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Newmarket Gold Inc.
Summary
| Project: | Fosterville | |
|---|---|---|
| Deposit: | Harrier South Gold System | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 9/14/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 14-9-2016: Newmarket Gold Inc. announces an Exploration/Drilling Update report for its Harrier South Gold System deposit at the Fosterville project. Drilling results incl. 6.80m @ 46.22g/t Au from 389.75m. Vancouver, B.C. – September 14, 2016 – Newmarket | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Troy Fuller (Internal) | |
| ABSTRACT: | Vancouver, B.C. – September 14, 2016 – Newmarket Gold (“Newmarket” or the “Company”) (TSX: NMI) (OTCQX: NMKTF) is pleased to announce positive drill results from an additional 17 underground holes, totaling 6,376 meters(m) at its Harrier South gold system at the Fosterville Gold Mine (“Fosterville”), State of Victoria, Australia. Underground resource definition drilling has continued to target down-plunge extensions to the Harrier and Osprey gold system to assess the potential of a Harrier Reserve expansion. Recent drill results have returned the highest gold grades ever recorded in the Harrier and Osprey gold system, with several intervals containing significant visible gold mineralization. The results reaffirm increasing grade profiles with depth and suggest a strong potential for significant conversion of Mineral Resources to Mineral Reserves. Success from continued drilling from this area could also provide increased flexibility for the operation, with the potential to maintain independent mining fronts from the current Phoenix/Lower Phoenix mining area. The Harrier South drilling target area is located approximately 1.2km south of the Phoenix and Lower Phoenix Mineral Reserves, directly down plunge from the active Harrier mining area (Figures 1 & 2). Mr. Douglas Forster, President and Chief Executive Officer, Newmarket Gold commented: “We are pleased to report continued positive results from our underground delineation drilling program in the Harrier South gold system at our flagship Fosterville Gold Mine. In addition to our successful advancement of the Phoenix and Lower Phoenix delineation and expansion drilling programs, we have been able to progressively advance additional high potential Mineral Resource targets at Fosterville. The most recent drill results into the Harrier South gold system have delineated a high-grade zone of visible gold mineralization on the Harrier Base structure and reaffirm an increasing grade profile with depth. We intend to continue drilling with two rigs for the remainder of 2016 to further explore for Harrier South Mineral Reserve expansion opportunities”. | |
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