05:33 PM EDT, 05/29/2024 (MT Newswires) -- New Gold ( NGD ) was at last look up 1.4% in US after-hours trade as it provided an exploration update for the New Afton copper-gold mine located in British Columbia, Canada.

According to a statement, underground exploration drilling conducted from C-Zone infrastructure intersected bornite-rich mineralization over strike lengths exceeding 200 metres and estimated true widths up to 40 metres. Copper and gold grades are proving to be higher in the bornite-bearing core of K-Zone compared to the haloing chalcopyrite-bearing copper-gold mineralization, it said.

"The latest K-Zone drilling includes some of the best mineralized intervals drilled at the New Afton mine and expands the mineralized envelope, highlighting the potential for a new mining zone close to existing mine infrastructure," said Patrick Godin, President and CEO, in the statement.

"The confirmation of high-grade bornite-bearing mineralization demonstrates the high mineral prospectivity around the New Afton mine and provides a high level of confidence as we look to grow K-Zone with drilling from the underground exploration drift. Combined with resource conversion opportunities such as C-Zone Extension, East Extension, and D-Zone, and several other near-mine and regional exploration targets, K-Zone is a key component in our strategy to extend mine life with minimal capital investment."