New Murchison Gold up +7% after hitting high-grade gold at Crown Prince East

• New Murchison Gold has identified several new areas of mineralisation with recent drilling at the Crown Prince gold project.
• Results have delineated additional mineralisation in pit outline.
• Crown Prince East Pit emerging as significant satellite deposit at WA mine.

New Murchison Gold (ASX:NMG) has identified new areas of mineralisation with recent drilling at the Crown Prince gold project in Western Australia. Reverse circulation drilling has returned high-grade gold intercepts, which have delineated additional mineralisation within the designed pit outline of the Crown Prince East Pit (CP East), a satellite deposit at the Crown Prince gold mine.

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Crown Prince East is centred on a mineralised zone which hosts a set of sub-parallel southerly dipping lodes which host gold mineralisation in quartz carbonate veins.

Those lodes were targeted in the recent drill program, which consisted of 49 reverse circulation (RC) holes totalling 5,365 metres.

Two diamond holes were also drilled to ascertain structural data.

New Murchison’s CEO, Alex Passmore, said the encouraging results open up the opportunity of proving up additional reserves within close proximity of the current Crown Prince gold operations.

Highlight hits included 18 metres at 10.3 grams per tonne (g/t) from 54 metres, including six metres at 29.3 grams per tonne gold from 65 metres, and 12 metres at 10.3 g/t from 34 metres, including one metre at 42.2 g/t Au from 36 metres.

The area tested is 300 metres east of the Crown Prince West Pit, which is being mined. The planned depth of the mine extends to 140m below surface; mineralisation extended below this depth is likely to be accessed via an underground mine.

Mr Passmore said results from the recent drill program indicate that there are two orientations of high-grade mineralisation. “These results highlight near-mine ounces already within the existing mining approval, providing a clear pathway to convert directly into production upside.”

“Importantly,” he continued, “this represents more gold from the same operational footprint, with the potential to bring it into production quickly.”

The New Murchison Gold board made the final investment decision to develop Crown Prince in June CY25, before the first blast was completed, only five days later. The first parcels of ore were sold in September pursuant to the ore purchase agreement (OPA) with Westgold Resources. This saw NMG make the transition from explorer to producer at an opportune time of record-high gold prices.

The Western Australian company is very well funded for further development of the project after share placements and a share purchase plan for shareholder participation saw it raise more than $31 million in CY25.

NMG has been up over +7% today, at 4.9¢. Mkt cap $510.6M.

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