Mr. Renaud Adams reports
NEW GOLD REPORTS IN-LINE FIRST QUARTER OPERATIONAL RESULTS AND PROVIDES AN EARLY-STAGE EXPLORATION UPDATE
New Gold Inc. has provided in-line first quarter operational results for the company as of March 31, 2021, and an early-stage exploration update. The company is also providing details for the first quarter earnings conference call and webcast that is scheduled for May 5, 2021, at 8:30 a.m. Eastern Time (details are provided at the end of this news release).
New Gold begins 2021 as a much stronger company with a growing production profile from the Rainy River mine at lower costs, as deferred capital projects have been completed and the mine transitions to generating free cash flow. Following the receipt of the Mines Act permit, the New Afton B3 zone will begin production in the second quarter while current mining operations at New Afton continue to ramp up following the tragic mud-rush incident in February. The focus in 2021 remains on further operational and cost optimizations at both Rainy River and New Afton, launching B3 production, advancing C zone development at New Afton and following up on key targets from the exploration drilling programs.
"During the quarter, the Rainy River mine delivered to plan. Waste stripping was strategically prioritized during the winter months, which will set the mine up for higher grades and a stronger production profile in the second half of the year. The New Afton mine continues to safely and sequentially ramp up operations, and we look forward to initiating ore extraction from the B3 zone. I am very proud of the progress the team has made at New Afton, and, coupled with the execution at Rainy River, we remain on track to achieve our annual guidance estimates," stated Renaud Adams, president and chief executive officer. "Late last year, we relaunched exploration drilling programs at both operations after an extended period of inactivity. We are encouraged by the early-stage results to date."
Consolidated first quarter and recent highlights:
-
Total production for the first quarter was 96,026 gold equivalent (1) (AuEq) ounces (66,650 ounces of gold, 187,224 ounces of silver and 13.8 million pounds of copper), in line with plan.
-
The Rainy River mine produced 56,513 AuEq ounces (54,656 ounces of gold and 133,730 ounces of silver) for the quarter, in line with plan.
-
The New Afton mine produced 39,512 AuEq ounces (11,994 ounces of gold and 13.8 million pounds of copper) for the quarter, slightly below plan, as underground mining operations continue to be safely and sequentially ramped up following the tragic mud-rush incident on Feb. 2, 2021 (refer to the company's news releases dated Feb. 2, Feb. 4, Feb. 5 and Feb. 8, 2021, for further information).
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Anne Day, vice-president, investor relations, will leave the company June 30, 2021, and all investor relations responsibilities are now being assumed by Ankit Shah, vice-president, strategy and business development.
CONSOLIDATED FIRST QUARTER OPERATIONAL RESULTS
Q1 2021 2021 guidance
AuEq production (ounces) (1) 96,026 440,000 - 490,000
Gold production (ounces) 66,650 322,000 - 352,000
Copper production (Mlb) 13.8 56 - 66
(1) Total AuEq ounces include silver and copper produced converted
to AuEq based on a ratio of $1,800 per gold ounce, $25.00 per
silver ounce and $3.50 per copper pound used for 2021 guidance
estimates. All copper is produced by the New Afton mine.
(1) See non-GAAP (generally accepted accounting principles) measures section of this news release.
Rainy River mine operational highlights
RAINY RIVER MINE HIGHLIGHTS
Rainy River mine Q1 2021 2021 guidance
AuEq production (ounces) (1) 56,513 275,000 - 295,000
AuEq sold (ounces) 53,577
Gold production (ounces) 54,656 270,000 - 290,000
Gold sold (ounces) 51,796
(1) AuEq ounces for Rainy River in Q1 2021 include 133,730
ounces of silver converted to AuEq based on a ratio of
$1,800 per gold ounce and $25.00 per silver ounce used
for 2021 guidance estimates.
RAINY RIVER MINE OPERATING KPIS
Rainy River mine (open-pit mine only) FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Tonnes mined per day (ore and waste) 118,404 127,684 126,512 145,701 158,638 150,767
Ore tonnes mined per day 18,712 26,012 23,101 36,515 42,918 35,681
Operating waste tonnes per day 73,702 75,596 72,575 62,818 73,921 65,643
Capitalized waste tonnes per day 25,990 26,077 30,836 46,368 41,799 49,442
Total waste tonnes per day 99,692 101,673 103,411 109,186 115,720 115,085
Strip ratio (waste:ore) 5.33 3.91 4.48 2.99 2.70 3.23
Tonnes milled per calendar day 21,980 18,441 23,880 26,998 26,999 26,301
Gold grade milled (g/t) 1.08 1.03 0.78 0.88 0.93 0.80
Gold recovery (%) 91 90 89 89 90 89
Mill availability (%) 88 91 90 90 94 89
Gold production (oz) 253,772 50,381 48,800 63,004 66,734 54,656
AuEq production (1) (oz) 257,051 51,106 49,633 64,221 68,241 56,513
(1) AuEq ounces for Rainy River in Q1 2021 include 133,730 ounces of silver converted to AuEq
based on a ratio of $1,800 per gold ounce and $25.00 per silver ounce used for 2021 guidance
estimates.
In 2021, the Rainy River mine is expected to achieve production increases and decreases in both operating and capital costs as it transitions to generating sustainable free cash flow. During the year, the focus will remain on further operational and cost optimizations, and the continued conversion of underground reserves for inclusion in an optimized underground mine plan. Production is expected to be lower in the first half of the year due to planned lower grades as the mine plan focuses on waste stripping. Production is expected to increase in the second half of the year as grades improve, as mining returns to the planned higher-grade phase 2 area of the pit. Sustaining capital is expected to be lower in 2021 as key deferred capital projects were completed in 2020. Growth capital for the year is expected to increase over 2020 as the decline development toward the Intrepid underground ore zone advances over the year.
The company's COVID-19 response continued to be effective with the implementation of rapid testing at Rainy River. The site had two COVID-19 cases in the quarter. Contact tracing was completed by the site team and through public health. The individuals were isolated immediately, and all other close contacts tested negative. These isolated cases posed minimal risk to the operation. As of today, two employees have tested non-negative with the in-house PCR device, and the mine is awaiting confirmation from public health. Further information on the company's response to COVID-19 is available on its website.
First quarter AuEq production was 56,513 ounces (54,656 ounces of gold and 133,730 ounces of silver). Lower grades were expected during the quarter as mining operations were focused on phase 3 stripping to bring pit walls to the final pit limit. During the second half of the year, grades are expected to increase as the mine returns to phase 2 area of the pit.
During the quarter, the open-pit mine achieved 150,767 tonnes per day, a decrease over the prior quarter due to lower drilling rates as a result of extreme winter weather conditions, but in line with the 2021 target of about 151,000 tonnes per day. Approximately 3.2 million ore tonnes and 10.4 million waste tonnes (including 4.4 million capitalized waste tonnes) were mined from the open pit at an average strip ratio of 3.23:1. During the second half of the year, the strip ratio is expected to decrease as operations return to phase 2 area of the pit.
The mill processed 26,301 tonnes per day for the quarter, slightly above plan. The mill continued to process ore directly supplied by the open pit combined with ore from the medium-grade stockpile and processed an average grade of 0.80 gram per tonne at a gold recovery of 89 per cent. Mill availability for the quarter averaged 89 per cent, lower than the prior quarter due to planned maintenance activities.
At the end of the quarter, development of the decline toward the Intrepid underground ore zone advanced 650 metres. The first ore level was accessed, and approximately 155 metres of development in ore was completed with tonnes and grades mined reconciling with the block model. Approximately 16,000 tonnes of development ore at 1.20 grams per tonne have been stockpiled.
New Afton mine operational highlights
NEW AFTON MINE HIGHLIGHTS
New Afton mine Q1 2021 2021 guidance
AuEq production (ounces) (1) 39,512 165,000 - 195,000
AuEq sold (ounces) 38,241
Gold production (ounces) 11,994 52,000 - 62,000
Gold sold (ounces) 11,744
Copper production (Mlb) 13.8 56 - 66
Copper sold (Mlb) 13.3
(1) AuEq ounces for New Afton in Q1 2021 include 13.8 million
pounds of copper and 53,494 ounces of silver converted to
AuEq based on a ratio of $1,800 per gold ounce, $3.50 per
copper pound and $25.00 per silver ounce used for 2021
guidance estimates.
NEW AFTON MINE OPERATING KPIS
New Afton mine FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Tonnes mined per day (ore and waste) 15,620 16,727 15,358 17,249 17,259 11,395
Tonnes milled per calendar day 15,300 15,377 14,240 15,483 15,358 13,564
Gold grade milled (g/t) 0.47 0.45 0.46 0.44 0.46 0.39
Gold recovery (%) 82 81 81 80 79 79
Gold production (oz) 68,785 16,409 15,494 15,955 16,362 11,994
Copper grade milled (%) 0.78 0.73 0.72 0.71 0.73 0.64
Copper recovery (%) 83 82 83 82 81 80
Copper production (Mlb) 79.4 18.5 16.9 18.2 18.5 13.8
Mill availability (%) 97 98 92 98 99 96
AuEq production (1) (oz) 229,091 52,329 48,446 51,315 52,326 39,512
(1) AuEq ounces for New Afton in Q1 2020 include 13.8 million pounds of copper and 53,494
ounces of silver converted to AuEq based on a ratio of $1,800 per gold ounce, $3.50 per
copper pound and $25.00 per silver ounce used for 2021 guidance estimates.
The 2021 mine plan for New Afton was adjusted following the tragic mud-rush event that occurred on Feb. 2, 2021 (for further details, refer to the company's guidance news release dated Feb. 18, 2021). Underground mining activities are currently being safely and sequentially ramped up as the company continues to maintain its focus on the health, safety and well-being of its people. Two thousand twenty-one mine plan contemplates lower tonnes mined from the recovery level, as mining operations will be limited to remote mucking activities. Mining in the other areas of lift 1, including the West cave, East cave and Pillar, ramped up during the quarter and returned to preincident mining rates at the end of the quarter.
New Afton implemented wearable contact tracing technology and is in the process of achieving rapid testing accreditation as outlined by the government of British Columbia. New Afton continues to take all precautions to protect employees and contractors from COVID-19. The mine had four positive cases in the quarter, and all have recovered. Contact tracing was completed by the site team and through public health, and the individuals were isolated immediately. There are currently no active cases of COVID-19 at the New Afton mine. Further information on the company's response to COVID-19 is available via the company's website.
First quarter AuEq production was 39,512 ounces (11,994 ounces of gold and 13.8 million pounds of copper).
The underground mine averaged 11,395 tonnes per day for the quarter, lower than previous quarters as underground operations continued to ramp up during the quarter following the tragic mud-rush incident in February. Mining rates increased in March, averaging approximately 16,200 tonnes per day, near preincident mining rates.
Following the receipt of the Mines Act permit, B3 production will begin during the second quarter and ramp up over the year as more draw points become accessible.
During the quarter, the mill averaged 13,564 tonnes per day and is currently incorporating the current surface stockpiles to supplement the overall lower tonnes mined. The mill processed lower-than-average gold and copper grades of 0.39 gram per tonne gold and 0.64 per cent copper, respectively, with gold and copper recoveries of 79 per cent and 80 per cent, respectively.
During the quarter, C zone development advanced by approximately 820 metres, and the project remains on track.
Construction of the TAT facility advanced during the quarter, and all major equipment and major building equipment are currently on site.
Stabilization efforts advanced during the quarter, including the completion of phase 1 earthworks at the Historic Afton tailings storage facility as well as phase 2 dewatering efforts. Stabilization of the New Afton tailings storage facility progressed during the quarter, and approximately 13 dewatering wells are targeted for installation by the end of the year.
The C zone permit process was initiated with the preapplication package submitted during the first quarter.
Exploration update
Late in the fourth quarter of 2020, the company launched early-stage exploration drilling programs at the New Afton and Rainy River mines following an extended period of inactivity. The targets at New Afton are within a large area, called the Cherry Creek trend, characterized by distinct clusters of coincidental geophysical and soil geochemical anomalism, alteration variations, major structures, and both epithermal and porphyry-style mineralization signatures within the same rocks hosting New Afton deposit. Targets at the Rainy River Northeast trend are related with coincidental geophysical and soil geochemical anomalism, reactive host rocks and quartz veining centred along an interpreted regional structural trend showing characteristics of shear-zone-hosted-style mineralization. Initial results have been encouraging from both exploration programs, including the continued confidence in potential epithermal and porphyry systems within the Cherry Creek trend as well the potential shear-hosted mineralization on the Northeast trend. Based on the initial results, follow-up drilling on key target areas are planned to be completed during 2021. The company expects to provide regular updates on exploration programs throughout the year.
New Afton mine
The 2021 drilling program consists of the continuation of the reconnaissance drilling program that was launched at the New Afton mine in October, 2020, which was primarily focused on the prospective Cherry Creek trend, located within three kilometres of the New Afton mill. Additionally, underground drilling within the mine footprint and surface reconnaissance exploration over the company's broader regional claim holdings have been planned for 2021.
Cherry Creek trend
The key objective of the phase 1 reconnaissance drilling program was to identify the potential sources and mineralization causing the geochemical and geophysical anomalism that was previously identified in 2019, particularly to assess the potential for epithermal and gold-copper porphyry-style deposits. Six drill holes were designed to test near-surface epithermal gold targets, and 13 holes tested both near-surface epithermal and deeper porphyry gold-copper targets.
Results to date at Silica Hill, where several drill holes have returned shallow intercepts of narrow gold and silver mineralization within the preliminary geology model and alteration domains interpreted, show characteristics of mineralization and alteration patterns that halo gold-copper-mineralized porphyry systems similar to New Afton deposit. Follow-up drilling started with a deeper hole in the priority target at the Silica Hill area.
To date, 20 diamond drill holes totalling 10,518 metres have been completed in the Cherry Creek trend area. Average length of hole was 515 metres at an average depth from surface of approximately 430 metres. Assay results have been received for 17 drill holes, and results for the final three drill holes are expected by the end of April (see the attached table at the end of this news release for full drilling results).
Highlights include:
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Alteration and mineralization intercepted within the Silica Hill target are indicative of a potential porphyry system. Alteration domains at Silica Hill target show distinctive hydrothermal patterns vectoring to a potential deep mineralization source from distal propylitic to argillic, to white mica and dickite within and haloing a quartz-feldspar porphyry partially bound by picrite;
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Silver-mineralized banded quartz veins with anomalous copper halos crosscutting argillic-altered host laterally and beneath Silica Hill;
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Gold mineralization hosted in ductile deformed fuchsite-quartz-carbonate-altered, fine-grained sedimentary rocks on the footwall of the picrite unit at Silica Hill;
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Increased thickness of the quartz-feldspar porphyry, including increased pyrite content, and gold and silver low-level geochemical signature (background) at depth and to the northwest of Silica Hill;
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Geochronology quartz-feldspar porphyry dates match the age date of the alteration associated with sulphosalt, secondary hypogene mineralization enrichment at New Afton deposit;
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Preliminary geological model interpreted the extent of the picrite unit along the length of the Cherry Creek trend, showing similar geometry as the picrite bounding the New Afton orebody.
The phase 2 drilling program will focus on deeper drilling within the interpreted alteration domains on the Silica Hill priority targets.
In March, 2021, an underground drilling program commenced to test three targets generated within the New Afton deposit footprint based on an AI (artificial intelligence) study completed in 2020. The program has been designed to complete up to 5,000 metres in 14 holes and is expected to be completed by August, 2021. To date, two holes have been completed on the AI West target located approximately 500 metres west of the B3 block cave reserve, where primary sulphide mineralization consisting of chalcopyrite of greater than 1 per cent has been visually described within two continuous intervals of 45-metre and 34-metre length down the hole (assay results pending).
The reconnaissance exploration program is inclusive of geochemical and geophysical surveys that have been designed to further define drill-ready targets within the company's broader regional claim holdings.
Rainy River mine
An early-stage exploration program was launched at the Rainy River mine in December, 2020, that tested priority targets on the north-east portion of the broader regional mineral tenure to identify areas of potential gold mineralization and to define targets for follow-up drill testing. The first phase of reconnaissance drilling has been completed, and follow-up drilling is planned in the second half of 2021 as additional data are compiled and interpretations of all reconnaissance drilling have been completed.
Northeast trend
The company completed a reconnaissance drilling program designed to test targets within areas of coincident geochemical soil anomalies, magnetic geophysical anomalies, and evidence of quartz veins and/or shear zones within the Northeast trend area located approximately 15 kilometres north from the Rainy River mine site. Since the commencement of drilling in December, 2020, 11 diamond drill holes totalling 4,023 metres have been completed, and the phase 1 reconnaissance drilling program has been finalized.
Assay results have been received for seven drill holes, and results for the last four drill holes are expected by the end of April (see attached table at the end of this news release for full drilling results).
Highlights include (all results are reported with interval length down the hole):
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Hole RRNT-20-02: 0.42 g/t gold over 3.0 metres;
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Hole RRNT-20-04: 0.61 g/t gold over 3.8 metres, including 1.79 g/t gold over 0.7 metres.
To date, narrow intervals of low-grade gold mineralization has been intercepted within four holes. One drill hole intersected the targeted shear zone with a 0.7-metre interval of 1.79 g/t gold. The updated interpretation suggests that the shear zone is dipping at 75 degrees to the west and is not subvertical as previously thought, and the inclined holes planned to the west potentially missed to undercut the targeted structure.
Additional exploration activities have been planned to support a follow-up drilling program, which includes a soil geochemical survey, geological mapping and trenching to better define the orientation, dip, width and extent of the interpreted shear zones.
First quarter conference call and webcast
The company will host a webcast and conference call on May 5, 2021, at 8:30 a.m. Eastern Time to discuss the company's first quarter financial and operating results.
Participants may listen to the webcast by registering on the company's website.
Participants may also listen to the conference call by calling toll-free 1-833-350-1329, or 1-236-389-2426 outside of the United States and Canada, passcode 2491156.
A recorded playback of the conference call will be available until June 5, 2021, by calling toll-free 1-800-585-8367, or 1-416-621-4642 outside of the U.S. and Canada, passcode 2491156. An archived webcast will also be available until June 5, 2021, on the company's website.
Technical information
The scientific and technical information in this news release under the heading "exploration update" and in the tables has been reviewed and approved by Michele Della Libera, director, exploration, of New Gold. All other scientific and technical information contained in this news release has been reviewed and approved by Eric Vinet, senior vice-president, operations, of New Gold. Mr. Della Libera is a professional geoscientist (PGeo), and practising member of the Association of Professional Geoscientists of Ontario and the Engineers and Geoscientist of British Columbia. Mr. Vinet is a professional engineer and member of the Ordre des ingenieurs du Quebec. Mr. Della Libera and Mr. Vinet are qualified persons for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. With respect to the scientific and technical information in this news release under the heading "exploration update" and the tables, Mr. Della Libera has verified the data disclosed, 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. Della Libera's verification process. New Gold maintains a quality assurance/quality control (QA/QC) 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. 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 at New Afton is sampled commonly at two-metre intervals or less than two metres upon geological changes, halved and shipped in sealed bags to Actlabs Laboratories in Kamloops, B.C. Drill core at Rainy River is sampled at a regular 1.5-metre interval or less than 1.5 metres upon geological changes, halved and shipped in sealed bags to Actlabs Laboratories in Thunder Bay, Ont. Additional information regarding the company's quality assurance processes is set out in the New Afton and Rainy River NI 43-101 technical reports available on SEDAR.
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 Dec. 31, 2020.
CHERRY CREEK DRILL ASSAY RESULTS
(greater than or equal to 0.2 g/t Au and/or 10 g/t Ag,
and interval as length down the hole)
Drill hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Cu (ppm)
CC20-001 0.0 348.2 348.2 No significant results
348.2 349.6 1.4 0.01 20.7 149
349.6 406.8 57.2 No significant results
406.8 407.6 0.8 0.24 0.2 55
407.6 430.0 22.4 No significant results
430.0 432.1 2.1 0.83 1.5 9
432.1 485.5 53.4 No significant results
CC20-002 0.0 429.6 429.6 No significant results
429.6 431.0 1.4 0.00 13.5 174
431.0 662.0 231.0 No significant results
CC20-003 0.0 574.0 574.0 No significant results
CC20-004 0.0 395.5 395.5 No significant results
395.5 397.0 1.5 0.00 48.2 172
397.0 461.5 64.5 No significant results
CC20-005 0.0 489.7 489.7 No significant results
CC20-006 0.0 440.5 440.5 No significant results
CC20-007 0.0 414.0 414.0 No significant results
CC20-008 0.0 401.0 401.0 No significant results
CC20-009 0.0 164.0 164.0 No significant results
CC20-010 0.0 609.5 609.5 No significant results
CC20-011 0.0 243.7 243.7 No significant results
243.7 244.5 0.8 0.00 12.3 99
244.5 425.3 180.8 No significant results
CC20-012 0.0 166.0 166.0 No significant results
166.0 172.0 6.0 0.45 1.3 20
172.0 176.7 4.7 No significant results
176.7 178.0 1.3 0.28 1.1 41
178.0 205.0 27.0 No significant results
CC20-013 0.0 707.0 707.0 No significant results
CC20-014 0.0 386.0 386.0 No significant results
386.0 388.0 2.0 0.21 3.8 56
388.0 393.7 5.7 No significant results
393.7 395.2 1.5 0.32 1.3 19
395.2 423.1 27.9 No significant results
423.1 424.1 1.0 0.35 0.4 139
424.1 465 40.9 No significant results
CC21-015 0.0 248.0 248.0 No significant results
248.0 251.4 3.4 0.44 0.3 79
251.4 267.7 16.3 No significant results
267.7 269.0 1.3 1.10 0.2 57
269.0 271.5 2.5 No significant results
271.5 273.0 1.5 0.21 0.3 72
CC21-016 0.0 825.1 825.1 No significant results
CC21-017 0.0 752.3 752.3 No significant results
CC21-018 0.0 127.0 127.0 No significant results
127.0 209.0 82.0 Assay results pending
209.0 361.0 152.0 No significant results
361.0 363.0 2.0 0.00 12.6 88
363.0 369.0 6.0 No significant results
369.0 371.0 2.0 0.00 18.0 97
371.0 474.2 103.2 No significant results
474.2 698.0 223.8 Assay results pending
CC21-019 0.0 750.0 750.0 Assay results pending
CC21-020 0.0 713.8 713.8 Assay results pending
RAINY RIVER DRILLING RESULTS
(reported greater than or equal to 0.1 g/t Au and
intervals as length down the hole)
Drill hole From (m) To (m) Interval (m) Gold (g/t)
RRNT-20-01 0.0 53.0 53.0 No significant results
53.0 54.5 1.5 0.13
54.5 149.0 94.5 No significant results
RRNT-20-02 0.0 119.1 119.1 No significant results
119.1 123.5 4.4 0.26
123.5 129.5 6.0 No significant results
129.5 132.5 3.0 0.42
132.5 203.0 70.5 No significant results
RRNT-20-03 0.0 117.5 117.5 No significant results
117.5 119.0 1.5 0.11
119.0 410.0 291.0 No significant results
410.0 411.5 1.5 0.11
411.5 431.0 19.5 No significant results
RRNT-20-04 0.0 18.5 18.5 No significant results
18.5 20.0 1.5 0.20
20.0 27.1 7.1 No significant results
27.1 30.9 3.8 0.61
includes 30.2 30.9 0.7 1.79
30.9 384.5 353.6 No significant results
384.5 386.0 1.5 0.38
RRNT-20-05 0.0 89.0 89.0 No significant results
RRNT-20-06 0.0 371.0 371.0 No significant results
RRNT-20-07 0.0 401.0 401.0 No significant results
RRNT-20-08 0.0 420.2 420.2 Assay results pending
RRNT-20-09 0.0 371.0 371.0 Assay results pending
RRNT-20-10 0.0 450.0 450.0 Assay results pending
RRNT-20-11 0.0 401.0 401.0 Assay results pending
About New Gold Inc.
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. The company also holds an 8-per-cent gold stream on the Artemis Gold Blackwater project located in British Columbia and a 6-per-cent equity stake in Artemis. The company also operates the Cerro San Pedro mine in Mexico (in reclamation). New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to environment and social responsibility.
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