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Jan. 27, 2022, 7:56 p.m. EST

Newcrest Exploration Quarterly Report

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Melbourne, Australia, Jan 27, 2022 (Newsfile Corp via COMTEX) -- Quarterly Exploration Report
For the three months ended 31 December 2021 

Red Chris and Havieron drilling continues to expand mineralisation

At Red Chris , drilling continues to expand the footprint and continuity of the higher grade mineralisation at East Ridge.

  • Drilling has expanded mineralisation to the east, hole RC740 returned 156m @ 0.73g/t Au & 0.71% Cu from 1,452m, including 86m @ 1.2g/t Au & 0.97% Cu from 1,522m and hole RC745^^ returned 366m @ 0.45g/t Au & 0.57% Cu from 728m, including 36m @ 1.4g/t Au & 1.2% Cu from 960m. RC740, located 100m east of RC745 is one of the most eastern holes drilled to date. Mineralisation remains open to the east.

  • Holes RC739 and RC748 demonstrated continuity of higher grade. RC739^^ returned 390m @ 0.63g/t Au & 0.48% Cu from 1,088m, including 44m @ 2.0g/t Au & 1.3% Cu from 1,402m. This hole is located 100m east of RC727 (previously reported, returned 346m @ 1.1g/t Au & 0.79% Cu from 1,046m, including 56m @ 3.5g/t Au & 1.8% Cu from 1,336m) and extended the higher grade a further 100m to the east. RC748 returned 452m @ 0.60g/t Au & 0.54% Cu from 1,192m including 106m @ 1.2g/t Au & 1.0% Cu from 1,384m. The hole is located 100m below RC727 (previously reported) and extended the higher grade mineralisation a further 100m down dip.

  • Drilling to define the extent of the East Ridge mineralised corridor is ongoing.

At Havieron , growth drilling continues to identify high grade extensions to the South East Crescent Zone at depth as well as high grade crescent style mineralisation within extensions of the Eastern Breccia. Highlights include:

  • South East Crescent extensions more than 250m below the current Mineral Resource estimate continued to return high grade results including HAD086W3^^ 44.7m @ 7.1g/t Au & 0.17% Cu from 1,412m including 20.2m @ 15g/t Au & 0.29% Cu from 1,421m.

  • High grade extensions to the Eastern Breccia 200m to the SW of previous drilling include HAD104: 62.5m @ 5.9g/t Au & 0.30% Cu from 1,546.5m including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m. This result is the most significant seen outside of the South East Crescent Zone to date, and confirms the potential for this separate NW trending Eastern Breccia corridor to host Crescent style high grade mineralisation. Drilling is now focussed on defining the extents of this higher-grade mineralisation which remains open in all directions.

  • At the South East Crescent Zone the infill drilling completed validates both geological and grade continuity.

  • Drill testing of new geophysical targets 2km outside of the Havieron system has commenced.

Melbourne, Australia--(Newsfile Corp. - January 27, 2022) - Newcrest Mining Limited (asx:NCM) /zigman2/quotes/200289815/delayed CA:NCM +3.60% (pngx:NCM) Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, "Our drilling results across the quarter continue to demonstrate the quality of our Red Chris and Havieron assets. At Red Chris, results at East Ridge have expanded the footprint of the mineralised corridor, with the latest drilling intersecting higher grade mineralisation within the eastern extents of the prospect. The high grade mineralisation remains open to the east and at depth which provides exciting potential for the resource base at Red Chris to grow over time."

"At Havieron, our exploration continues to demonstrate growth upside, with HAD104 in the Eastern Breccia intersecting the highest grade mineralisation observed to date outside the South East Crescent Zone. This Eastern Breccia corridor sits outside of the Inferred Mineral Resource estimate and confirms the prospectivity of the Havieron region to host additional high grade zones and the significant potential for further resource growth," said Mr Biswas.

Red Chris - Significant results since the September 2021 Quarterly Exploration Report [(] [1] [)] :

  • RC735^^

  • RC739^^

  • RC740

  • RC745^^

  • RC747^^

  • RC748

Havieron - Significant results since the September 2021 Quarterly Exploration Report [(] [1] [)] :

  • HAD053W5^^

  • HAD053W6^^

  • HAD061W1^^

  • HAD085W4

  • HAD086W3^^

  • HAD086W4^^

  • HAD104

  • HAD133W4^^

  • HAD133W5^^

  • HAD133W6**

  • HAD148W1^^

  • HAD148W2^^

  • HAD149W2^^

  • HAD150W1^^

  • HAD150W2^^

Red Chris, British Columbia, Canada [(] [2] [)] []

Red Chris is a joint venture between Newcrest (70%) and Imperial Metals Corporation (30%) which is operated by Newcrest.

The Brownfields Exploration program is focused on the discovery of additional zones of higher grade mineralisation within the Red Chris porphyry corridor, including targets outside of Newcrest's initial Mineral Resource estimate. During the period, there were up to eight diamond drill rigs in operation. A further 21,275m of drilling has been completed from 27 drill holes, with all drill holes intersecting mineralisation (except 15 drill holes which were dedicated geotechnical holes). This contributed to a total of 217,349m of drilling from 199 drill holes since Newcrest acquired its interest in the joint venture in August 2019.

At East Ridge , located adjacent to the East Zone, drilling is ongoing with 18 holes completed and 4 in progress. The follow up drilling is being completed on a nominal 100m x 100m grid to determine the footprint of the mineralisation and demonstrate the continuity of the higher grade mineralisation. Drilling to date has tested a corridor 800m long and to a vertical extent of 1,000m.

Results for the reporting period include:

  • RC735^^

  • RC739^^

  • RC740

  • RC745^^

  • RC747^^

  • RC748

Drilling continues to expand the footprint and continuity of the higher grade. Holes RC740, RC745 and RC735 have extended the corridor to the east, with hole RC740 being the deepest hole drilled to date. Mineralisation remains open to the east and at depth. Holes RC739 and RC748 have demonstrated continuity of the higher grade, by extending higher grade mineralisation 100m to the east and 100m below RC727 (previously reported, returned 346m @ 1.1g/t Au & 0.79% Cu from 1,046m, including 56m @ 3.5g/t Au & 1.8% Cu from 1,336m).

The East Ridge mineralised corridor (>0.4g/t Au and >0.4% Cu) now extends over 800m long, up to 1,000m high and 125m wide, with higher grade (>0.8g/t Au and >0.8% Cu) in several smaller pods over an area 500m high, 400m long and 100m wide.

East Ridge is located east of East Zone and is outside of Newcrest's initial Mineral Resource estimate, supporting the potential for resource growth over time. Follow-up drilling is in progress to further define the extent and continuity of this high grade mineralisation.

Approximately 50,000m of growth-related drilling is planned for calendar year 2022 from eight drill rigs.

Refer to Appendix 1 for additional information, and the Drillhole data table for all results reported during the period.



Figure 1. Schematic plan view map of the Red Chris porphyry corridor spanning East Ridge, East Zone, Main Zone and Gully Zone showing drill hole locations (Newcrest & Imperial) and significant Newcrest intercepts (drill intercepts have been reported in Appendix 1 of this report, and in prior Newcrest exploration releases) 0.3g/t Au, 1g/t Au, 0.3% Cu and 1% Cu shell projections generated from a Leapfrog [TM] model.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7614/111915_5aa19461c4ce684c_003full.jpg



Figure 2. Long section view (looking North West) of the Red Chris porphyry corridor showing drill hole locations and gold distribution.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7614/111915_5aa19461c4ce684c_004full.jpg



Figure 3. Oblique schematic section view of the Red Chris porphyry corridor showing gold distribution. 0.3 g/t Au,1 g/t Au, 0.3% Cu and 1% Cu shell projections generated from the Leapfrog [TM] model.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/7614/111915_5aa19461c4ce684c_005full.jpg

Havieron Project, Western Australia, Australia [(] [3] [)]

The Havieron Project is operated by Newcrest under a Joint Venture Agreement (JVA) with Greatland Gold. Following the delivery of the Pre-Feasibility Study on 12 October 2021, Newcrest is now entitled to an additional 10% interest in the Havieron Project, which would bring Newcrest's cumulative interest to 70%. Newcrest has an option to acquire an additional 5% Joint Venture interest for fair market value, exercisable during the 12 months from 12 December 2021. In December 2021, Newcrest provided notice to Greatland Gold to begin the process under the JVA to seek to agree the option price for the additional 5% Havieron Joint Venture interest. The JVA includes tolling principles reflecting the intention of the parties that, subject to a successful exploration program, Feasibility Study and a positive decision to mine, the resulting joint venture mineralised material will be processed at Telfer.

The Havieron Project is centred on a deep magnetic anomaly located 45km east of Telfer in the Paterson Province. The deposit is overlain by more than 420m of post mineral Permian cover. A total of 14,481m of new drilling has been completed from 18 drill holes during the period. This report is covering results from 33 holes (including 5 holes completed this period, and 28 holes from the September quarter). Of the reported holes, 22 holes returned significant assay intercepts in excess of 50 gram metres Au (Au ppm x length m). A total of 226,492m of drilling from 272 drill holes has been completed since Newcrest commenced exploration activity (excluding holes in progress, abandoned holes, or drill holes which have not been sampled).

Drilling in the reporting period was focused on potential resource growth at the South East Crescent Zone, Northern Breccia and Eastern Breccia, and infill drilling the South East Crescent Zone to support the potential conversion of the Inferred Resource to Indicated Resource. Drilling included:

  • South East Crescent Deeps - assay results reported for six drill holes, two holes awaiting assays.

  • Northern Breccia & North West Pod - assay results reported for one drill hole, two holes awaiting assays.

  • Eastern Breccia - assay results reported for four drill holes, one hole awaiting assays.

  • First pass testing of geophysical targets outboard of the Havieron system (at Havieron North and Zipa) -assay results reported for one drill hole, two holes awaiting assays.

  • South East Crescent Zone Infill - assay results reported for twenty-one drill holes.

At the South East Crescent Deeps, growth drilling targeting higher grade mineralisation at depth on 75m by 75m spacing has extended the mineralisation 250m below the initial Inferred Mineral Resource estimate. New results from six drill holes have been received, with results from five drill holes returning greater than 50 gram metre intercepts. Refer to Appendix 2 for all results reported.

Results include:

  • HAD086W3^^

  • HAD086W4^^

  • HAD133W4^^

  • HAD133W5^^

  • HAD133W6**

Further to results reported in the last period, HAD086W3 returned assays for the lower portion of the drill hole and reported a second high grade zone 200m below the existing resource of 48m^^ @ 2.2g/t Au & 0.15% Cu from 1,525m, including 26.9m^^ @ 3.7g/t Au & 0.26% Cu from 1,538.1m. A mineralised zone 100m below HAD086W3 was returned in HAD086W4 , which confirmed extension of crescent mineralisation over 250m from the current Inferred Mineral Resource extents. These results are approximately 100m to the north-west of prior high grade hole HAD133W1 and continue to support extensions of the South East Crescent Zone at depth. Drilling continues to assess the depth extents of the South East Crescent Zone which now has a vertical extent of over 900m.

At the Eastern Breccia, assays for an additional four holes targeting strike extensions from previously reported drill holes HAD083 and HAD084 have been received. Interpretation of the results indicate the potential for a separate north west trending corridor, with an alteration footprint of approximately 600m, with crescent like higher grade zones developed internal to this Eastern Breccia. The most significant intercept to date was returned during the reporting period in HAD104 returning 62.5m @ 5.9g/t Au & 0.30% Cu from 1546.5m, including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m. The intercept is related to massive sulphide and quartz infill, which is characteristic of the Crescent zone, and is the first intercept on the eastern side of the dolerite. The intercept is ~200m SW of the previously reported initial eastern breccia drillholes HAD083 and HAD084 . HAD104 has highlighted the potential for this separate NW trending eastern breccia corridor to host crescent style high grade mineralisation. Drilling is now focussed on defining the extents of this higher grade mineralisation seen in HAD104 which remains open in all directions.

Drilling to test geophysical targets outside of the known Havieron system have commenced at Havieron North, and Zipa. The Havieron North target is located 2 km north of Havieron and is sited on a magnetic high anomaly. Zipa, is located approximately 1 km to the west of Havieron North and is centred on a prominent gravity high anomaly. The initial Havieron North drillhole did not return any significant results but did intercept alteration consistent with that seen at Havieron. Assay results are awaiting for the two completed Zipa drillholes. Drilling continues to test these and other targets outside of the main Havieron deposit.

South East Crescent Zone Inferred Mineral Resource infill drilling was finalised during the period, with 3 further drill holes completed, and assays reported for all twenty-one drill holes (including 17 drill holes from the prior period). This drilling is designed to infill the South East Crescent Zone Inferred Mineral Resource volume to 50m x 50m spacing to support the potential upgrade of a significant portion of the Inferred Mineral Resource to an Indicated Mineral Resource. Results received from infill drilling support the modelled grade and thickness within the South East Crescent Zone Mineral Resource extents.

Results include:

  • HAD053W5^^

  • HAD053W6^^

  • HAD061W1^^

  • HAD085W4

  • HAD148W1^^

  • HAD148W2^^

  • HAD149W2^^

  • HAD150W1^^

  • HAD150W2^^

All drill programs have now returned to growth targets with up to eight drill rigs operational. Growth drilling continues to show potential for resource additions outside of the existing Inferred Mineral Resource limits, including:

  • Extension of the South East Crescent Zone at depth below the current Mineral Resource, where increasing grade and thickness of mineralisation has been observed from recent drilling;

  • Expansion of multiple higher-grade targets including Northern Breccia and North West Pod; and

  • Potential for additional North West trending structural corridors including the Eastern Breccia.

  • Additionally, drilling is continuing to target geophysical targets outside of the main Havieron system.

Refer to Appendix 2 for additional information and Drillhole data table for all results reported during the period.



Figure 4 . 3D Plan view schematic showing the spatial association of the South East Crescent, Northern Breccia, North West Pod and Eastern Breccia targets in relation to the Inferred Resource extents. Also highlighted are previously reported intercepts >100 gram metres (Au ppm x length) that have been intersected outside of the Inferred Mineral Resource.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/7614/111915_5aa19461c4ce684c_006full.jpg



Figure 5 . 3D section view schematic across section line A-A' on Figure 4, highlighting selected South East Crescent growth intercepts below the current Inferred Resource.

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/7614/111915_5aa19461c4ce684c_007full.jpg



Figure 6 . Plan view schematic of a horizontal slice at 4700mRL through the Crescent Sulphide Zone and Breccia-hosted Zones, showing the extents of the 0.5 and 1.0 g/t Au Leapfrog [TM] grade shells with highlighted newly reported intercepts for this period. This diagram highlights >100gram metres intersections drilled during the period which are >1g/t Au, refer to inset diagram for relationship to all Havieron drilling.

To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/7614/111915_5aa19461c4ce684c_008full.jpg

/zigman2/quotes/200289815/delayed
CA : Canada: Toronto
$ 17.86
+0.62 +3.60%
Volume: 10,614
Nov. 29, 2022 12:12p
P/E Ratio
13.66
Dividend Yield
0.00%
Market Cap
$15.74 billion
Rev. per Employee
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