Highlights the Upside Potential from Multiple High-Grade Copper-Gold Porphyry Zones in the Eastern Sector of the Mine
September 16, 2024 – New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) is pleased to provide an update on its ongoing exploration program at its New Afton mine in British Columbia, Canada. Following successful exploration results at K-Zone earlier this year (see news release dated May 29, 2024), exploration drilling in the eastern part of the mine continues to intersect high-grade copper-gold porphyry mineralization.

“These exceptional results further highlight the exploration upside around the New Afton mine. The eastern sector of the mine, which includes the spectacular grades of K-Zone, new high-grade mineralization at HW Zone, and the existing East Extension mineral resource, is developing into a promising opportunity for a new high-grade mining area.” stated Patrick Godin, President and CEO. “Additionally, the location of these zones above the elevation of the C-Zone extraction level and close to existing infrastructure, could minimize the capital and time required to bring these zones into production.”

Exploration Drilling at K-Zone Delivers Results Exceeding Previously Reported Grades and Intersects Additional Mineralized Lenses to the North
Drilling from the recently completed exploration drift intersected a series of high-grade bornite dominant lenses hosted within a broader chalcopyrite-bearing halo, together forming a copper-gold mineralized system extending over 300 metres in strike and locally exceeding 50 metres in width (Figure 1). Borehole EA24-510 intersected some of the best grade discovered to date at New Afton.

K-Zone drilling highlights1,2
2.83% copper mineralization and 1.90 g/t gold (4.14% CuEq) over 84 metres core length (30 metres estimated true width) in Borehole EA24-510 including:
4.18% copper mineralization and 3.03 g/t gold (6.27% CuEq) over 50 metres core length (18 metres estimated true width) in bornite-bearing zone
0.99% copper mineralization and 1.23 g/t gold and (1.79% CuEq) over 169 metres core length (40 metres estimated true width) in Borehole EA24-516 including:
1.60% copper mineralization and 1.87 g/t gold (2.83% CuEq) over 76 metres core length (19 metres estimated true width) in bornite-bearing zone
17 East drilling highlights:
4.09 g/t gold and 31.42 g/t silver (4.37 AuEq) over 7.6 metres core length (6 metres estimated true width) in Borehole RR24-2003B including:
8.19 g/t gold and 74.76 g/t silver (8.85 AuEq) over 2.20 metres core length (2 metres estimated true width)

3.25% copper mineralization and 1.91 g/t gold (4.57% CuEq) over 36 metres core length (19 metres estimated true width) in Borehole EA24-519 in bornite-bearing zone
1.13% copper mineralization and 1.43 g/t gold and (2.07 CuEq%) over 93 metres core length (33 metres estimated true width) in Borehole EA24-520 including:
1.66% copper mineralization and 2.14 g/t gold (3.07 CuEq%) over 54 metres core length (19 metres estimated true width) in bornite-bearing zone
11All gold and copper grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones.

2Indicative copper equivalent (CuEq) grades are included for context, estimated using price assumptions of US$3.50 per pound of copper, US$1,500 per ounce of gold, and US$21.00 per ounce of silver.

High-Grade Copper-Gold Mineralization Intersected Within HW Zone
The exploration drift also provides a drilling platform for expanding and defining the HW Zone and testing the extents of the AI-Southeast target, which until recently were difficult to drill at favorable orientations. New drilling intersected high-grade copper-gold mineralization within the lower part of the HW Zone (Figure 1).


HW Zone drilling highlights1,2
1.05% copper mineralization and 1.08 g/t gold and (1.76 CuEq%) over 51 metres core length (40 metres estimated true width) in Borehole EA24-506 including:
1.75% copper mineralization and 1.49 g/t gold (2.76 CuEq%) over 16 metres core length (13 metres estimated true width) in bornite-bearing zone
0.49% copper mineralization and 1.08 g/t gold and (1.18 CuEq%) over 94 metres core length (84 metres estimated true width) in Borehole EA24-521B including:
0.90% copper mineralization and 2.12 g/t gold (2.26 CuEq%) over 24 metres core length (21 metres estimated true width) in bornite-bearing zone

1All gold and copper grades are reported uncapped. It has yet to be determined whether further exploration will result in the target being delineated as a mineral resource. Additional data and further interpretation work are expected to better define the geometry and extent of the mineralized zones.

2Indicative copper equivalent (CuEq) grades are included for context, estimated using price assumptions of US$3.50 per pound of copper, US$1,500 per ounce of gold, and US$21.00 per ounce of silver.

Exploration Budget Increased by $3 Million to the End of 2024
Based on the exploration successes to date, the Company intends to allocate an additional $3 million to the 2024 New Afton exploration program which will provide approximately 10,000 metres of additional drilling to continue defining the footprint of the eastern high-grade zones from the exploration drift.

“Similar to Rainy River, the exploration successes at New Afton support the Company’s approach to optimize net asset value with modest investment and leveraging the existing infrastructure,” added Mr. Godin. “With the completion of the underground exploration drift in the second quarter, we are well positioned to grow and define the eastern high-grade zones, with an objective to report initial mineral resources at K-Zone for year-end 2024.”


Table 1: New Afton Notable Exploration Drilling Results from Exploration Drift1, 2
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