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Newcrest Mining Limited - Exploration Quarterly Report - June 2022

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Melbourne, Australia, Jul 20, 2022 (Newsfile Corp via COMTEX) -- Exploration success continues at Brucejack, Red Chris and Havieron

At Brucejack , drilling continues to confirm the potential for resource growth at the Valley of the Kings deposit and the surrounding area with further high grade intercepts returned from the 1080 HBx Zone, the Bridge Zone and Gossan Hill North, which are all located outside the current published resource.

  • At 1080 HBx Zone, located south of the previously released 1080 East drilling results, VU-4184 returned 25.5m @ 52g/t Au from 43.5m, including 1.0m @ 1,173g/t Au from 67.5m. In addition, VU-4201 returned 28.5m @ 35g/t Au from 48m, including 1.0m @ 924g/t Au from 72m.

  • At the Bridge Zone, VU-3767 returned 36m @ 33g/t Au from 189m, including 1m @ 1,164g/t Au from 197m.

  • At Gossan Hill North, SU-768 returned 30m @ 28g/t Au from 181.5m, including 1m @ 717g/t Au from 205.5m, and 14m @ 26g/t Au from 358.5m, including 1m @ 360g/t Au from 371.5m.

At Red Chris , ongoing drilling activities at East Ridge continue to expand the footprint and confirm continuity and extensions of higher grade mineralisation.

  • An Exploration Target [1] has been defined for East Ridge with ranges from a lower case of approximately 170Mt @ 0.5g/t Au & 0.5% Cu for 2.8Moz Au & 0.9Mt Cu to an upper case of approximately 300Mt @ 0.4g/t Au & 0.4% Cu for 4.3Moz Au & 1.3Mt Cu. The Exploration Target is exclusive of the current published resource and relates to the portion of the deposit that has not yet been adequately drill tested. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

    The grades and tonnages are estimates based on continuity of mineralisation defined by exploration diamond drilling results (previously reported including relevant sections and plans) within the Redstock Intrusive with the lower range estimate in the area with a nominal drill hole spacing of 100m x 100m and the upper range estimate extended into the area with a nominal drill hole spacing of 100m x 200m.

  • RC786 returned 482m @ 0.26g/t Au & 0.43% Cu from 712m, including 32m @ 0.88g/t Au & 0.80% Cu from 948m, located 100m above RC773 (previously reported) and remains open up dip. In addition, RC789W returned 154m @ 0.46g/t Au & 0.47% Cu from 1,242m, including 10m @ 2.0g/t Au & 1.5% Cu from 1,370m, located 100 below RC773 and 100m above RC779 (both previously reported), confirming the presence of the higher grade mineralisation.

At Havieron , growth drilling continues to identify and expand high grade extensions to the mineralisation in the Eastern Breccia, South East Crescent Zone and Northern Breccia.

  • In the Eastern Breccia, HAD152W1 returned 82.3m @ 1.7g/t Au & 0.96% Cu from 1,829.2m including 15.9m @ 1.9g/t Au & 1.6% Cu from 1,853.1m. Furthermore, HAD145AW4 returned 54m @ 3.8g/t Au & 0.02% Cu from 1,854m including 19.6m @ 9.9g/t Au & 0.02% Cu from 1,854m. These intercepts support the interpretation for the North West trending Eastern Breccia corridor to host high grade sulphide dominated mineralisation.

  • At the South East Crescent HAD133W9 returned 85.8m @ 3.0g/t Au & 0.06% Cu from 1,604m. This result has extended the Crescent high grade zone by a further 100 metres to over 1,000 vertical metres (3,800m RL) of continuous high grade sulphide dominated mineralisation.

Melbourne, Australia--(Newsfile Corp. - July 20, 2022) - Newcrest (asx:NCM) /zigman2/quotes/200289815/delayed CA:NCM +4.41% (pngx:NCM) Managing Director and Chief Executive Officer, Sandeep Biswas, said, "The June quarter delivered another round of excellent drilling results across our key sites, continuing our strong track record of exploration success."

"At Brucejack, drilling continued to deliver outstanding results in all of our target zones, supporting our views of significant resource growth opportunities beyond the Valley of the Kings deposit."

"Drilling at Red Chris continues to define the extent and continuity of higher grade mineralisation at East Ridge, and pleasingly, the system continues to remain open further to the east."

"Havieron continues to deliver promising results, with recent intercepts extending the high grade zone in the South East Crescent, as well as expanding the higher grade footprint in the Eastern and Northern Breccia, indicating significant potential for further resource growth."

"Overall, FY22 has been a tremendous year for exploration success and we are well placed to progress our extensive drilling programs in the new year to create additional value for our shareholders." said Mr Biswas.

Brucejack, British Columbia, Canada [(] [2] [)]

The Brucejack Property hosts the Valley of the Kings (VOK) high-grade gold deposit. The VOK is characterised by multiple occurrences of higher grade mineralisation over selected intervals hosted within broader zones of stockwork and vein arrays. Growth activities are focused on both resource expansion within the existing mine area, as well as brownfields exploration activities within 4km of the mine area. Both programs continued to deliver very strong results for the period.

Resource expansion drilling during the quarter was focused on targets in the 1080 HBx Zone and Galena Hill. A total of 18,934m in 75 drill holes was completed using 3 underground drill rigs. Assay results have been received for the first two drill fans in the 1080 HBx Zone. All other assays are pending. During the quarter, final assay results were also received from the Bridge Zone Phase 1 drill program, which included 42 drill holes in 6 drill fans, totalling 8,610m.

Brownfields drilling during the quarter focused on targets in Gossan Hill South and Golden Marmot. A total of 6,746m in 17 drill holes was completed using 4 drill rigs on surface. Assay results from these drill holes are pending. During the quarter final assay results were received from the Gossan Hill North drill program, which included 50 drill holes drilled in 8 drill fans, totalling 15,045m.

At 1080 HBx Zone , assays were received for 22 drill holes, totalling 4,983m of drilling. All drill holes intersected gold mineralisation, with 12 of the 22 drill holes intersecting higher grade mineralisation, in excess of 5 grams per tonne gold. The drill program was designed to follow up on the extensions of the high-grade gold mineralisation intersected in 1080 East drill program (previously reported).

Results have identified high-grade gold mineralisation hosted in a structure oriented sub-parallel to Domain 20, which is currently being mined in the VOK. This structure extends the zone of mineralisation an additional 150m south of the previous 1080 East drilling. Gold mineralisation has now been intersected up to 225m south and 240m below the existing Mineral Resource estimate. Drilling to test the structure along strike is currently in progress.

Results for the reporting period include:

  • VU-4117

  • VU-4184

  • VU-4194

  • VU-4201

At the Bridge Zone Phase 1, assays were received for 42 drill holes, totalling 8,610m of drilling. All drill holes intersected gold mineralisation, with 14 of the 42 drill holes intersecting higher grade mineralisation, in excess of 5 grams per tonne gold. Drilling was completed to test an area 150m south of the Valley of the Kings deposit, where previous widely spaced surface drilling intersected high-grade gold mineralisation.

Results from the Bridge Zone have defined a zone of high-grade gold mineralisation over an area with dimensions of 100m wide, 250m long, and 250m high. The zone remains open to the east, up dip, and at depth. Follow up drilling is planned to test the Bridge Zone to the east, towards the Brucejack Fault, and to test the extensions at depth.

Results for the reporting period include:

  • VU-3753

  • VU-3757

  • VU-3767

At Gossan Hill North , assays have been received for 50 drill holes, totalling 15,045m of drilling. All drill holes intersected gold mineralisation, with 9 of 50 drill holes intersecting higher grade, in excess of 5 grams per tonne gold.

Gossan Hill is part of a four-kilometre trend of highly altered rocks which outcrop from Golden Marmot in the northwest to the Bridge Zone in the southeast. Drilling identified a series of narrow east-west trending mineralisation domains. These domains extend over an area 250m wide, 300m long, and 300m high and remain open at depth. Follow up drilling is currently in progress at Gossan Hill South, located between Gossan Hill North and the West Zone.

Results for the reporting period include:

  • SU-768

  • SU-793

  • SU-812

Approximately 54,000m of resource expansion drilling and 35,000m of brownfield exploration drilling targeting mineralisation definition and continuity are planned during calendar year 2022 with three drill rigs underground and four drill rigs on surface.

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



Figure 1. Plan view map of the Brucejack Property, spanning the 4km gossanous trend from Golden Marmot and Hanging Glacier in the northwest to Bridge Zone in the southeast. Cross section for Figure 2 views parallel to the Brucejack Fault.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_003full.jpg



Figure 2. Long section view (looking west) of the Brucejack Property.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_004full.jpg



Figure 3. Cross section showing the position of the 1080 HBx mineralised structure relative to Domain 20 and the Valley of the Kings mine, including 1080 HBx gold assays >5g/t Au and the modelled extents of two prominent domains, Domain 13 and Domain 20. Viewing towards the northwest. See Figure 10 for plan view of the 1080 HBx drill program.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_005full.jpg

Red Chris, British Columbia, Canada [(] [3] [)] []

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

The Brownfield 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 30,482m of drilling has been completed from 32 drill holes, with all drill holes intersecting mineralisation (except 5 drill holes which were dedicated geotechnical holes). This contributed to a total of 265,374m of drilling from 251 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 43 holes completed and 7 in progress. The follow up drilling is being completed on a nominal 100m x 100m grid to determine the footprint and characterise the mineralisation, and to demonstrate the continuity of the higher-grade mineralisation. Drilling to date has tested a corridor 900m long and to a vertical extent of 1,000m within which zones of higher grade mineralisation have been identified.

An Exploration Target has been defined for East Ridge as described above with ranges from a lower case of approximately 170Mt @ 0.5g/t Au & 0.5% Cu for 2.8Moz Au & 0.9Mt Cu to an upper case of approximately 300Mt @ 0.4g/t Au & 0.4% Cu for 4.3Moz Au & 1.3Mt Cu. The grades and tonnages are estimates based on continuity of mineralisation defined by exploration diamond drilling results (previously reported including relevant sections and plans) within the Redstock Intrusive with the lower range estimate in the area with a nominal drill hole spacing of 100m x 100m and the upper range estimate extended into the area with a nominal drill hole spacing of 100m x 200m.

East Ridge is outside of Newcrest's initial Mineral Resource estimate. Diamond drilling continues to define the extent and continuity of this higher grade mineralisation. A further 25 diamond drill holes are planned, at a minimum, to test and close out the target mineralisation. This program is expected to be completed by the second quarter of calendar year 2023.

Results for the reporting period include:

  • RC786

  • RC789W

  • RC795

  • RC797

Drilling continues to define the continuity of the higher grade mineralisation with holes RC786 and RC789W . RC786 returned 482m @ 0.26g/t Au & 0.43% Cu from 712m, including 32m @ 0.88g/t Au & 0.80% Cu from 948m, located 100m above RC773 (previously reported) and remains open up dip. RC789W returned 154m @ 0.46g/t Au & 0.47% Cu from 1,242m, including 10m @ 2g/t Au & 1.5% Cu from 1,370m, located 100 below RC773 and 100m above RC779 (both previously reported) and confirmed the presence of the higher grade mineralisation.

Drilling also continues to expand the strike extent of the East Ridge mineralisation within the Exploration Target, with RC793, RC795, RC797 and RC799 located along several of the eastern most sections. RC797 and RC799 extended the porphyry corridor a further 100m east of RC793 (previously reported). RC797 returned 152m @ 0.12g/t Au & 0.41% Cu from 1,288m and demonstrates the system is present and remains open further to the east.

The East Ridge mineralised corridor (>0.4g/t Au and >0.4% Cu) extends over 900m 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.

Approximately 50,000m of growth-related drilling targeting mineralisation definition and continuity is planned for the first half of FY23 from eight drill rigs.

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



Figure 4. Schematic plan view map of the Red Chris porphyry corridor spanning East Ridge, East Zone, Main Zone and Gully Zone showing significant Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this report), 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 4, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_006full.jpg



Figure 5. 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 5, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_007full.jpg



Figure 6. 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 6, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_008full.jpg

Havieron Project, Western Australia, Australia [(] [4] [)]

The Havieron Project is operated by Newcrest under a Joint Venture Agreement (JVA) with Greatland Gold. Newcrest holds a 70% interest in the Havieron Project and has an option to acquire an additional 5% joint venture interest. The option price for the 5% interest has been determined by an independent valuer to be US$60 million in accordance with the process under the JVA. Newcrest has 30 business days from 20 July 2022 to elect whether to exercise the option [5] . 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. The Joint Venture commenced drilling during the June 2019 quarter and has completed 249,240m of drilling from 306 drill holes to date (excluding holes in progress, abandoned holes, or drill holes which have not been sampled).

Drilling activities in the period have produced a further 11,796m of drilling from 21 holes with up to 7 drill rigs operating during the quarter. New assay results are reported from 18 drill holes (5 from previous quarter). Of the reported holes, 11 holes returned significant assay intercepts in excess of 50 gram metres gold (Au ppm x length m).

Growth drilling targeting mineralisation definition and continuity continues to show potential for resource additions outside of the existing Inferred Mineral Resource limits, including:

  • Extension of the South East Crescent Zone Deeps below the Updated Mineral Resource - assay results reported for 2 drill holes, 1 hole awaiting assays.

  • Extensions of the Eastern Breccia including definition of identified internal higher grade zones - assay results reported for 8 drill holes, 7 holes awaiting assays.

  • Drilling is continuing to target geophysical targets outside of the main Havieron system - 2 drill holes results reported from step out drilling north and south of the Havieron system.

At the Eastern Breccia , assays for 8 holes targeting strike and depth extensions from previously reported drill holes have been received, with 7 holes awaiting assays. The Eastern Breccia is developed below the 4,100RL with a footprint of over 500m in strike, up to 200m in width, and over 250m in vertical extent. The Eastern Breccia remains open at depth. Within this zone multiple northwest trending internal higher-grade sulphide dominated domains are observed. Results for the quarter further highlight geological continuity of higher grade within the Eastern Breccia.

Results include:

  • HAD104W2

  • HAD141W2^

  • HAD145AW4

  • HAD152W1

Drill holes targeting the Eastern Breccia also provide infill drill intercepts within the Mineral Resource in the Northern Breccia and South East Crescent. These results are in line with the modelled grades in the area. For reporting completeness these infill resource intercepts are included in Appendix 3, and highlighted in the Drill data and supporting sections and diagrams.

South East Crescent Deeps growth drilling continued during the quarter targeting higher grade mineralisation at depth below the current Mineral Resource. Results were received from 2 drill holes, with 1 hole awaiting assay results. Results from HAD133W9 have extended the Crescent high grade zone by a further 100 metres to over 1,000 vertical metres (3,800m RL) of continuous high grade sulphide dominated mineralisation, however the drilling suggests tapering of the high grade mineralisation with depth. Further drilling is planned to test this potential.

Results include:

  • HAD133W9

  • HAD153

Drilling to test geophysical targets outside of the known Havieron mineralised system, including evaluating the Havieron dolerite at multiple intervals north and south of the Havieron mineralised envelope revealed no significant intercepts from two drill holes (HAD154 & HAD155).

Ongoing drilling is planned for the Eastern Breccia, the South East Crescent Deeps and additional geophysical targets external to the Havieron mineralised footprint.

Refer to Appendix 3 for additional information and Drillhole data table for all results reported during the period.



Figure 7 . 3D Plan view schematic showing the spatial association north-west trending mineralised corridors which host the South East Crescent, Northern Breccia, North West Pod and Eastern Breccia targets in relation to the Inferred Mineral Resource extents. Also highlighted are selected 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 7, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_009full.jpg



Figure 8 . 3D oblique view of the Havieron system viewed from the south-east, showing the position of high-grade intercepts and mineralised zones outside of the current Mineral Resource extents. Further higher-grade mineralisation and assay results continue to support incremental expansion of the Northern Breccia, as well as significant extensions for the South East Crescent deeps and Eastern Breccia targets outside of the current Inferred Mineral Resource. On the figure LF refers to Leapfrog [TM] model.

To view an enhanced version of Figure 8, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_010full.jpg



Figure 9 . Plan view schematic of a horizontal slice at 3850mRL 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 >50gram metres intersections drilled during the period which are, refer to inset diagram for relationship to all Havieron drilling.

To view an enhanced version of Figure 9, please visit:
https://images.newsfilecorp.com/files/7614/131465_ae0d310174b60ba9_011full.jpg

Wilki Project, Western Australia, Australia

The Wilki Project is an exploration farm-in and joint venture with Antipa Minerals Limited (Antipa). The project area covers a strategic landholding of ~2,200km [2] surrounding the Telfer operation and is adjacent to the Havieron Project. Newcrest entered into this exploration farm-in and joint venture agreement with Antipa on 11 March 2020. Newcrest currently also has a 9.9% shareholding in Antipa.

As previously highlighted, Newcrest has elected to proceed to the next stage (Stage 1) of the farm-in agreement following completion of the initial exploration expenditure commitment (A$6 million). Newcrest has the potential to earn a 51% joint venture interest in the Wilki Project through expenditure of a further A$10 million by March 2025 during Stage 1 [(] [6] [)] . As of 1 July 2022, Newcrest is now the manager and operator of the Wilki Project.

Cultural clearance activities commenced over priority areas during the period. Field programs including soil sampling and follow up drilling will be ready for execution on completion of access.

Juri Joint Venture, Western Australia, Australia

The Juri Joint Venture is a farm-in and joint venture agreement with Greatland Gold with respect to the Black Hills and Paterson Range East projects, located within the Paterson Province approximately 50km from the Telfer operation and in proximity to the Havieron Project. The joint venture covers an area of approximately 248km [2] . Newcrest currently has a 51% interest in the Juri Joint Venture. Under the terms of the agreement, Newcrest has the potential to earn an additional 24% joint venture interest through expenditure of a further A$17 million over three years.

Field programs have commenced, including initial drilling focused on the A27 anomaly in Black Hills region.

Tennant East, Northern Territory, Australia

The Tennant East project comprises 6 undercover targets located 200km east of Tennant Creek. These targets have been identified on the basis of coincident gravity, magnetic and induced polarisation anomalies. Scout drill testing of the Lantern and Sabertooth targets in calendar year 2021 identified narrow zones of low order pathfinder geochemistry hosted by intense chlorite-magnetite-hematite-silica-pyrrhotite altered metasediments. Follow up exploration is currently being assessed.

Nevada, USA

Notice of termination was provided to Discovery Harbour with respect to the Fortuity89 Project in Nevada. Five RC holes were completed for 1,656m testing the targets defined from mapping and geophysics.

Central Andes, Northern Chile

A geochemical survey along with detailed geological mapping was completed for three areas of the Gorbea-Mioceno-Silencio district. A total of 1,565 soil samples and 1,565 lag samples were collected. Geochemical results will be used to evaluate the potential for the project to host a High Sulphidation Epithermal style deposit.

Field activities were suspended by adverse weather conditions at the end of May 2022 and are expected to resume during the September 2022 quarter.

Northern Andes, Ecuador

The first phase of scout drilling at the Gamora Project in southeast Ecuador was completed. Work was conducted by Newcrest as the operator under an earn-in agreement with Lundin Gold, pursuant to which Newcrest can earn up to a 50% interest in eight exploration concessions. Newcrest has elected to move to Stage Two of the agreement, which includes expenditure of US$6 million over 18 months for a 25% interest. The concession area covers strategic landholdings to the north and south of Lundin Gold's Fruta del Norte mining operation.

First phase of drilling has downgraded the initial drill target. Further drilling on additional targets will be completed in the second half of calendar year 2022.

/zigman2/quotes/200289815/delayed
CA : Canada: Toronto
$ 19.40
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Volume: 13,291
Dec. 7, 2022 4:00p
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