Exploration activities at New Afton are focused on underground drilling targeting new porphyry copper-gold mineralization defined within the New Afton deposit footprint as identified through an Artificial Intelligence study in 2020.
In March 2021, an underground drilling program commenced to test three targets generated within the New Afton deposit footprint based on an AI study completed in 2020.
Following completion of the three drill holes, two holes drilled for geotechnical purposes in 2019 were logged and sampled to further assess the extension of the mineralization identified in the AI West target.
Phase 1 diamond drilling has been completed in the Cherry Creek trend area that included 20 drill holes totaling 10,519 meters hosted in silica-fuchsite-pyrite and minor chalcopyrite altered quartz-carbonate-muscovite schist within the Cherry Creek shear zone.
Phase 2 follow-up diamond drilling is underway.
New Gold is a Canadian-focused intermediate gold mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine, and the New Afton copper-gold mine.
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 completion of two additional drill holes in the AI West target; the Company’s C-Zone development plans; the anticipated benefits resulting from the establishment of drill bays; the Company’s planned drilling program with respect to the AI Southeast target and the timing thereof; a potentially new deposit type within the Chery Creek trend; timing expectations regarding the completion of the second Phase 2 follow-up drill hole; and the Company’s plans for the Phase 2 drilling program in the Cherry Creek trend area.
Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; volatility in the market price of the Company’s securities; hedging and investment related risks; dependence on the Rainy River Mine and New Afton Mine; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; risks related to construction, including changing costs and timelines; adequate infrastructure; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; global economic and financial conditions; risks relating to New Gold’s debt and liquidity; the adequacy of internal and disclosure controls; taxation; impairment; conflicts of interest; risks relating to climate change; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including whether historical drill results can be confirmed in the current drilling program, the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; risks relating to proposed acquisitions and the integration thereof; information systems security threats; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of, or inability to attract, key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; disruptions to the Company’s workforce at either the Rainy River Mine or the New Afton Mine, or both, due to cases of COVID-19 or any required self-isolation as well as “Risk Factors” included in New Gold’s Annual Information Form, MD&A and other disclosure documents filed on and available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Mr. Della Libera is a Professional Geoscientist and Practising Member of the Association of Professional Geoscientists of Ontario and the Engineers and Geoscientist of British Columbia and a “Qualified Person” as defined under NI 43-101.
New Gold maintains a Quality Assurance / Quality Control program at its New Afton Mine 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.
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