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Newmarket Gold Inc. (TSX:NMI) announced drill results from 28 holes covering 7,157 meters at its Australia-based Fosterville gold mine. Those are the final results from the first half of the 2015 exploration program at the mine.
Newmarket Gold Inc. (TSX:NMI) announced drill results from 28 holes covering 7,157 meters at its Australia-based Fosterville gold mine. Those are the final results from the first half of the 2015 exploration program at the mine.
As quoted in the press release:
Drilling outside of current mineral resources focused on further defining and exploring targets on the Phoenix, Lower Phoenix, Lower Phoenix Footwall, East Dipping, Kestrel and newly identified Eagle Faults. Drill results include continued intercepts of high-grade gold mineralization with the Eagle Fault discovery returning intervals of significant visible gold. To date, drill results indicate the continuance of high-grade zones to depth and suggest strong potential to increase Fosterville’s Mineral Reserves and Resources.
Highlights include:
- Drilling continues to return high-grade visible gold drill intercepts associated with the Eagle Fault including 16.38 g/t Au(1) over 18.0 m (ETW 16.56 m) in hole UDH1364 (Including 145.3 g/t Au(1)over 0.95 m).
- Ongoing drilling of East Dipping Faults returned high-grade results including 141.1 g/t Au(1)over 5.8 m (ETW 4.59 m) in hole UDH1321 (Including 1908 g/t Au(1)over 0.4 m).
- Results from a total of 14 additional drill holes completed on the Eagle Fault discovery reaffirm the structural continuity and grade tenor of the Eagle Fault over a strike length of approximately 500 m.
- Drill results on these high-grade zones provide strong potential to increase Mineral Reserves and Mineral Resources and contribute to the near term production profile due to the proximity to existing development.
- Mining is currently extracting ore from these structures, up-plunge of these latest drill results with mining performing well in terms of reconciliation and processing activities.
- In addition to underground drilling, Newmarket will initiate three surface based growth exploration drill holes at Fosterville totaling US$1.5 million in the second half of 2015. Drill holes are designed to test down-plunge extensions of the Lower Phoenix system and the up-plunge potential of the Lower Phoenix system on step outs of 200 m and 230 m respectively.
(1) Visible gold present in drill intercept, ETW – Estimated True Width
Click here to read the full Newmarket Gold Inc. (TSX:NMI) press release.