Newcrest Mining reported that at Red Chris, the Exploration Target for East Ridge had been greatly enhanced, confirming the extensive discovery near existing infrastructure and showing the possibility for more block caves.
“We are delighted to substantially increase our Exploration Target at East Ridge. The scale of East Ridge and its proximity to our existing infrastructure, means it has the potential to play a significant role in the long-term future of Red Chris. We believe East Ridge represents a considerable opportunity for Newcrest as we continue to pursue further options to unlock value at Red Chris. With our deep mining capabilities and proven exploration success, we are very well placed to maximise the value of this Tier 1 asset,” Newcrest Interim CEO Sherry Dune said.
Newcrest operates Red Chris, a joint venture between Newcrest and Imperial Metals Corporation.
The Brownfield Exploration program is targeted at locating additional zones of higher-grade mineralisation within the Red Chris porphyry corridor, including targets not included in Newcrest’s Mineral Resource estimate.
Drilling is still ongoing at East Ridge, which is close to the East Zone, with 71 holes finished and 5 in the works. Follow-up drilling is being carried out on a nominal 100m x 100m grid to define the footprint, comprehend the mineralisation, geotechnical and geometallurgical features, and determine the amount of continuity of the higher-grade mineralisation. Drilling has so far investigated a corridor 900m long, 250m wide, and 1,000m vertically, where zones of higher-grade mineralisation have been discovered. According to Newcrest, mineralisation remains open at depth.
Newcrest said the amended Exploration Target shows a significant increase in the size of the Exploration Target as of 6 March 2023 compared to the East Ridge Exploration Target as of 30 June 2022.
According to Newcrest, the extent and continuity of this higher-grade mineralisation are still being defined by diamond drilling. At least ten further diamond drill holes are planned to test and close out the Exploratory Target and establish geotechnical and metallurgical features. This drilling program is scheduled to be finished by the second quarter of 2023. In 2023, work will be done to generate an updated Red Chris Mineral Resource estimate that includes East Ridge.
