Marimaca eyes ASX dual listing to boost Chile project
The Canadian miner has reportedly engaged law firm Thomson Geer to finalize a prospectus for listing in the ASX before Christmas.
New Gold (TSX: NGD; NYSE American: NGD) has hit significant production milestones at the New Afton copper-gold mine in British Columbia and the Rainy River gold mine in Ontario. Both mines are wholly owned by the company.
C-Zone, New Afton’s fourth block cave, achieved commercial production ahead of schedule with the materials handling system coming online in October and the cave footprint reaching the targeted hydraulic radius for self-cave propagation.
The installation of the gyratory crusher and conveyor system was completed ahead of schedule, and C-Zone is now set up for low-cost, low-emission ore transport for the life-of-mine. Additionally, construction of the C-Zone cave footprint has reached the targeted 18 draw bells for hydraulic radius.
These two milestones are expected to have an immediate positive impact on unit operating costs and ultimately facilitate a ramp-up of C zone to previously achieved rates of more than 14,500 t/d by 2026, the company said.
In late September, New Gold mined the first underground ore from the Rainy River gold mine. Production is expected to ramp up to 5,500 tonnes of underground ore per day by 2027.
A second access portal was established on the east side of the open pit. The ramp from the underground workings to the pit should be connected by early 2025. This will provide a second egress from the mine and shorted the haulage distance considerably, it said.
The main ventilation raise was completed in the third quarter. The main fans and heaters are to be installed next summer, and that will complete the main fresh air infrastructure for the life-of-mine.
Underground mining at the Intrepid zone averaged more than 1,000 t/d in September, and grades were positively reconciled with the block model.
With two important milestones reached, New Gold president and CEO Patrick Godin said that technical studies are underway at both mines with the objective of replacing depleted reserves.
