UPDATE: New Gold Down 2% as Announces Significant Increase in Gold Resources at Blackwater Project
New Gold Inc. (NGD.TO), which closed up 5% at $13.50 on Friday, is down 2% today after announcing an updated National Instrument 43-101 compliant mineral resource estimate for the Blackwater Project in central British Columbia. Indicated gold resource: 165 million tonnes at an average grade of 1.01 g/t containing 5.4 million ounces of gold. Inferred gold resource: 39 million tonnes at an average grade of 0.94 g/t containing 1.2 million ounces of gold. The updated mineral resource estimate incorporates drill results from both the 100% owned southern portion of the project and the 75% owned northern portion, where Silver Quest Resources Ltd. owns the remaining 25%.
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