More gold in the south for Newmarket Gold

  On June 27,2016 Newmarket Gold had a press release telling the public about the drill results from their recent drilling program south of the Fosterville mine.It has been the position of this blog that sometimes a press release can be more important to investors than a quarterly report.This is one of those press releases.The results in this drilling report show that  not only has the Fosterville mine got extensive resources in the north where the Phoenix and Lower Phoenix ore bodies are contained.There now is evidence of an extensive ore body in the south.Newmarket makes it clear that they have more work to do to delineate the size of this new deposit.
          Three Fault Lines
  Past blogs on Blogdaleupsome have used information in other Newmarket (formerly Crocodile Gold) to try and estimate the size of the total ore body at the Fosterville mine.With the new information given on the extensions from the Phoenix and Lower Phoenix structures this blog on January16,2015 concluded that the ore body could be as big as 5 million ounces of gold.read about the size of the Fostervilleore body. The three main deposits are The Central,the Harrier and the Phoenix reserves.Little mining is now going on in the Central ore body.And not much miming is being done on the old Harrier deposit.Most of the ore coming out of the Fosterville  mine comes from the Phoenix structure.There is a Phoenix and a Lower Phoenix structure and little work has started on the Lower Phoenix structure to date.Although the ore body seems to be huge Newmarket is only producing 200,000 to 225,000 ounces a year.Principally coming from the Harrier and Phoenix structures.
       The Harrier reserve
     In the past the impression has been given that mining is winding down at the Harrier reserve.But now Newmarket has completes drilling on 14,000 metres of property south of the Harrier south gold system.Intercepts have shown from 10 to 22 grams per tonne of gold.And the same grade for the Osprey gold system.It appears that Osprey is south and east of the main Harrier reserve.The width of the mineralization is only 3 to 5 metres so the size of the ore body cannot yet be determined.And Newmarket intends to do more drilling to delineate the ore body further.          

         Conclusion
      It now seems that the original Fosterville mine was almost all done on the surface.There was only a limited amount of underground drilling going  on in the old mine. There has been an extensive ore body found north of the Phoenix and Lower Phoenix structures.And now it appears that there will be a sizeable ore body found south of the Harrier fault.Furthermore Newmarket reports that the new deposit is at about the same depth as the Lower Phoenix reserve.It is possible but not likely that this is a continuous ore body.Either way it is now likely that the total reserve may be as big as 6.5 to 7 million ounces.No final speculation will be made by this blog until we see the width of the gold intercepts.   see analysis of gold deposit size;   use Workathon for anlysis of resource stocks