Newcrest, Imperial eye enhanced Red Chris target CanadiansInvest
-TSX) said the exploration target for the East Ridge zone at their Red Chris mine in British Columbia has been significantly expanded.
This marks a significant increase from the June 30, 2022 estimate of between 170 million tonnes of 0.5 g/t gold and 0.5% copper and 300 million tonnes of grade 0.4 g/t gold and 0.4% copper . Imperial Metals formed a joint venture with the Australian company at Red Chris in March 2019, after agreeing to sell a 70% stake in the mine to Newcrest, which is now the operator.
The new conceptual estimate for East Ridge was announced after the close of trading on March 13, 2023, when Newcrest closed at $22.81. The shares trade in a 52-week range of $27.18 and $13.81.In 2022, Copper and gold production from Red Chris was 67.6 million pounds, and 63,700 ounces respectively, an increase of 3.3% and 5.8% respectively compared to 65.4 million pounds of copper and 60,200 ounces of gold in 2021.
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