- Newcrest Mining (NCM) has released its initial mineral resource estimate (MRE) for the Red Chris Mine in British Columbia, Canada
- The measured and indicated MRE reads 980 million tonnes at 0.41g/t gold and 0.38 per cent copper, while the inferred MRE reads 190 million tonnes at 0.31g/t gold and 0.30 per cent copper
- The release of a mineral resource estimate marks an important step in the pre-feasibility study for Red Chris which Newcrest is aiming to release in September
- An initial ore reserve estimate is also expected to be announced at the same time
- Shares in Newcrest are down a slight 0.24 per cent and are trading at $24.58
Newcrest Mining (NCM) has released its initial mineral resource estimate (MRE) for the Red Chris Mine in British Columbia, Canada.
The Red Chris Mine lies 1700 kilometres from Vancouver and is held in a 70:30 joint venture with Imperial Metals.
The measured and indicated mineral resource reads 980 million tonnes at 0.41g/t gold and 0.38 per cent copper.
It includes 310 million tonnes at 0.28g/t gold and 0.34 per cent copper for open pit and 670 million tonnes at 0.46g/t gold and 0.40 per cent copper for underground.
Additionally, the inferred mineral resource reads 190 million tonnes at 0.31g/t gold and 0.30 per cent copper.
This includes 11 million tonnes at 0.23g/t gold and 0.27 per cent copper for open pit and 180 million tonnes at 0.32g/t gold and 0.30 per cent copper for underground.
The release of a mineral resource estimate marks an important step in the pre-feasibility study for Red Chris which Newcrest is aiming to release in September.
An initial ore reserve estimate is also expected to be announced at the same time.
“The announcement of our initial mineral resource estimate marks another milestone in our transformation of Red Chris,” CEO and Managing Director Sandeep Biswas commented.
“We remain on track to release the findings of our block cave pre feasibility study by the end of September and continue to evaluate a number of early mining options which could enable an acceleration of cash flows prior to the development of a block cave,” he added.
Shares in Newcrest are down a slight 0.24 per cent and are trading at $24.58 at 1:47 pm AEDT.