TORONTO, Nov. 15, 2015 /CNW/ - New Gold Inc. ("New
Gold") (TSX:NGD) (NYSE MKT:NGD) today provides an update on the
company's exploration success at the Peak Mines ("Peak"). The
company's 2015 exploration efforts have resulted in the discovery
of two new zones of polymetallic mineralization, Chronos and Anjea,
both located immediately adjacent to current and past-producing ore
deposits within Peak's main nine-kilometre long mine corridor.
Chronos is a zone of gold-silver-copper-lead-zinc mineralization
located directly above the Perseverance ore body which is currently
in production and adjacent to the Peak mill. Anjea is a zone of
copper-gold-silver-lead-zinc mineralization located adjacent to the
historic Great Cobar mine and approximately nine kilometres north
of the Peak mill.
PEAK MINES - 2015
EXPLORATION HIGHLIGHTS
|
|
|
|
Drill
Hold
ID No.
|
Mineralized
Zone
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Estimated True
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
Lead
(%)
|
Zinc
(%)
|
|
|
|
|
|
|
|
|
|
|
|
PV-1451
|
Chronos
Main
|
174
|
183
|
9
|
8.8
|
310.24
|
66.78
|
0.81
|
5.93
|
0.88
|
PV-1455
|
Chronos
Main
|
181
|
189
|
8
|
7.7
|
7.80
|
75.14
|
0.50
|
10.78
|
4.08
|
PV-1498
|
Chronos
Main
|
186
|
194
|
8
|
7.6
|
143.01
|
179.76
|
1.23
|
23.99
|
4.44
|
PV-1451
|
Chronos
East
|
203
|
212
|
9
|
8.8
|
0.13
|
45.74
|
0.14
|
4.67
|
7.21
|
PV-1458
|
Chronos
East
|
181
|
194
|
13
|
13.0
|
0.14
|
29.54
|
0.44
|
7.93
|
9.09
|
PV-1484
|
Chronos
East
|
241
|
251
|
10
|
7.7
|
0.20
|
22.19
|
0.10
|
6.49
|
12.75
|
PV-1462
|
Chronos
West
|
163
|
170
|
7
|
6.5
|
0.15
|
58.37
|
0.47
|
13.98
|
5.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GC-9
|
Anjea
Copper
|
733
|
776
|
43
|
28.3
|
0.20
|
No sample
|
2.75
|
0.00
|
0.02
|
GC-14
|
Anjea
Copper
|
763
|
776
|
13
|
10.1
|
1.25
|
23.31
|
6.30
|
0.01
|
0.17
|
GC-15
|
Anjea
Lead-Zinc
|
589
|
600
|
11
|
9.0
|
0.26
|
48.22
|
0.23
|
8.10
|
15.37
|
GC-19
|
Anjea
Lead-Zinc
|
194
|
202
|
8
|
4.3
|
0.22
|
125.29
|
0.27
|
17.14
|
22.28
|
For full drill hole results and additional information related
to the location of the Chronos and Anjea zones, refer to the news
release filed on SEDAR at www.sedar.com or on the company's website
at www.newgold.com.
"We are very pleased to have discovered two new zones of
mineralization in such close proximity to our existing
infrastructure," stated Mark
Petersen, Vice President Exploration. "It is rewarding to
see a mine that has already delivered over twenty years of resource
replacement continue to demonstrate such strong potential for new
discoveries. We look forward to building further on the results at
both Chronos and Anjea as well as several newly emerging
mineralized prospects between them."
CHRONOS
Thus far, the Chronos zone has been delineated over a vertical
height of 280 metres, a strike length of 40 to 50 metres and an
average true width that ranges from 10 to 25 metres. The zone
intersects the top of the Perseverance deposit at a vertical depth
of approximately 850 metres from surface and remains open along
strike to the north and south and upward for an additional 450 to
500 metres toward the surface. To date 47 holes have been drilled
into Chronos, with 46 of the holes intercepting significant
lead-zinc mineralization and visible gold observed in 15 of the
holes. Based on the assay results received for 40 holes to date,
the Chronos zone appears to be comprised of three sub-parallel
vertically-oriented mineralized lenses – Main, East and West. The
Main lens includes high-grade gold along with silver, copper, lead
and zinc; the East lens, which has the most drill intercepts, and
the West lens, which is the least well defined, contain primarily
silver, lead and zinc with some localized gold. The results of the
40 holes reported today will be incorporated into the company's
2015 year-end mineral resource estimate. Additional exploration
drilling at Chronos is currently ongoing.
ANJEA
The Anjea zone is located approximately 200 metres to the south of
the historic Great Cobar mine. Beginning at a depth of less than
100 metres from surface, the Anjea zone has been delineated over
dimensions measuring approximately 1,000 metres vertically, 150 to
200 metres along strike and 30 to 80 metres in width. Similar to
Chronos, the Anjea zone appears to be made up of a series of
sub-parallel vertically-oriented lenses. Two of the lenses host
high-grade copper with associated gold mineralization, similar to
what was mined historically at Great Cobar. These lenses remain
open along strike and approximately 330 metres toward the surface.
A third lens, hosting primarily silver, lead and zinc
mineralization, is located approximately 40 metres to the west with
near surface mineralization that remains open along strike and
below a vertical depth of 900 metres. Additional exploration
drilling to further define a mineral resource estimate at Anjea is
planned for 2016.
New Gold owns all of the surface and mineral rights covering the
Chronos and Anjea zones. The company is well positioned to continue
its exploration efforts. As the Peak mill is not currently
configured to recover lead and zinc, once Chronos and Anjea are
more fully delineated, New Gold will evaluate the various
processing options available with the objective of generating
maximum economic return from these two newly discovered zones of
prospective mineralization.
New Gold looks forward to providing a further update on the
company's exploration initiatives at Peak, as well as its other
properties, as part of its annual Investor Day in early
February 2016.
ABOUT NEW GOLD INC.
New Gold is an intermediate gold mining company. The company has a
portfolio of four producing assets and three significant
development projects. The New Afton Mine in Canada, the Mesquite Mine in the United States, the Peak Mines in
Australia and the Cerro San Pedro
Mine in Mexico, provide the
company with its current production base. In addition, New Gold
owns 100% of the Rainy River and Blackwater projects, both in
Canada, as well as an interest in
the El Morro project located in Chile. New Gold's objective is to be the
leading intermediate gold producer, focused on the environment and
social responsibility. For further information on the company,
please visit www.newgold.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release, including any
information relating to New Gold's future financial or operating
performance are "forward looking". All statements in this news
release, other than statements of historical fact, which address
events, results, outcomes or developments that New Gold expects to
occur are "forward-looking statements". Forward-looking statements
are statements that are not historical facts and are generally, but
not always, identified by the use of forward-looking terminology
such as "plans", "expects", "is expected", "budget", "scheduled",
"targeted", "estimates", "forecasts", "intends", "anticipates",
"projects", "potential", "believes" or variations of such words and
phrases or statements that certain actions, events or results
"may", "could", "would", "should", "might" or "will be taken",
"occur" or "be achieved" or the negative connotation of such terms.
Forward-looking statements in this news release include, among
others, statements with respect to the exploration and
mineralization potential of the Chronos and Anjea zones, the
potential and timing with respect to defining mineral resources
thereon, the timing of future exploration activities and the
disclosure of updates thereon.
All forward-looking statements in this news release are based on
the opinions and estimates of management as of the date such
statements are made and are subject to important risk factors and
uncertainties, many of which are beyond New Gold's ability to
control or predict. Certain material assumptions regarding such
forward-looking statements are discussed in this news release, New
Annual Information Form and its Technical Reports filed at
www.sedar.com.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation: changes in national and local government legislation in
Australia; the speculative nature
of mineral exploration and development, including the risks of
obtaining and maintaining the validity and enforceability of the
necessary regulatory approvals, licenses and permits and complying
with the permitting requirements in Australia; loss of key employees; rising costs
of labour, supplies, fuel and equipment; actual results of current
exploration; risks, uncertainties and unanticipated delays
associated with obtaining and maintaining necessary regulatory
approvals, licenses, permits and authorizations and complying with
permitting requirements; and the factors discussed under "Risk
Factors" included in New Gold's disclosure documents filed on and
available at www.sedar.com.
Forward-looking statements are not guarantees of future
performance, and actual results and future events could materially
differ from those anticipated in such statements. All of the
forward-looking statements contained in this news release are
qualified by these cautionary statements. New Gold expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
events or otherwise, except in accordance with applicable
securities laws.
TECHNICAL INFORMATION
The scientific and technical information in this news release has
been reviewed and approved by Mark A.
Petersen, Vice President, Exploration of New Gold. Mr.
Petersen is an AIPG Certified Professional Geologist and a
"Qualified Person" as defined under National Instrument 43-101. Mr.
Petersen verified the data disclosed in this news release,
including the exploration, analytical and testing data underlying
the information. His verification included a review of the
applicable assay databases and reviews of the assay certificates.
No limitations were imposed on Mr. Petersen's verification
process.
New Gold maintains a Quality Assurance / Quality Control
("QA/QC") program at its Peak Gold Mines operation using industry
best practices and is consistent with the QA/QC protocols in use at
all of the company's exploration and development projects. Key
elements of New Gold's QA/QC program include chain of custody of
samples, regular insertion of certified reference standards and
blanks, and duplicate check assays. Drill core is sampled at
regular 1 metre intervals, halved or whole core assayed and shipped
in sealed bags to ALS Laboratories in Orange, New South Wales, Australia. Check analyses are
completed by SGS Laboratory in West Wyalong, New South Wales, Australia. Additional
information regarding the company's quality assurance processes is
set out in the March 25, 2013 Peak
Gold Mines NI 43-101 Technical Report available at
www.sedar.com.
For additional technical information on New Gold's material
properties, including a detailed breakdown of Mineral Reserves and
Mineral Resources by category, as well as key assumptions,
parameters and risks, refer to New Gold's Annual Information Form
for the year ended December 31,
2014.
SOURCE New Gold Inc.