Newmarket Gold Reports High-grade Gold at Lower Phoenix System

Newmarket Gold Inc. (TSX:NMI,OTCQX:NMKTF) announced results from nine drill holes completed at the Lower Phoenix system, located at the company’s flagship Fosterville gold mine. The holes were completed as part of two new surface-based growth programs.
As quoted in the press release:

Drilling at Fosterville continues to focus on further defining near mine underground gold targets located on the Lower Phoenix and Lower Phoenix Footwall (LPFW) Faults where the Company believes there is good potential to extend the current known resource. Drill results include several high-grade gold intercepts along strike from Fosterville’s Mineral Resources and Reserves. Additionally, 500m of underground development to build the Harrier Exploration Drill Drive, a third growth program at Fosterville, is well advanced.

Highlights are as follows:

• Drilling in the Lower Phoenix system confirms near-mine gold mineralization, with high-grade gold intercepts, and indicates potential to extend resources south (down-plunge) and north (up-plunge).
• Surface based diamond drilling on the Lower Phoenix South system (6200mN), targeting the down-plunge extensions of Lower Phoenix structures approximately 200m south of delineated Mineral Resources, has returned 12.75 g/t Au over 5.9m (ETW 4.5m) in hole SPD614C (including 29.41 g/t Au over 1.3m (ETW 1.0m)) and 6.16 g/t Au over 2.05m (ETW 1.9m) in hole SPD614A.
• Surface based diamond drilling on the Lower Phoenix North system (7950mN), targeting the up-plunge extension of the Lower Phoenix Faults, approximately 200m north of defined Mineral Resources, has returned significant drill intercepts including 12.5 g/t Au over 3.35m (ETW 2.4m) in hole SPD615A and 9.28 g/t Au over 3.35m (ETW 3.1m) in hole SPD615.
• Surface based diamond drilling has commenced on 7850mN to follow-up the high-grade gold results returned for 7950N. Drilling will target up-plunge extensions of the Lower Phoenix system 100m north of defined Mineral Resources.
• Underground drill drive development commenced in Q4 2015 from the Harrier Decline to support 2016 drilling of the down-plunge extension of the Phoenix gold system approximately 1000m south of current Mineral Reserves. A total of 243m of development of this project is now complete.
• Fosterville continues to finalize the December 2015 Mineral Resource and Reserve NI43-101 Technical Report which is on track to be delivered before the end of Q1 2016.

Click here to read the full Newmarket Gold Inc. (TSX:NMI,OTCQX:NMKTF) press release.