UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 
 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2024.

Commission File Number 001-31722

 

 

New Gold Inc.

 

Suite 3320 - 181 Bay Street

Toronto, Ontario M5J 2T3

Canada

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  Form 40-F

 

 

 

 

 

 
 

 

 

 

DOCUMENTS FILED AS PART OF THIS FORM 6-K

 

 

Exhibit   Description
99.1   News Release dated September 11, 2024

 

 

 
 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    NEW GOLD INC.
     
  By: /s/ Sean Keating  
Date: September 11, 2024   Sean Keating
    Vice President, General Counsel and Corporate Secretary

 

Exhibit 99.1

 

 

 

NEW GOLD EXPANDS OPEN PIT AND UNDERGROUND MINERALIZATION AT RAINY RIVER, DEMONSTRATES STRONG SUPPORT FOR MINERAL RESOURCES GROWTH

TORONTO, Sept. 11, 2024 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) is pleased to provide an update on its ongoing Rainy River exploration program. Over the first eight months of 2024, exploration drilling at Rainy River has proven successful in advancing the Company's exploration objectives to expand existing resource envelopes, confirm the continuity of potential new mining zones, and grow the mineralized footprint through new near-mine discoveries. These results are expected to have a positive impact on Rainy River's mineral resource estimate at year-end 2024 and provide high-quality targets as the foundation of the Company's exploration strategy in the coming years.

"The strong exploration results support our ongoing exploration strategy and confirm the upside potential remaining at Rainy River" stated Patrick Godin, President and CEO. "This is our first major drilling campaign since 2017, and it is delivering positive results, confirming that the deposit remains open at depth and along strike, highlighting the potential for additional underground reserves close to existing infrastructure, while shallow drilling of near-surface targets demonstrates the potential for additional open pit reserves."

Underground Zones Extended Along Strike and at Depth, New Gold Mineralization Intersected between Intrepid and Underground Main

Diamond drilling conducted from surface and from underground confirmed the extension of gold mineralization along strike at Intrepid and down-plunge at the ODM East and 17-East zones of Underground Main ("UG Main"). In addition, diamond drilling from the connection ramp between Intrepid and UG Main led to the intersection of sulphide-bearing gold mineralization above current underground mining cut-off grade (1.74 g/t AuEq) and minimum mining width (2.4 metres) at the Gap Area target.

Underground Highlights1

Intrepid Strike-Extension drilling highlights:
3.26 g/t gold and 7.22 g/t silver (3.32 AuEq) over 7.5 metres core length (6 metres estimated true width) in Borehole RR24-2011 including:
6.09 g/t gold and 9.60 g/t silver (6.17 AuEq) over 1.5 metres core length (1 metre estimated true width)
4.44 g/t gold and 38.05 g/t silver (4.78 AuEq) over 4.3 metres core length (4 metres estimated true width) in Borehole RR24-2005 including:
8.83 g/t gold and 46.90 g/t silver (9.24 AuEq) over 1.5 metres core length (1 metre estimated true width)
ODM East down-plunge drilling highlights:
2.59 g/t gold and 3.10 g/t silver (2.62 AuEq) over 13.50 metres core length (11 metres estimated true width) in Borehole RR24-2001 including:
5.47 g/t gold and 5.13 g/t silver (5.52 AuEq) over 4.50 metres core length (4 metres estimated true width)
17 East drilling highlights:
4.09 g/t gold and 31.42 g/t silver (4.37 AuEq) over 7.6 metres core length (6 metres estimated true width) in Borehole RR24-2003B including:
8.19 g/t gold and 74.76 g/t silver (8.85 AuEq) over 2.20 metres core length (2 metres estimated true width)
New gold mineralization intersection at Gap Area Target:
3.59 g/t gold over 4.50 metres core length (3 metres estimated true width) in Borehole RRUG24-0007 including:
7.65 g/t gold over 1.50 metres core length (1 metres estimated true width)
1All gold and silver grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones. Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$1,500 per ounce of gold and US$21.00 per ounce of silver.



Continuity of Near-Surface Zones Confirmed, Supporting the Potential for Additional Open Pit Mineral Resources

Completion of the reverse circulation ("RC") drilling program confirmed the continuity of near-surface gold mineralization at NW-Trend and 280 Zone, including high-grade gold mineralization intersections at NW-Trend, providing potential opportunities for additional open pit mining.

Open Pit Highlights1

NW-Trend near-surface drilling highlights:
4.15 g/t gold and 5.13 g/t silver (4.20 AuEq) over 18.0 metres core length (17 metres estimated true width) in Borehole RC24-0020 including:
8.47 g/t gold and 10.28 g/t silver (8.57 AuEq) over 8 metres core length (8 metres estimated true width)
2.34 g/t gold and 11.03 g/t silver (2.44 AuEq) over 12.0 metres core length (12 metres estimated true width) in Borehole RC24-0022 including:
3.47 g/t gold 20.40 g/t silver (3.66 AuEq) over 6 metres core length (6 metres estimated true width)
280 Zone near-surface drilling highlights:
1.20 g/t gold and 0.72 g/t silver (1.21 AuEq) over 32 metres core length (21 metres estimated true width) in Borehole RC24-0050 including:
3.35 g/t gold and 0.90 g/t silver (3.36 AuEq) over 6 metres core length (4 metres estimated true width)
1All gold and silver grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones. Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$1,500 per ounce of gold and US$21.00 per ounce of silver.



Rainy River Exploration Budget Increased by Another $3 Million to the End of 2024, to Follow Up on the Positive Results

Following the highly encouraging results to date, the Company intends to allocate an additional $3 million to the 2024 Rainy River exploration program. Following early success in the first quarter, the Rainy River 2024 exploration budget was increased from $5 million to $9 million, as previously reported. The total budget for Rainy River exploration will be increased by an additional $3 million for a total of $12 million for 2024. The increased budget at Rainy River is expected to provide an additional 13,000 metres of drilling by year-end, targeting high priority targets including UG Main (ODM Main, ODM East, 17 East, and 114-Deep), Gap Area, and Intrepid (Figure 1).

"The exploration successes support the Company's approach at optimizing net asset value with modest investment, leveraging existing infrastructure," added Mr. Godin. "Over the past two years, our focus at New Gold has been on operational excellence, project execution, and financial discipline. Both operations are now consistently delivering while we continue to execute on the above priorities, 2024 marks a renewed focus on adding value through exploration and these results are a strong step in the right direction."

Rainy River Exploration Drilling Results

This year marks the first major exploration campaign carried out at Rainy River since mine opening in 2017. As such, several promising targets remain untested. The Rainy River 2024 exploration program is divided into three main components of equal priority:

1.Test the potential extension of underground ore zones at depth and along strike.
2.Explore the previously undrilled gap between Intrepid and UG Main.
3.Follow up on previously drilled near-surface priority targets surrounding the existing Rainy River open pit.

On the first exploration component, diamond drilling conducted from surface and from underground confirmed the extension of gold mineralization along strike at Intrepid and down-plunge at the ODM East and 17 East zones at UG Main. At Intrepid, new drill intersections locally extend the mineralized envelope by approximately 100 metres towards the east, which has the potential to add underground reserves and increase the gold ounces per level. At UG Main, five boreholes intersected gold mineralization at a depth of up to 850 metres below surface, extending the resource envelopes down-plunge and confirming continuity of existing ore zones. All zones remain open at depth. The new diamond drilling results are expected to have a positive impact on underground resources at year-end.

Additionally, diamond drilling conducted from the underground ramp between Intrepid and UG Main intersected new gold mineralization. UG Main and Intrepid deposits are interpreted to occur along the same stratigraphic units. However, the 1,000-metre strike length between the two deposits remained mostly undrilled prior to this year. Borehole RRUG24-0007 intersected gold-bearing sulphide mineralization grading 3.59 g/t gold over 4.50 metres core length (3 metre estimated true width), above current underground cut-off grade and minimum mining width (Figure 3). Additional underground drilling will focus on exploring the extents of this new mineralized area. All new notable diamond drilling intercepts from Intrepid, ODM East, 17 East, and Gap Area exploration programs are summarized in Tables 1 and 3, and Figure 1 below.

The third exploration component is to define near-surface mineral resources with the potential to be mined by open pit methods. On review of historical exploration data and following the successful addition of Phase 5 open pit mineral reserves at year-end 2023, high-quality targets were identified, of which the NW-Trend, or Western Zone, and 280 Zone were prioritized for RC drilling in 2024. The recently completed RC drilling program proved successful in demonstrating the near-surface continuity of the targeted gold-mineralized zones. High-grade gold intersections at NW-Trend confirms the continuity of high-grade gold zones intersected in historical diamond boreholes. At 280 Zone, several gold-mineralized intersections over 10 metres wide within the first 100 metres below surface confirmed the up-dip continuity of deeper gold zones intersected in historical diamond boreholes. While the economic viability of these targets is currently under evaluation, further extension of open pit mining has the potential to defer reclaim of the low-grade stockpile and improve the long-term gold production profile. All notable results from the RC drilling campaign are summarized in Tables 2 and 4, and Figure 2 below.

 Table 1: Notable Exploration Drilling Results at Rainy River Underground1, 2

Zone Drill Hole   From (m) To (m) Interval (m) Estimated
True Width
(m)
Au (g/t) Ag (g/t) AuEq
Intrepid RR24-2005   512.9 517.2 4.3 4 4.44 38.05 4.78
Including 515.7 517.2 1.5 1 8.83 46.90 9.24
RR24-2007   518.1 521.1 3.0 3 1.95 17.85 2.11
Including 520.6 521.1 0.5 0.5 7.22 72.60 7.86
RR24-2008   530.0 533.0 3.0 2 2.15 6.35 2.21
  546.5 551.0 4.5 4 2.81 7.50 2.88
RR24-2010   519.5 524.5 5.0 4 1.88 13.49 2.00
RR24-2011   548.0 555.5 7.5 6 3.26 7.22 3.32
Including 548.0 549.5 1.5 1 6.09 9.60 6.17
RR24-2012   536.0 539.0 3.0 2 2.29 10.95 2.39
RR24-2013   566.0 570.5 4.5 4 2.96 56.50 3.46
RRUI24-029   72 79 6.5 4 1.92 13.99 2.04
RRUI24-031   100 105 4.5 3 2.32 92.43 3.14
RRUI24-032   99 111 12.0 6 2.17 16.22 2.31
ODM East RR24-2001   809.0 822.5 13.5 11 2.59 3.10 2.62
Including 815.0 819.5 4.5 4 5.47 5.13 5.52
RR24-2001   827.0 831.5 4.5 4 1.84 2.33 1.86
17 East RR24-2003B   914.0 921.6 7.6 6 4.09 31.42 4.37
Including 914.0 916.2 2.2 2 8.19 74.76 8.85
RR24-2009-W1   807.0 819.0 12.0 11 1.94 21.55 2.13
RR24-2009-W2B   803.0 807.5 4.5 4 1.92 8.00 1.99
RR24-2014-W2   846.5 849.5 3.0 2 4.34 2.95 4.37
Including 846.5 848.0 1.5 1 6.07 4.20 6.11
Gap RRUG24-0007   126.0 130.5 4.5 3 3.59 NA NA
Including 127.5 129.0 1.5 1 7.65 NA NA
1Notable drilling intervals are defined by 3-metre-long composites with average grade above 1.75 g/t gold. Rainy River underground Mineral Reserves cut-off grade is 1.74 g/t AuEq, minimum mining width is 2.4 metres.
2Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$1,500 per ounce of gold and US$21.00 per ounce of silver. 

 


Figure 1: Notable Drill Intercepts at Rainy River Underground (CNW Group/New Gold Inc.)

Table 2: Notable Near-Surface RC Drilling Results at Rainy River1,2

Zone Drill Hole   From (m) To (m) Interval (m) Estimated
True Width
(m)
Au (g/t) Ag (g/t) AuEq
NW Trend RC24-0020   93.0 111.0 18.0 17 4.15 5.13 4.20
Including 101.0 109.0 8.0 8 8.47 10.28 8.57
RC24-0022   89.0 101.0 12.0 12 2.34 11.03 2.44
Including 93.0 99.0 6.0 6 3.47 20.40 3.66
RC24-0025   75.0 87.0 12.0 11 1.12 1.42 1.13
RC24-0030   53.0 69.0 16.0 15 0.63 1.05 0.64
  99.0 111.0 12.0 11 1.26 7.45 1.33
RC24-0033   117.0 129.0 12.0 9 0.46 10.80 0.56
RC24-0035   61.0 81.0 20.0 19 0.67 0.38 0.67
RC24-0036   115.0 129.0 14.0 14 1.50 0.59 1.51
RC24-0037   133.0 145.0 12.0 12 0.46 0.35 0.46
RC24-0038   51.0 69.0 18.0 16 0.57 0.39 0.57
RC24-0040   71.0 95.0 24.0 22 0.41 0.50 0.41
  153.0 165.0 12.0 11 0.80 1.30 0.81
Zone 280 RC24-0045   115.0 127.0 12.0 8 0.76 0.75 0.77
RC24-0047   89.0 101.0 12.0 7 0.73 0.53 0.73
RC24-0048   65.0 77.0 12.0 8 0.52 1.92 0.54
RC24-0050   73.0 105.0 32.0 21 1.20 0.72 1.21
Including 99.0 105.0 6.0 4 3.35 0.90 3.36
RC24-0001   43.0 65.0 22.0 16 0.86 1.07 0.87
RC24-0002   73.0 89.0 16.0 11 0.42 0.38 0.42
RC24-0006   55.0 69.0 14.0 7 0.64 1.86 0.66
RC24-0007   95.0 117.0 22.0 11 0.53 0.73 0.54
RC24-0008   111.0 145.0 34.0 25 0.55 0.74 0.56
RC24-0009   97.0 113.0 16.0 13 0.66 0.68 0.67
RC24-0012   91.0 103.0 12.0 9 1.07 1.90 1.09
1Notable drilling intervals are defined by 10-metre-long composites with average grade above 0.3 g/t gold. Rainy River Open Pit Mineral Reserves cut-off grade is 0.3 g/t AuEq.
2Indicative gold equivalent (AuEq) grades are included for context, estimated using price assumptions of US$1,500 per ounce of gold and US$21.00 per ounce of silver.

 


Figure 2: Notable RC Drilling Intercepts at 280 Zone and NW-Trend (CNW Group/New Gold Inc.)

Table 3: All New Exploration Diamond Drilling Location and Orientation at Rainy River

Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)
RR24-2001 5 -74 935 425,566 5,408,959 348
RR24-2002 7 -71 938 425,996 5,408,891 348
RR24-2003B 350 -77 949 425,996 5,408,891 348
RR24-2004B 0 -73 641 425,053 5,408,840 347
RR24-2005 3 -71 587 427,251 5,409,427 376
RR24-2006 28 -65 950 425,996 5,408,890 348
RR24-2007 19 -64 574 427,251 5,409,427 376
RR24-2008 358 -75 590 427,251 5,409,427 375
RR24-2009 20 -57 909 425,996 5,408,890 348
RR24-2009-W1 20 -57 930 425,996 5,408,890 348
RR24-2009-W2 20 -57 500 425,996 5,408,890 348
RR24-2009-W2B 20 -57 926 425,996 5,408,890 348
RR24-2010 14 -70 575 427,251 5,409,426 376
RR24-2011 11 -72 626 427,251 5,409,426 376
RR24-2012 18 -71 643 427,251 5,409,427 376
RR24-2013 13 -76 669 427,251 5,409,427 376
RR24-2014C 349 -73 482 425,996 5,408,892 348
RR24-2014-W1 349 -73 480 425,996 5,408,892 348
RR24-2014-W2 349 -73 971 425,996 5,408,892 348
RR24-2015 358 -77 689 427,250 5,409,426 375
RR24-2016 19 -68 614 427,252 5,409,426 376
RRUG24-0001 180 -5 400 426,763 5,409,579 -6
RRUG24-0002 180 -43 180 426,763 5,409,579 -8
RRUG24-0003 164 +73 231 426,852 5,409,669 8
RRUG24-0004 189 +38 176 426,850 5,409,668 7
RRUG24-0005 152 -12 195 426,963 5,409,723 23
RRUG24-0006 176 -27 251 426,962 5,409,723 22
RRUG24-0007 164 -24 195 426,851 5,409,668 5
RRUG24-0008 144 +10 176 426,852 5,409,668 6
RRUG24-0009 236 +70 146 426,764 5,409,580 -3
RRUG24-0011 136 +25 176 426,964 5,409,723 24
RRUI24-029 119 -6 105 427,300 5,409,766 28
RRUI24-030 127 +16 131 427,300 5,409,766 28
RRUI24-031 127 +9 116 427,299 5,409,766 28
RRUI24-032 139 +19 111 427,299 5,409,765 28


Table 4: Drilling Location and Orientation of Rainy River RC Drilling

Drill Hole Azimuth Dip Length (m) UTM Easting (m) UTM Northing (m) Elevation (m)
RC24-0001 15 -61 111 426,601 5,410,086 378
RC24-0002 20 -59 131 426,618 5,410,084 378
RC24-0003 10 -62 121 426,574 5,410,067 378
RC24-0004 10 -60 135 426,601 5,410,059 378
RC24-0005 29 -63 161 426,614 5,410,058 378
RC24-0006 56 -49 151 426,619 5,410,087 378
RC24-0007 56 -51 171 426,613 5,410,060 378
RC24-0008 10 -61 171 426,602 5,410,027 378
RC24-0009 348 -63 161 426,594 5,410,026 378
RC24-0010 335 -61 101 426,574 5,410,076 378
RC24-0011 335 -68 121 426,577 5,410,060 378
RC24-0012 320 -61 151 426,603 5,410,018 378
RC24-0013 335 -53 151 426,289 5,409,569 363
RC24-0014 345 -60 151 426,289 5,409,568 363
RC24-0015 16 -60 131 426,290 5,409,566 363
RC24-0016 16 -49 131 426,290 5,409,567 363
RC24-0017 30 -53 151 426,291 5,409,566 363
RC24-0018 318 -64 181 426,290 5,409,567 363
RC24-0019 36 -70 171 426,292 5,409,567 363
RC24-0020 73 -70 115 424,217 5,410,127 366
RC24-0022 70 -69 101 424,236 5,410,146 366
RC24-0023 62 -72 171 424,186 5,410,156 366
RC24-0024 70 -65 141 424,191 5,410,166 366
RC24-0025 64 -49 101 424,216 5,410,183 366
RC24-0026 75 -61 121 424,205 5,410,188 366
RC24-0027 75 -72 111 424,186 5,410,186 366
RC24-0028 55 -70 141 424,188 5,410,191 366
RC24-0029 70 -49 101 424,193 5,410,207 366
RC24-0030 70 -58 111 424,191 5,410,200 366
RC24-0031 57 -64 122 424,193 5,410,206 366
RC24-0032 46 -47 125 424,192 5,410,207 366
RC24-0033 37 -58 131 424,194 5,410,204 366
RC24-0035 40 -56 115 424,328 5,409,952 357
RC24-0036 35 -74 171 424,314 5,409,922 357
RC24-0037 40 -68 171 424,310 5,409,879 357
RC24-0038 50 -64 101 424,365 5,409,937 358
RC24-0039 48 -56 131 424,282 5,409,972 356
RC24-0040 70 -55 191 424,305 5,409,862 357
RC24-0041 35 -50 135 424,372 5,409,775 350
RC24-0044 330 -62 125 426,583 5,410,032 378
RC24-0045 306 -62 155 426,597 5,410,014 378
RC24-0046 316 -49 109 426,582 5,410,041 378
RC24-0047 358 -64 105 426,593 5,410,051 378
RC24-0048 14 -74 151 426,600 5,410,030 378
RC24-0049 28 -61 141 426,602 5,410,031 378
RC24-0050 5 -73 105 426,612 5,410,063 378
RC24-0051 318 -55 165 426,287 5,409,568 363
RC24-0052 28 -72 185 426,292 5,409,567 363



About New Gold

New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds other Canadian-focused investments. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility. For further information on the Company, visit www.newgold.com

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance are "forward-looking". All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: expectations regarding exploration results having a positive impact on the mineral resource estimate at year-end, successfully providing high-quality targets for the coming years and confirming the upside potential remaining at the Rainy River operations; successfully finding additional underground reserves close to existing infrastructure, increased gold ounces per level and additional open pit reserves at Rainy River; the potential for finding and taking advantage of additional open pit and underground mining opportunities at Rainy River; intentions to allocate additional funds to the 2024 Rainy River exploration program and expected use of and benefit of funds; anticipated future success of the Company, including adding value through exploration and successfully generating sustained free cash flow moving forward; anticipated focus areas and priorities for the Company's exploration program and planned exploration activities; successfully accessing a newly discovered mineralized zone from existing underground development at Rainy River; successfully extending open pit mining, deferring reclaim of the low-grade stockpile and improving the long-term gold production profile at Rainy River; and successfully advancing the Company's strategic opportunities for mine life extension.

All forward-looking statements in this news release are based on the opinions and estimates of management that, while considered reasonable as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold's latest annual MD&A, its most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations, including material disruptions to the Company's supply chain, workforce or otherwise; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) the accuracy of New Gold's current Mineral Reserve and Mineral Resource estimates and the grade of gold, silver and copper expected to be mined and the grade of gold, copper and silver expected to be mined; (4) the exchange rate between the Canadian dollar and U.S. dollar, and commodity prices being approximately consistent with current levels and expectations for the purposes of 2024 guidance and otherwise; (5) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (6) equipment, labour and materials costs increasing on a basis consistent with New Gold's current expectations; (7) arrangements with First Nations and other Indigenous groups in respect of the Rainy River Mine being consistent with New Gold's current expectations; (8) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines and the absence of material negative comments or obstacles during any applicable regulatory processes; and (9) the results of the life of mine plan for the Rainy River Mine described herein being realized.

Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: price volatility in the spot and forward markets for metals and other commodities; discrepancies between actual and estimated production, between actual and estimated costs, between actual and estimated Mineral Reserves and Mineral Resources and between actual and estimated metallurgical recoveries; equipment malfunction, failure or unavailability; accidents; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates, including, but not limited to: uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; changes in project parameters as plans continue to be refined; changing costs, timelines and development schedules as it relates to construction; the Company not being able to complete its construction projects at the Rainy River Mine or the New Afton Mine on the anticipated timeline or at all; volatility in the market price of the Company's securities; changes in national and local government legislation in the countries in which New Gold does or may in the future carry on business; compliance with public company disclosure obligations; controls, regulations and political or economic developments in the countries in which New Gold does or may in the future carry on business; the Company's dependence on the Rainy River Mine and New Afton Mine; the Company not being able to complete its exploration drilling programs on the anticipated timeline or at all; inadequate water management and stewardship; tailings storage facilities and structure failures; failing to complete stabilization projects according to plan; geotechnical instability and conditions; disruptions to the Company's workforce at either the Rainy River Mine or the New Afton Mine, or both; significant capital requirements and the availability and management of capital resources; additional funding requirements; diminishing quantities or grades of Mineral Reserves and Mineral Resources; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies including the Technical Reports for the Rainy River Mine and New Afton Mine; impairment; unexpected delays and costs inherent to consulting and accommodating rights of First Nations and other Indigenous groups; climate change, environmental risks and hazards and the Company's response thereto; ability to obtain and maintain sufficient insurance; actual results of current exploration or reclamation activities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; global economic and financial conditions and any global or local natural events that may impede the economy or New Gold's ability to carry on business in the normal course; inflation; compliance with debt obligations and maintaining sufficient liquidity; the responses of the relevant governments to any disease, epidemic or pandemic outbreak not being sufficient to contain the impact of such outbreak; disruptions to the Company's supply chain and workforce due to any disease, epidemic or pandemic outbreak; an economic recession or downturn as a result of any disease, epidemic or pandemic outbreak that materially adversely affects the Company's operations or liquidity position; taxation; fluctuation in treatment and refining charges; transportation and processing of unrefined products; rising costs or availability of labour, supplies, fuel and equipment; adequate infrastructure; relationships with communities, governments and other stakeholders; labour disputes; effectiveness of supply chain due diligence; the uncertainties inherent in current and future legal challenges to which New Gold is or may become a party; defective title to mineral claims or property or contests over claims to mineral properties; competition; loss of, or inability to attract, key employees; use of derivative products and hedging transactions; reliance on third-party contractors; counterparty risk and the performance of third party service providers; investment risks and uncertainty relating to the value of equity investments in public companies held by the Company from time to time; the adequacy of internal and disclosure controls; conflicts of interest; the lack of certainty with respect to foreign operations and legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the successful acquisitions and integration of business arrangements and realizing the intended benefits therefrom; and information systems security threats. In addition, there are risks and hazards associated with the business of mineral exploration, development, construction, operation and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in New Gold's Annual Information Form and other disclosure documents filed on and available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

QA/QC Procedure

New Gold maintains a Quality Assurance / Quality Control ("QA/QC") program at its Rainy River Mine operation using industry best practices and is consistent with the QA/QC protocols in use at all of the Company's exploration and development projects. Key elements of New Gold's QA/QC program include chain of custody of samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is sampled at lengths varying from 0.5 to 1.5 m, halved and shipped in sealed bags to Activation Laboratories Ltd. in Thunder Bay, Ontario. Reverse Circulation ("RC") drill rock chips are sampled at the drill at regular two metre intervals and shipped in sealed bags to Activation Laboratories Ltd. in Thunder Bay, Ontario. Additional information regarding the Company's data verification and quality assurance processes is set out in the March 28, 2022 Rainy River National Instrument 43-101 Technical Report titled "NI 43-101 Technical Report for the Rainy River Mine, Ontario, Canada" available on SEDAR+ at www.sedarplus.ca.

Technical Information

The scientific and technical information relating to the exploration results at Rainy River has been reviewed and approved by Dr. Jean-François Ravenelle, Vice President, Geology for the Company. Dr. Ravenelle is a Professional Geologist and a member of the Association of Professional Geoscientists of Ontario and the Ordre des Géologues du Québec. Dr. Ravenelle is a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

For additional technical information on New Gold's material properties, including a detailed breakdown of Mineral Reserves and Mineral Resources by category, as well as key assumptions, parameters, and risks, refer to New Gold's Annual Information Form for the year ended December 31, 2023 dated February 21, 2024 filed and available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-gold-expands-open-pit-and-underground-mineralization-at-rainy-river-demonstrates-strong-support-for-mineral-resources-growth-302244446.html

SOURCE New Gold Inc.

 

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/11/c1798.html

%CIK: 0000800166

For further information: For further information, please contact: Ankit Shah, Executive Vice President, Strategy & Business Development, Director, Investor Relations, Direct: +1 (416) 324-6027, Email: ankit.shah@newgold.com; Brandon Throop, Direct: +1 (647) 264-5027, Email: brandon.throop@newgold.com

CO: New Gold Inc.

CNW 06:30e 11-SEP-24


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