New Gold said the new mineral reserves came at no additional cost and are expected to support a one-year extension to 2031. The Canadian miner also pointed to opportunities to further extend the block-caving operation in British Columbia from the prospective K-Zone, HW Zone and D-Zone.
At Rainy River, the open pit — initially set to reach full depletion in early 2025 — has been extended to 2028 after incorporating the optimized Phase 5 pit design, which would push the processing of low-grade stockpile into the future and keep the mill running at full capacity until 2029.
Despite a 2% decrease in open pit reserves at Rainy River, the company has reported a 76% increase in gold resources, which it said presents an opportunity to further extend the mine, and growth in underground reserves to approximately 1.34 million oz.
CEO Patrick Godin said the life-of-mine plans “successfully outline New Gold’s strong…
