24-0022:
- 2.34 g/t gold and 11.03 g/t silver (2.44 gold equivalent) over 12.0 metres
- 3.47 g/t gold 20.40 g/t silver (3.66 gold equivalent) over 6.0 metres
280 zone near-surface drilling highlights:
Hole RC24-0050:
- 1.20 g/t gold and 0.72 g/t silver (1.21 gold equivalent) over 32.0 metres
- 3.35 g/t gold and 0.90 g/t silver (3.36 gold equivalent) over 6.0 metres
Following these results, New Gold is adding $3 million to the 2024 exploration budget, bringing the total to $12 million. This will fund an additional 13,000 metres of drilling by year-end, focusing on high-priority targets.
For more information, visit www.NewGold.com.
