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Newcrest reports 15Moz of gold and 4Mt of copper at Red Chris

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(Kitco News) - Newcrest Mining (ASX, TSX, PNGX: NCM) announced today its initial Mineral Resource estimate for the Red Chris mine located in British Columbia, Canada. Red Chris is operated by Newcrest under a Joint Venture Agreement with Imperial Metals.

According to the company’s statement, Measured and Indicated Mineral Resources amounted to 980Mt @ 0.41 g/t gold and 0.38% copper for 13Moz contained gold and 3.7Mt contained copper; Inferred Mineral Resources amounted to 190Mt @ 0.31 g/t gold and 0.30% copper for 1.9Moz contained gold and 0.57Mt contained copper.

Newcrest said that the initial Mineral Resource estimate is a key input into the Red Chris PFS which Newcrest expects to release by the end of September 2021. An initial Newcrest Ore Reserve estimate for Red Chris is also expected to be released within the same timeframe.

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, “The announcement of our initial Mineral Resource estimate marks another milestone in our transformation of Red Chris. We remain on track to release the findings of our block cave Pre-Feasibility Study by the end of September 2021 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.”

Red Chris is a gold-copper porphyry deposit located on the northern edge of the Skeena Mountains, approximately 1,700 kilometres north of Vancouver and 18 kilometres south east of the town of Iskut in British Columbia. The construction of Red Chris was completed in November 2014, with first commercial production from the open pit in July 2015.

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