New Gold Inc. (NGD) experienced a decrease of 1.32% in the premarket. However, the last trading session concluded at $1.52 with a decrease of 5.59%.
Two New Gold Zones – What’s up?
On 24th January 2022, Angus Gold Inc. announced assay findings from the last four holes of its 2021 drill program at the Golden Sky Project in Wawa, Ontario. Moreover, the four holes were drilled into a specific section of the property’s massive Banded Iron Formation horizon. It stretches for nearly 5 kilometers. At around 500 meters apart, two of the four holes intersected considerable gold mineralization.
So what?
For the first drill program in a largely undiscovered target, these results have well exceeded the company’s expectations. It’s reassuring to hit large gold zones, which suggests the BIF has a large gold-bearing hydrothermal system. Moreover, NGD is dealing with a system that potentially holds large gold resources with over 60 meters. Furthermore, the company has just investigated a small section of the vast BIF horizon within the property.
Many of Canada’s greatest gold deposits are housed by the BIF, and the company believes that these findings imply that this location has the potential to host mineralization on a comparable scale. Last but not the least, the company will pursue an aggressive 2022 agenda to build on the success of 2021 and explore additional objectives both locally and regionally.
Sale of the gold stream – Latest news
On 22nd December 2021, NGD announced that the gold stream which was present on the Blackwater project has been sold for $300 million. Artemis Gold Inc. owns Blackwater entirely, with New Gold retaining the gold stream in exchange for the transfer of Blackwater to Artemis on August 21, 2020.
About NGD
New Gold is a Canadian mining company with the Rainy River gold mine and the New Afton copper-gold mine as its significant assets. Artemis Gold Inc., a Canadian-focused investment, has a 5% equity holding in the company. New Gold’s vision is to become the world’s leading intermediate gold business based in Canada.
