Newmarket Gold reports good gold assays at Fosterville Mine

Newmarket Gold’s Fosterville gold mine in the State of Victoria, Austraia. Source: Newmarket Gold Inc.

Newmarket Gold’s Fosterville gold mine in the State of Victoria, Austraia. Source: Newmarket Gold Inc.

Newmarket Gold Inc. [NMI-TSX; NMKTF-OTCQX] reported further positive results from four surfaced-based drill holes (4,326 metres from its growth exploration programs targeting the Lower Phoenix gold system at the producing Fosterville Gold Mine, State of Victoria, Australia.

The Company is also reported a further 96 underground, near mine delineation drill holes (22,799m), which continue to return significant intercepts containing high-grade visible gold mineralization. Underground drilling continues to focus on further defining near mine gold targets on the Phoenix, Lower Phoenix, Lower Phoenix Footwall (LPFW), East Dipping, Kestrel and Eagle Faults. Recent drill results continue to support the potential to expand Fosterville’s resources and reserves and confirm continuity of mineralization up-plunge (north) and down plunge (south) on the Lower Phoenix gold system.

Highlights and Key Drill Intercepts from Underground Near Mine Drilling at Fosterville Gold Mine:

During definition drilling, Newmarket discovered a new west-dipping lode within the Lower Phoenix Footwall structure intersecting significant high-grade gold mineralization including 194 g/t gold over 14.3m (ETW 3.07m) in hole UDH1643, including 1,134 g/t gold over 2.3m [ETW 0.5m]), 75.73 g/t gold over 23.3m (ETW 5.41m) in hole UDH1648, including 1,058 g/t gold over 1.35m [ETW 0.15m]) and 19.97 g/t gold over 8.15m (ETW 7.7m) in hole UDH1729.

Eagle Fault System underground definition drilling continues to return high-grade mineralization containing visible gold. The high-grade Eagle Fault System has now been defined over a strike length of 700m and vertical extent of 330m. Key drill intercepts include 283 g/t gold over 3.0m (ETW 2.8m) in hole UDH1584, including 526 g/t gold over 0.55m [ETW 0.4m] and 665 g/t gold over 0.8m [ETW 0.7m]), 155 g/t gold over 2.2m (ETW 1.93m) in hole UDH1590, including 1,050 g/t gold over 0.3m [ETW 0.2m]) and 101 g/t gold over 1.45m (ETW 1.1m) in hole UDH1815.

Drilling of the East-Dipping Faults continue to intersect significant high-grade gold mineralization including 16.52 g/t gold over 5.1m (ETW 4.03m) in hole UDH1581 and 7.02 g/t gold over 4.8m (ETW 4.13m) in hole UDH1691.

Phoenix Fault drill results returned high-grade intercepts including 6.43 g/t gold over 9.15m (ETW 8.38m) in hole UDH1782 and 7.8 g/t gold over 5.3m (ETW 4.63m) in hole UDH1640.

Delineation drilling into the Kestrel Structure has returned strong results including 4.67 g/t gold over 14.3m (ETW 10.32m) in hole UDH1696 and 5.3 g/t gold over 12.3m (ETW 8.88m) in hole UDH1689.

Highlights and Key Drill Intercepts from Surface Based Growth Drilling at Fosterville Gold Mine:

Surface based drill programs on the Lower Phoenix South gold system (6200mN) have returned significant gold mineralization of 13.36 g/t gold over 3.85m (ETW 3.8m) in hole SPD614E, including 27.33 g/t gold over 1.55m [ETW 1.5m]) located approximately 500m down-plunge of Lower Phoenix Mineral Reserves.

Surface based diamond drilling on the Lower Phoenix North system (8050mN) targeted Lower Phoenix structures approximately 350m north of Lower Phoenix reserves and returned intercepts of 4.7 g/t gold over 6.95m (ETW 6.2m) in hole SPD618, including 5.93 g/t gold over 2.3m [ETW 2.15m]) and 3.2 g/t gold over 4.55m (ETW 4.55m) in hole SPD618A. ETW = Estimated True Width

Douglas Forster, President and CEO, said, “We are very pleased to report continued positive results from our surface-based growth drilling and underground delineation drilling programs on the Lower Phoenix gold system at our flagship Fosterville Gold Mine. We continue to invest in Fosterville with a total of 72,498m of growth and definition drilling completed to date in 2016 utilizing nine drill rigs. This drilling continues to advance our knowledge of the resource potential of the high-grade visible gold-bearing Lower Phoenix structures with new mineralized zones still being discovered, including a west dipping lode in the Lower Phoenix Footwall which intersected 194 g/t gold over 14.3m (ETW 3.07m). Surface-based drilling programs also continue to confirm the resource expansion potential of the Lower Phoenix gold system with an intercept of 13.36 g/t gold over 3.85m (ETW 3.8 m) located approximately 500 meters down-plunge from Lower Phoenix mineral reserves. Currently, four underground drill rigs are operating on resource definition programs on the Phoenix and Lower Phoenix gold systems and continue to intersect high-grade visible gold mineralization outside of known measured and indicated resources. Exploration success since the start of the year on the Eagle and East Dipping faults support our view to expand the Phoenix and Lower Phoenix near mine measured and Indicated resource of 673,000 ounces grading 8.33 g/t gold (as of December 31, 2015) through continued targeting of the down plunge extension of these high-grade structures.”

For more details, refer to company press release at http://www.newmarketgoldinc.com

Filed in: Gold, Resources

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