Mr. Douglas Forster reports
NEWMARKET GOLD CONTINUES TO INTERSECT SIGNIFICANT HIGH-GRADE VISIBLE GOLD MINERALIZATION AT FOSTERVILLE EAGLE FAULT, EXTENDS ZONE ALONG STRIKE, OPEN FOR EXPANSION
Newmarket Gold Inc. has released new high-grade drill results from 60 drill holes, totalling 13,076 metres, focused on further defining near-mine underground gold targets on the Phoenix, Lower Phoenix, Lower Phoenix Footwall (LPFW), East Dipping, Kestrel and Eagle faults at Fosterville gold mine, Victoria. Drill results include extremely high gold grades and continue to support the potential to increase Fosterville's mineral resources and reserves.
Highlights and key drill intercepts at Fosterville gold mine
(outside of indicated mineral resources reported December, 2014):
-
Drilling on the Eagle fault continues to return high-grade
mineralization containing visible gold. Key drill intercepts include 161
grams per tonne gold over 7.35 metres (estimated true width (ETW): 4.94 m) in hole UDH1481 (including 499 g/t
Au over 2.25 m) and 32.02 g/t Au over 6.25 m (ETW: 6.14 m) in hole
UDH1416 (including 355 g/t Au over 0.35 m).
- Dimensions of the high-grade Eagle fault, extended 100 m by drilling, are currently 600 m along strike and approximately 290 m of vertical
height, with Eagle open for continued expansion downplunge.
- Drilling of the East Dipping fault continues to intersect significant
widths up to 13.50 m of high-grade mineralization and included two
major intercepts with 645 g/t Au over 3.50 m (ETW: 3.41 m) in hole
UDH1456 (including 7,368 g/t Au over 0.30 m) and 45.47 g/t Au over
14.95 m (ETW: 13.50 m) in hole UDH1408 (including 1,321 g/t Au over
0.35 m).
-
Lower Phoenix fault returned a high-grade intercept of 16.53 g/t Au over
4.50 m (ETW: 3.99 m) in hole UDH1444.
- Lower Phoenix Footwall fault returned a significant intercept 5.94 g/t
Au over 7.40 m (ETW: 6.48 m) in hole UDH1366.
- Kestrel structure returned a significant intercept of 9.77 g/t Au over
4.55 m (ETW: 3.95 m) in hole UDH1406.
Douglas Forster, president and chief executive officer, Newmarket Gold, commented: "Drilling with four drill rigs at our Fosterville gold mine continues to intersect record high-grade visible gold intercepts outside of known mineral resources at our Eagle fault discovery and other structures in the Lower Phoenix system. Drilling has also extended the Eagle fault zone an additional 100 metres along strike to a total length of 600 m with visible gold-bearing Eagle mineralization remaining open for expansion downplunge. The latest drill results are very encouraging as the Eagle fault and other key structures containing high-grade mineralization are proximal to infrastructure where current mining continues to extract ore that has contributed to higher year-over-year mill grades at Fosterville. We are pleased with the performance of our drill programs to date as results have a strong potential to add to our mineral reserves and resources. We remain on track to establish a first resource for Eagle as of year-end Dec. 31, 2015, to be released by the end of first quarter 2016."
Fosterville drilling program
Since the Newmarket Oct. 29, 2015, news release of drill results, the underground drilling program at Fosterville, using four diamond drill rigs, has continued to focus on definition and exploration of multiple gold targets, including the Phoenix, Lower Phoenix, Lower Phoenix Footwall (LPFW), East Dipping, Kestrel and Eagle faults. Reported are the drill results outside of the Dec. 31, 2015, measured and indicated mineral resources from 60 holes totalling 13,076 metres at a cost of $1.6-million (U.S.). Mining production continues on the upper plunge areas of these targeted structures, including the high-grade Eagle fault and East Dipping faults, with reconciliation and metallurgical recoveries continuing to perform well.
All drill assay intercepts are provided in the table.
Eagle fault and East Dipping faults
Results from 24 drill holes have been returned from holes targeting the downplunge extent of the Eagle fault between 6,500 mN and 6,875 mN. Significant intercepts of 161 g/t Au over 7.35 m (ETW: 4.94 m) in hole UDH1481 and 32.02 g/t Au over 6.25 m (ETW: 6.14 m) in hole UDH1416 continue to reaffirm the high-grade tenor of the Eagle fault mineralization. Continuing definition drilling continues to improve confidence in the continuity on the Eagle fault mineralization which has now been defined over an extensive strike length of approximately 600 m and vertical extents of 290 m. The structure continues to provide significant opportunity for mineral resource and reserve growth along strike and has the advantage of being close to existing mineral reserves within the Lower Phoenix zone. The Eagle zone is untested and open at depth below 4,060 mRL.
In addition, 19 drill hole intercepts between the 6,500 mN and 7,150 mN have further defined East Dipping mineralized faults, footwall to the Lower Phoenix fault. The East Dipping faults continue to return significant high-grade intercepts, including 645 g/t Au over 3.5 m (ETW: 3.41 m) in hole UDH1456 and 45.47 g/t Au over 14.95 m (ETW: 13.50 m) in hole UDH1408. East Dipping fault mineralization continues to provide encouraging resource growth potential with significant widths (greater than eight m) of high-grade gold mineralization defined between approximately 6,625 mN and 6,700 mN on this structure.
Drill coverage into the Eagle and East Dipping faults over 2015 has provided sufficient confidence in structure and grade continuity downplunge to approximately 6,600 mN that it is anticipated indicated mineral resource growth can be realized to this extent. Newmarket is optimistic of mineral resource and reserve growth on the Eagle and East Dipping structures in upcoming evaluations scheduled for completion at the end of Q1 2016.
Drilling into 2016 will continue to focus on the downplunge extent of known Eagle and East Dipping fault mineralization to increase confidence southward to 6,550 mN as well as test beyond the downplunge extents of known mineralization from the Central decline drill platform. The Central decline drill platform is planned to continue to extend southward during Q1 2016 to provide drilling platforms to support targeting of these highly prospective easterly dipping structures.
Lower Phoenix and LPFW
Several of the 19 holes drilled into the Lower Phoenix fault over the reporting period returned high-grade results including 16.53 g/t Au over 4.50 m (ETW: 3.99 m) in hole UDH1444 and 6.68 g/t Au over 5.40 m (ETW: 4.50 m) in hole UDH1433. Supported by significant intercepts returned for UDH1431, 1432, 1434, 1435 and 1436, these holes have strong potential to influence mineral reserve growth on the Lower Phoenix fault to the north of vertically accessed mining levels. Additionally, strong results returned, below existing mineral reserves, from holes UDH1496 and UDH1415 continue to provide mineral resource and reserve growth opportunities downplunge on the structure.
Further significant gold mineralization associated with Lower Phoenix Footwall westerly dipping faults adjacent to the Lower Phoenix fault is demonstrated by drill hole intercept 5.94 g/t Au over 7.40 m (ETW: 6.48 m) in hole UDH1366. This intercept continues to build confidence in the continuity of strongly mineralized west-dipping structures associated with the footwall to the Lower Phoenix gold system.
Phoenix
Seven drill holes have targeted the downdip and downplunge extensions of the Phoenix fault during the reporting period. The most significant intercept of 7.65 g/t Au over 4.60 m (ETW: 4.13 m) in hole UDH1439 is positioned appreciably downdip of the projected plunge of Phoenix mineralization.
Kestrel
Drilling through the Kestrel target area has further confirmed continuity of mineralization associated with the western limb of the syncline and syncline axial plane. The most significant intercept for the reporting period of 9.77 g/t Au over 4.55 m (ETW: 3.95 m) in hole UDH1406 was through the western limb of the syncline and reaffirms continuity of mineralization along this structure over a 450 m strike length south to approximately 6,550 mN. The defined mineralization is positioned directly below the December, 2014, Central mineral reserve, with upper sections accessible from the Central decline and lower sections where it converges with the syncline axis, from Phoenix developments.
Syncline axial planar mineralization has now been defined over a 550 m strike length to approximately 6,650 mN and recent drill intercepts including 6.06 g/t Au over 11.85 m (ETW: 3.38 m) in hole UDH1423 continue to demonstrate the potential of this zone to provide mineral resource amenable to mining. The extension of hole UDH1423 also intersected a west-dipping structure below the axial planar mineralization. Widely spaced drilling has defined this westerly dipping mineralized trend over a strike length of 375 m from 6,475 mN to 6,850 mN.
Mineralization intersected on the 6,375 mN section in hole UDH1439 is thought to be an extension of the Kestrel mineralized system, and the untested area between this drill hole and 6,650 mN provides a prospective zone for future resource targeting, which forms part of the 2016 drill plan.
Qualified person
Mark Edwards, MAusIMM (CP), MAIG, general manager, exploration, Newmarket Gold, is a qualified person as such term is defined in National Instrument 43-101, and has reviewed and approved the technical information and data included in this press release.
DRILL RESULTS
Estimated
Hole ID From To Interval true width Au
(m) (m) (m) (m) (g/t)
UDH1343 340.3 341.4 1.1 0.92 3.77
UDH1345 352 353.15 1.15 0.88 9.02
UDH1346 321 323.6 2.6 2.01 7.44
UDH1366 208.3 213 4.7 4.27 7.82
UDH1397 163.45 164.8 1.35 1.33 6.32
And 174.7 176 1.3 1.25 4.72
UDH1406 218 219.65 1.65 1.58 6.53
UDH1406 226 229.9 3.9 2.35 6.42
UDH1407 214.9 217.25 2.35 2.32 3.98
UDH1408 216.7 220 3.3 3.17 12.1
And 220.85 231.1 10.25 5.07 9.80
UDH1410 230.9 236.6 5.7 3.21 2.50
UDH1416 311.35 317.6 6.25 6.14 32.02
Including 317.25 317.6 0.35 0.34 355
UDH1424 181.1 181.4 0.3 0.30 2.22
And 193.1 195.3 2.2 1.91 12.06
UDH1430 76.35 77.15 0.8 0.28 3.63
UDH1451 398 399.1 1.1 1.06 168
Including 398 398.9 0.9 0.87 204
UDH1455 209.85 211.95 2.1 1.79 25.12
Including 210.75 211.15 0.4 0.34 117
UDH1456 204.9 206.2 1.3 1.20 9.56
UDH1457 209 210 1 0.94 7.15
UDH1458 No significant intercept
UDH1460 202.3 203 0.7 0.64 7.23
UDH1473 8.6 15 6.4 5.86 32.38
UDH1478A 275.4 278.7 3.3 0.93 121
Including 275.4 276.1 0.7 0.20 499
UDH1481 263 270.35 7.35 4.94 161
Including 266.45 269 2.25 1.51 449
UDH1492 0 0.8 0.8 0.63 5.87
UDH1493 0 2 2 1.38 2.03
UDH1496 332.4 337.25 4.85 4.40 75.40
Including 334 334.4 0.4 0.36 607
UDH1366 224.8 233.5 8.7 8.29 7.78
UDH1406 230.55 244 13.45 12.22 16.4
UDH1407 239.4 246.2 6.8 5.63 5.74
UDH1408 233.15 248.1 14.95 13.50 45.5
Including 243.15 243.5 0.35 0.32 1,321
UDH1410 243.85 261.3 17.45 13.20 5.42
Including 252.55 252.8 0.25 0.19 28.1
UDH1420 38 39.5 1.5 1.28 7.69
UDH1421 34.4 35 0.6 0.56 4.08
UDH1432 100 101 1 0.92 6.47
UDH1434 106 109.15 3.15 2.26 15.2
UDH1450 384 387.3 3.3 2.62 169
Including 385.55 386.85 1.3 1.03 413
UDH1453 103.6 105.1 1.5 1.35 10.8
UDH1456 234.95 238.45 3.5 3.41 645
Including 236.5 236.8 0.3 0.29 7,368
UDH1457 245 253.65 8.65 8.42 7.66
UDH1464 71.75 72.7 0.95 0.79 4.21
UDH1472 8 9 1 0.76 1.88
UDH1474 6.65 8 1.35 1.24 118
Including 6.95 7.25 0.3 0.28 517
UDH1489 81.85 83.65 1.8 1.76 19.2
UDH1490 78.55 79.3 0.75 0.74 27.2
UDH1491 89.15 89.9 0.75 0.70 5.46
UDH1327 96.55 97.35 0.8 0.72 6.71
UDH1366 77.3 78.3 1 0.83 3.7
UDH1397 94.1 95 0.9 0.84 3.38
UDH1403 73.6 74.5 0.9 0.89 13.8
UDH1406 75.45 80 4.55 3.95 9.77
UDH1407 74.9 77.8 2.9 2.85 7.73
UDH1408 76.95 80.35 3.4 3.05 4.41
UDH1410 76.5 78 1.5 1.46 3.57
UDH1423 74.4 86.25 11.85 3.38 6.06
And 184.6 187.55 2.95 1.42 4.63
UDH1424 89.1 91.5 2.4 2.22 1.67
UDH1439 439.9 443 3.1 2.09 4.61
UDH1455 82.35 83.9 1.55 1.03 3.86
UDH1456 80.8 82.3 1.5 1.44 2.59
UDH1457 80.55 82 1.45 1.38 3.37
UDH1511 81 89 8 2.97 4.2
UDH1512 147.5 149.35 1.85 0.98 7.42
UDH1347 298 301.4 3.4 2.38 5.04
UDH1408 295.9 297 1.1 0.47 0.72
UDH1415 299.05 302.5 3.45 2.35 12.1
UDH1431 129.15 131.9 2.75 2.15 3.7
UDH1432 141 144 3 2.51 8.49
UDH1433 122 127.4 5.4 4.5 6.68
UDH1434 132.1 133.45 1.35 0.98 9.79
UDH1435 141.45 143 1.55 1.18 6.12
UDH1436 143.4 145.45 2.05 1.57 6.52
UDH1437 151.55 152.05 0.5 0.37 3.72
UDH1441 203.9 210.3 6.4 5 4.19
UDH1444 148.8 153.3 4.5 3.99 16.5
UDH1450 261 262 1 0.73 6.93
UDH1451 No significant intercept
UDH1452 No significant intercept
UDH1478A 341.4 342.45 1.05 0.62 22.7
UDH1495 298.45 299.85 1.4 0.94 4.82
UDH1496 328 331.85 3.85 2.42 6.2
UDH1517 116.15 116.8 0.65 0.28 5.51
UDH1366 233.9 241.3 7.4 6.48 5.94
UDH1406 250.1 252.7 2.6 1.45 2.85
UDH1407 237.3 239.4 2.1 1.21 3.49
UDH1408 269 270.5 1.5 0.43 4.69
UDH1421 5.45 9.45 4 2.08 5.66
UDH1422 16 24 8 1.8 7.18
And 36 42 6 4.22 6.7
UDH1438 126.4 129 2.6 0.96 3.04
UDH1450 298.7 299.95 1.25 1.04 1.96
UDH1472 33.9 36.6 2.7 1.69 6.67
UDH1403 77.9 79.1 1.2 0.6 5.59
UDH1405 72 73.2 1.2 0.89 18.6
UDH1439 324 328.6 4.6 4.13 7.65
UDH1499 66.55 68 1.45 1.34 5.55
UDH1520A 42.3 44 1.7 1.52 7.44
UDH1522 50.55 52 1.45 1.22 4.31
We seek Safe Harbor.
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