Newmarket Gold, Inc. (OTCMKTS:NMKTF) announces further positive results from four drill holes from the Company’s growth exploration programs at Fosterville Gold Mine in Victoria, Australia.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sep 20, 2016) – Newmarket Gold (“Newmarket” or the “Company”) (NMI.TO)(NMKTF) is pleased to announce further positive results from four surfaced-based drill holes (4,326 meters (m)) from the Company’s growth exploration programs targeting the Lower Phoenix gold system at Fosterville Gold Mine, State of Victoria, Australia. The Company is also pleased to report 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 Mineral 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 Au(1) over 14.3m (ETW 3.07m) in hole UDH1643 (Including 1,134 g/t Au(1) over 2.3m [ETW 0.5m]), 75.73 g/t Au(1) over 23.3m (ETW 5.41m) in hole UDH1648 (Including 1,058 g/t Au(1) over 1.35m [ETW 0.15m]) and 19.97 g/t Au(1) 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 Au(1) over 3.0m (ETW 2.8m) in hole UDH1584 (Including 526 g/t Au(1) over 0.55 m [ETW 0.4m] and 665 g/t Au(1) over 0.8m [ETW 0.7m]), 155g/t Au(1) over 2.2m (ETW 1.93m) in hole UDH1590 (Including 1,050 g/t Au(1) over 0.3 m [ETW 0.2m]) and 101 g/t Au(1) 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 Au over 5.1m (ETW 4.03m) in hole UDH1581 and 7.02 g/t Au over 4.8m (ETW 4.13m) in hole UDH1691.
Phoenix Fault drill results returned high-grade intercepts including 6.43 g/t Au over 9.15m (ETW 8.38m) in hole UDH1782 and 7.8 g/t Au over 5.3m (ETW 4.63m) in hole UDH1640.
Delineation drilling into the Kestrel Structure has returned strong results including 4.67 g/t Au over 14.3m (ETW 10.32m) in hole UDH1696 and 5.3 g/t Au 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 Au over 3.85m (ETW 3.8m) in hole SPD614E (Including 27.33 g/t Au 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 Mineral Reserves and returned intercepts of 4.7 g/t Au over 6.95m (ETW 6.2m) in hole SPD618 (Including 5.93 g/t Au over 2.3m [ETW 2.15m]) and 3.2 g/t Au over 4.55m (ETW 4.55m) in hole SPD618A.
Mr. Douglas Forster, President and Chief Executive Officer, Newmarket Gold commented: “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 9 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 Au over 14.3 m (ETW 3.07 m). 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 Au over 3.85 m (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 Mineral 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 Mineral Resource of 673,000 ounces grading 8.33 g/t Au (as of December 31, 2015) through continued targeting of the down plunge extension of these high-grade structures.”
Summaries of 2016 Underground Exploration Programs at Fosterville Gold Mine
Phoenix / Lower Phoenix Gold System Underground Resource Definition Drilling Program
Since the May 9, 2016 Newmarket News Release, drilling from four diamond drill rigs has continued to focus on resource definition and understanding of multiple gold targets including the Phoenix, Lower Phoenix, Lower Phoenix Footwall (LPFW), East Dipping, Kestrel and Eagle Faults. Reported drill results are outside of the December 31, 2015 Measured and Indicated Mineral Resources and include results from 96 holes (22,799m). Mining production continues on the upper-plunge areas of these targeted structures including the high-grade Eagle Fault and East Dipping Faults which have largely contributed to the record H1 2016 gold production of 70,383 ounces and record gold mill grade of 7.42 g/t at Fosterville.
All drill assay intercepts are provided in Table 1 and drill collars in Table 2.
Eagle Fault and East Dipping Faults
The high-grade Eagle Fault system has now been defined over a strike length of 700m and vertical extent of 330m. Recent drilling continues to return significant high-grade gold intercepts and supports the view that the Eagle Fault system remains open for expansion down-plunge. Recent drill results into the Eagle Fault below the 4150mRL include 283 g/t Au(1) over 3.0m (ETW 2.8m) in hole UDH1584 (Including 526 g/t Au(1) over 0.55 m [ETW 0.4m] and 665 g/t Au(1) over 0.8m [ETW 0.7m]), 155g/t Au(1) over 2.2m (ETW 1.9m) in hole UDH1590 (Including 1,050 g/t Au(1) over 0.3m [ETW 0.2m]) and 101 g/t Au(1) over 1.45m (ETW 1.1m) in hole UDH1815 (Figure 1). These results continue to confirm the continuity and high-grade tenor of the Eagle Fault down plunge and clearly demonstrate Mineral Reserve growth potential on this structure. Recent definition drilling into the east dipping Eagle Fault structure from the Central Decline has also defined a series of east dipping splay faults. These Eagle Splay structures also host significant gold mineralization returning intercepts of 14.02 g/t Au over 2.3m (ETW 2.19m) and 18.72 g/t Au over 2.3m (ETW 2.28m) in hole UDH1737 and 26.45 g/t Au over 1.6m (ETW 1.5m) in hole UDH1482 (Figure 1). The Eagle zone remains untested and open at depth below the 4025mRL and south of 6450mN and drilling is planned to target beyond this extent during the remainder of 2016.
The mathematical calculation that represents the degree of change over time is known as “percentage change”. In finance, it serves many purposes, and is often used to represent the price change of a commodity.
Percentage change can be applied to any quantity that is measured over time any given time period. Say you are tracking the price of a stock. If the price increased, the formula [(New Price – Old Price)/Old Price] is applied and then take that number and multiply it by 100. If the price of a stock decreased, the formula [(Old Price – New Price)/Old Price] is applied then multiplied by 100.
The formula can be used to track the prices of both individual commodities and large market listings, and also used to compare the values of different currencies. Balance sheets with comparative financial statements often will include prices of specific stocks at different time periods alongside the percentage change over the same periods of time. Over the past three months, Newmarket Gold, Inc. (OTCMKTS:NMKTF) has seen 211100 shares trade hands on average.
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Newmarket Gold, Inc. (OTCMKTS:NMKTF) shares closed the most recent session at $3.49 moving from the previous open or $0.15. This is compared to the stock’s 52-week high of 3.64 and 52-week low of 0.91.
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