Summa Silver Provides Annual Update Letter from CEO

·6 min read

VANCOUVER, BC, Jan. 5, 2021 /CNW/ - Summa Silver Corp. ("Summa Silver" or the "Company") (CSE: SSVR) (OTCQB: SSVRF) (Frankfurt: 48X) is pleased to provide the following letter to all shareholders from the CEO.

Dear Shareholders and Investors,

This past year marked a strong debut year for Summa Silver. After listing in February, the Company quickly optioned two high-quality silver and gold exploration properties in under-appreciated historic mining districts in the United States and raised $13M in two private placements.

Our highest priority is to create shareholder value through systematic exploration of our two highly prospective silver and gold projects.

Highlights from 2020

Aggressive drilling at the Hughes Property in Nevada was the central focus of our exploration strategy in 2020. Originally budgeted for 7,500 m of drilling in 15 holes, our first ever drill program was expanded and ultimately consisted of 14,460 m of drilling in 29 holes.

Key takeaways from the 2020 Hughes drill program include:

  • High-grade silver and gold mineralization was discovered in four target areas across a 3.5 km trend.

  • The area around the historic Belmont Mine hosts numerous well mineralized and unmined veins.

  • The Ruby discovery may represent a 1.3 km extension of the Tonopah district to the east

  • The Murray area hosts broad zones of mineralization that likely cross the property boundary to the west onto Blackrock Gold Corp's Tonopah West Property.

  • Assays for 14 holes remain pending, all of which intersected quartz veins and breccias.

Hughes Property Drilling (CNW Group/Summa Silver Corp.)
Hughes Property Drilling (CNW Group/Summa Silver Corp.)

In addition to the Hughes Property, the Company also optioned a large portion of the historic Mogollon mining district near Silver City, New Mexico. Undrilled since the 1980's, historical drill results outline a target area at the old Consolidated Mine. The target spans 500 x 200 m where 8 historic drill holes are reported to have averaged 497 g/t silver equivalent over average drilled lengths of 13.3 m. Taking a step back and looking at the bigger picture, this Consolidated Mine target represents approximately 0.6 km of the 34 km of cumulative structure/vein length on the property. Putting those numbers into context, the Consolidated Mine target represents less than 2% of the prospective target horizons on the property.

Consolidated Mine - Longsection (CNW Group/Summa Silver Corp.)
Consolidated Mine - Longsection (CNW Group/Summa Silver Corp.)

Outlook for 2021

It is very clear to us at Summa Silver that both the Hughes and Mogollon properties warrant significant drill programs in 2021 as we drive towards mineral resource estimates at both projects. With that in mind, we are planning a two-faceted approach to unlock value for shareholders in 2021.

  1. At the Hughes property, follow up drilling at all four of the original target areas is required and we will systematically drill step out holes around areas of known mineralization. We are also planning a geological mapping and sampling program covering the large, but under-documented zones of hydrothermal alteration on the northern and eastern portions of the property.

  2. At the Mogollon property, the Consolidated Mine target area clearly warrants a thorough mineral resource assessment via a pattern of grid drilling. Permits for this drill program are expected in Q1. We are also planning boots-on-the-ground geological mapping and sampling program to gain a better understanding of the geologic controls on silver and gold mineralization.

Looking back to the beginning of 2020, Summa Silver was just an idea. I'm very grateful to our supportive shareholders who are integral to our success. I'm also very pleased with how far we've come in one short year and look forward to using our geological expertise to create further shareholder value in 2021.

At Summa Silver, we strive to communicate our corporate message with transparency and consistency with the public market community and we urge you to reach out to allow us to get to know our shareholders better.

Follow Summa Silver on Twitter: @summasilver
LinkedIn:
https://www.linkedin.com/company/summa-silver-corp/
ON BEHALF OF THE BOARD OF DIRECTORS
"Galen McNamara"
Galen McNamara, Chief Executive Officer
info@summasilver.com
www.summasilver.com

Investor Relations Contact:
Kin Communications
Arlen Hansen
604-684-6730
SSVR@kincommunications.com

Qualified Person

The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company, and a qualified person as defined by National Instrument 43-101.

About Summa Silver Corp
Summa Silver Corp is a Canadian junior mineral exploration company. The Company has options to earn 100% interests in the Hughes property located in central Nevada and the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property features a number of high-grade past-producing mines which operated between the 1880's and 1942.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Cautionary note regarding forward-looking statements

This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. These forward–looking statements or information relate to, among other things: the exploration and development of the Company's mineral exploration projects.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the requirement for regulatory approvals; enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; unquantifiable risks related to government actions and interventions; stock market volatility; regulatory restrictions; and other related risks and uncertainties.

Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Summa Silver Corp. Logo (CNW Group/Summa Silver Corp.)
Summa Silver Corp. Logo (CNW Group/Summa Silver Corp.)
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24.5

0.40

0.05

0.2 g/t Au









864.8

889

24.2

2.5

0.09

0.2 g/t Au








incl

874.4

875.3

1

50

0.72

30 g/t Au









934

977.5

43.5

0.84

0.15

0.2 g/t Au

HAD081^^

MR-DD

463407

7597521

263

1366.1

43

-57

1034

1073

39

0.25

0.05

0.2 g/t Au









1122.8

1170

47.2

0.82

0.21

0.2 g/t Au

HAD082^^

MR-DD

464090

7597791

257

1027.1

303

-66

570

622.6

52.6

0.24

0.07

0.2 g/t Au









641.4

694

52.7

0.24

0.02

0.2 g/t Au









740

807.7

67.7

0.28

0.06

0.2 g/t Au









903.7

951

47.3

1.4

0.03

0.2 g/t Au

HAD083

MR-DD

463543

7597518

262

1791.5

43

-62

734

778

44

0.33

0.07

0.2 g/t Au









953.1

1004

50.9

1.1

0.12

0.2 g/t Au








incl

989

1001.9

12.9

3.5

0.12

1.0 g/t Au









1016

1050

34

4.4

0.05

0.2 g/t Au








incl

1036.5

1048

11.5

13

0.10

1.0 g/t Au








incl

1036.5

1037

0.5

166

0.33

30 g/t Au








incl

1042

1043

1

38

0.19

30 g/t Au









1098

1281.7

183.7

1.8

0.18

0.2 g/t Au








incl

1132.2

1133.4

1.2

33

0.64

30 g/t Au








incl

1165.2

1182.4

17.2

8.8

0.47

1.0 g/t Au








incl

1169

1170

1

47

1.8

30 g/t Au








incl

1172.5

1173.5

1

47

0.49

30 g/t Au








incl

1238.8

1254

15.2

2.2

0.36

1.0 g/t Au









1405

1427

22

0.31

0.25

0.2 g/t Au









1439

1517

78

0.61

0.16

0.2 g/t Au









1529

1663

134

1.4

0.04

0.2 g/t Au








incl

1603

1618

15

1.6

0.02

1.0 g/t Au








incl

1630.1

1631

0.9

52

0.95

30 g/t Au









1677

1775.2

98.2

1.9

0.14

0.2 g/t Au








incl

1723.9

1765

41.1

3.7

0.10

1.0 g/t Au








incl

1725

1726

1

39

0.01

30 g/t Au

HAD084

MR-DD

463270

7597841

256

1995.4

83

-65

1300.3

1322.8

22.5

0.29

0.68

0.2 g/t Au









1344.1

1376.8

32.7

0.56

0.28

0.2 g/t Au









1536.8

1879

342.2

2.0

0.11

0.2 g/t Au








incl

1572

1586

14

19

0.20

1.0 g/t Au








incl

1577.5

1577.8

0.3

637

0.35

30 g/t Au








incl

1601.5

1620

18.5

2.7

0.23

1.0 g/t Au








incl

1629.9

1641

11.1

6.6

0.11

1.0 g/t Au








incl

1659

1686.8

27.8

1.4

0.40

1.0 g/t Au








incl

1726.3

1745.8

19.5

4.2

0.04

1.0 g/t Au








incl

1741

1742

1

49

0.01

30 g/t Au








incl

1751

1767.6

16.6

2.7

0.10

1.0 g/t Au








incl

1866

1876

10

2.1

0.05

1.0 g/t Au

HAD085*

MR-DD

463488

7598056

255

1636

112

-63

568.8

643

74.2

2.0

0.09

0.2 g/t Au








incl

594

613.1

19.1

7.0

0.23

1.0 g/t Au









659

737

78

0.30

0.04

0.2 g/t Au









768.7

789.2

20.5

0.28

0.06

0.2 g/t Au









835

1182.9

347.9

0.44

0.08

0.2 g/t Au








incl

1137

1149.1

12.1

1.2

0.13

1.0 g/t Au









1212

1272

60

2.0

0.02

0.2 g/t Au








incl

1234.8

1236

1.2

54

0.02

30 g/t Au

HAD087

MR-DD

464336

7598258

257

1669

222

-70

1234

1258

24

0.46

0.15

0.2 g/t Au









1454

1489

35

0.20

0.18

0.2 g/t Au

HAD088

MR-DD

463850

7598074

256

664

186

-58

477

526

49

0.45

0.07

0.2 g/t Au

HAD089

MR-DD

464299

7597746

258

1402.2

290

-61

565

601

36

0.75

0.04

0.2 g/t Au








incl

579

601

22

1.0

0.04

1.0 g/t Au









697

788

91

1.6

0.21

0.2 g/t Au








incl

735

736.1

1.1

69

0.32

30 g/t Au









872

905.1

33.1

0.31

0.07

0.2 g/t Au









917

1018.5

101.5

0.43

0.17

0.2 g/t Au









1136

1252

116

2.9

0.07

0.2 g/t Au








incl

1136

1149

13

13

0.17

1.0 g/t Au








incl

1147.2

1149

1.8

49

0.17

30 g/t Au








incl

1154.1

1169.6

15.5

4.9

0.18

1.0 g/t Au








incl

1222

1237

15

1.5

0.02

1.0 g/t Au

HAD097W1

MR-DD

464436

7598085

257

798.7

222

-63

621.7

654

32.3

5.4

0.49

0.2 g/t Au








incl

631

651

20

8.6

0.78

1.0 g/t Au








incl

635

636

1

34

0.35

30 g/t Au








incl

639

639.35

0.35

207

1.1

30 g/t Au
















* partial results, assays pending ** partial intercept, assays pending; ^ updated intercept or ^^ previously reported.

Figure 10. Schematic plan view map showing drill hole locations and significant intercepts reported in this release superimposed on the interpreted geology. (CNW Group/Newcrest Mining Limited)
Figure 10. Schematic plan view map showing drill hole locations and significant intercepts reported in this release superimposed on the interpreted geology. (CNW Group/Newcrest Mining Limited)
Figure 11. Schematic cross section (looking northwest, Section Line 1a-1b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 11. Schematic cross section (looking northwest, Section Line 1a-1b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 12. Schematic cross section (looking north, Section Line 2a-2b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 12. Schematic cross section (looking north, Section Line 2a-2b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 13. Schematic cross section (looking northwest, Section Line 3a-3b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 13. Schematic cross section (looking northwest, Section Line 3a-3b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 14. Schematic cross section (looking northwest, Section Line 4a-4b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 14. Schematic cross section (looking northwest, Section Line 4a-4b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 15. Schematic cross section (looking southwest, Section Line 5a-5b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)
Figure 15. Schematic cross section (looking southwest, Section Line 5a-5b, 200m section width, as shown in Figure 10). (CNW Group/Newcrest Mining Limited)

Appendix 2

Red Chris (70% Newcrest): JORC Table 1

Section 1 Sampling Techniques and Data

Criteria

Commentary

Sampling techniques

Core samples are obtained from core drilling. HQ and NQ diameter diamond core was drilled on a 3, 4.5m or 6m run. Core was cut using an automatic core-cutter and half core sampled at 2m intervals. Cover sequences were not sampled.

Drilling techniques

Core drilling was advanced with HQ3, HQ, NQ3 and NQ diameter coring configuration.

Core from inclined drill holes are oriented on 3, 4.5m or 6m runs using an electronic core orientation tool (Reflex ACTIII). At the end of each run, the bottom of hole position is marked by the driller, which is later transferred to the whole drill core run length with a bottom of hole reference line.

Drill sample recovery

Core recovery is systematically recorded from the commencement of coring to end of hole, by reconciling against driller's depth blocks in each core tray with data recorded in the database. Drillers depth blocks provided the depth, interval of core recovered, and interval of core drilled.

Core recoveries were typically 100%, with isolated zones of lower recovery.

Logging

Geological logging recorded qualitative descriptions of lithology, alteration, mineralisation, veining, and structure (for all core drilled – 34,409m in 27 holes – all holes intersected mineralisation, with the exception of eight dedicated geotechnical holes), including orientation of key geological features.

Geotechnical measurements were recorded including Rock Quality Designation (RQD) fracture frequency, solid core recovery and qualitative rock strength measurements.


Magnetic susceptibility measurements were recorded every metre.


All geological and geotechnical logging was conducted at the Red Chris Mine.


Digital data logging was captured, validated and stored in an acQuire database.

All drill cores were photographed, prior to cutting and/or sampling the core.

Sub-sampling techniques and sample preparation

Sampling, sample preparation and quality control protocols are considered appropriate for the material being sampled.

Core was cut and sampled at the Red Chris Mine core processing facility. Half core samples were collected in plastic bags together with pre-numbered sample tags and grouped in plastic bags for dispatch to the laboratory. Sample weights typically varied from 5 to 10kg. Sample sizes are considered appropriate for the style of mineralisation. Drill core samples were freighted by road to the laboratory.


Sample preparation was conducted at the independent ISO 9001 certified and ISO 17025 accredited Bureau Veritas Commodities Canada Ltd Laboratory, Vancouver (Bureau Veritas). Samples were dried at 650C, and crushed to 95% passing 4.75 mm, and the split to obtain up to 3kg sub-sample, which was pulverised (using LM2) to produce a pulped product with the minimum standard of 95% passing 106μm.

Duplicate samples were collected from crush and pulp samples at a rate of 1:20. Duplicate results show an acceptable level of variability for the material sampled and style of mineralisation.

Periodic size checks (1:20) for crush and pulp samples and sample weights are provided by the laboratory and recorded in the acQuire database.

Quality of assay data and laboratory tests

Assaying of drill core samples was conducted at Bureau Veritas. All samples were assayed for 48 elements using a 4-acid digestion followed by ICP-AES/ICP-MS determination (method MA250). Gold analyses were determined by 50g fire assay with ICP-ES finish (method FA350). Carbon and Sulphur were determined by Leco (method TC000) and mercury using aqua regia digestion followed by ICP-ES/MS determination (method AQ200).

Sampling and assaying quality control procedures consisted of inclusion of certified reference material (CRMs), coarse residue and pulp duplicates with each batch (at least 1:20).

Assays of quality control samples were compared with reference samples in the acQuire database and verified as acceptable prior to use of data from analysed batches.

Laboratory quality control data, including laboratory standards, blanks, duplicates, repeats and grind size results are captured in acQuire database and assessed for accuracy and precision for recent data.

Due to the limited extent of the drilling program to date, extended quality control programs are yet to be undertaken, whereby pulped samples will be submitted to an umpire laboratory and combined with more extensive re-submission programs.

Analysis of the available quality control sample assay results indicates that an acceptable level of accuracy and precision has been achieved and the database contains no analytical data that has been numerically manipulated.

The assaying techniques and quality control protocols used are considered appropriate for the data to be used for reporting exploration drilling results.

Verification of sampling and assaying

Sampling intervals defined by the geologist are electronically assigned sample identification numbers prior to core cutting. Corresponding sample numbers matching pre-labelled sample tags are assigned to each interval.


All sampling and assay information were stored in a secure acQuire database with restricted access.


Electronically generated sample submission forms providing the sample identification number accompany each submission to the laboratory. Assay results from the laboratory with corresponding sample identification are loaded directly into the acQuire database.


Assessment of reported significant assay intervals was verified by re-logging of drill core intervals and assessment of high resolution core photography. The verification of significant intersections has been completed by company personnel and the Competent Person/Qualified Person.

No adjustments are made to assay data, and no twinned holes have been completed. Drilling intersects mineralisation at various angles.


There are no currently known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data.

Location of data points

Drill collar locations were surveyed using a RTK GPS with GNSS with a stated accuracy of +/- 0.025m.


Drill rig alignment was attained using an electronic azimuth aligner (Reflex TN14 GYROCOMPASS). Downhole survey was collected at 9 to 30m intervals of the drill hole using single shot survey (Reflex EZ-SHOT). At the end of hole, all holes have been surveyed using a continuous gyro survey to surface (Reflex EZ-GYRO).

Topographic control is established from PhotoSat topographic data and derived digital elevation model. The topography is generally low relief to flat, with an average elevation of 1500 m, with several deep creek gullies.


All collar coordinates are provided in the North American Datum (NAD83 Zone 9).

Data spacing and distribution

The drill hole spacing ranges from 100 – 200m in lateral extent within an area of 1.5km2 at the East Zone.

No sample compositing is applied to samples.

Orientation of data in relation to geological structure

Drilling of reported drill holes RC625, RC626, RC627, RC628, RC631, RC632, RC633, RC634, RC637 and RC638 are oriented perpendicular to the intrusive complex. The intrusive complex has an east-northeast orientation, with drilling established on a north-northwest orientation.

Drill holes exploring the extents of the East Zone mineral system intersected moderately dipping volcanic and sedimentary units cut by sub-vertical intrusive lithologies. Steeply dipping mineralised zones with an east-northeast orientation have been interpreted from historic and Newcrest drill holes.

Sample security

The security of samples is controlled by tracking samples from drill rig to database.


Drill core was delivered from the drill rig to the Red Chris Mine core yard every shift. Geological and geotechnical logging, high resolution core photography and cutting of drill core was undertaken at the Red Chris core processing facility.

Samples were freighted in sealed bags with security tags by road to the laboratory, and in the custody of Newcrest representatives.


Sample numbers are generated from pre-labelled sample tags. All samples are collected in pre-numbered plastic bags. Sample tags are inserted into prenumbered plastic bags together with the sample.


Verification of sample numbers and identification is conducted by the laboratory on receipt of samples, and sample receipt advise issued to Newcrest.

Details of all sample movement are recorded in a database table. Dates, Hole ID sample ranges, and the analytical suite requested are recorded with the dispatch of samples to analytical services. Any discrepancies logged at the receipt of samples into the analytical services are validated.

Audits or reviews

Due to the limited duration of the program, no external audits or reviews have been undertaken.

Internal verification and audit of Newcrest exploration procedures and databases are periodically undertaken.

Section 2 Reporting of Exploration Results

Criteria

Commentary

Mineral tenement and land tenure status

Red Chris comprises 77 mineral tenures including five mining leases and is a joint venture between subsidiaries of Newcrest Mining Limited (70%) and Imperial Metals Corporation (30%). Newcrest Red Chris Mining Limited is the operator of Red Chris.

Newcrest Red Chris Mining Limited and the Tahltan Nation (as represented by the Tahltan Central Government, the Tahltan Band and Iskut First Nation) have signed an updated Impact, Benefit and Co-Management Agreement (IBCA) covering Red Chris.


All obligations with respect to legislative requirements including minimum expenditure are maintained in good standing.

Exploration done by other parties

Conwest Exploration Limited, Great Plains Development Co. of Canada, Silver Standard Mines Ltd, Texasgulf Canada Ltd. (formerly Ecstall Mining Limited), American Bullion Minerals Ltd and bcMetals Corporation conducted exploration in the areas between 1956 and 2006.


Imperial Metals acquired the project in 2007 and completed deeper drilling at the East and Main Zones between 2007 and 2012.

Geology

The Red Chris Project is located in the Stikine terrane of north-western British Columbia, 80 km south of the town of Dease Lake.

Late Triassic sedimentary and volcanic rocks of the Stuhini Group host a series of Late Triassic to Early Jurassic 204−198 Ma) diorite to quartz monzonite stocks and dykes.


Gold and copper mineralisation at Red Chris consists of vein, disseminated and breccia sulphide typical of porphyry-style mineralisation. Mineralisation is hosted by diorite to quartz monzonite stocks and dykes. The main mineral assemblage contains well developed pyrite-chalcopyrite-bornite sulphide mineral assemblages as vein and breccia infill, and disseminations. The main mineralisation event is associated with biotite and potassium feldspar-magnetite wall rock alteration.

Drill hole information

As provided.

Data aggregation methods

Significant assay intercepts are reported as (A) length-weighted averages exceeding 0.1g/t Au greater than or equal to 20m, with less than 10m of consecutive internal dilution; and (B) length-weighted averages exceeding 0.5g/t Au for greater than or equal to 10m, with less than 10m of consecutive internal dilution; and (C) length-weighted averages exceeding 1g/t Au for greater than or equal to 10m, with less than 10m of consecutive internal dilution; (D) length-weighted averages exceeding 5g/t Au greater than or equal to 10m, with less than 10m of consecutive internal dilution; and (E) length-weighted averages exceeding 10g/t Au for greater than or equal to 10m, with less than 10m of consecutive internal dilution. No top cuts are applied to intercept calculations.

Relationship between mineralisation widths and intercept lengths

Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals.

Diagrams

As provided.

Balanced reporting

This is the seventh release of Exploration Results for this project made by Newcrest. The last release was on 10 September 2020. Earlier reporting of exploration programs conducted by Newcrest and Imperial Metals Corporation have previously been reported. Exploration drilling programs are ongoing and further material results will be reported in subsequent Newcrest releases.

Other substantive exploration data

Nil.

Further work

Further drilling is planned to define the extents of the East Zone, Main Zone and Gully Zone.

Drillhole data

Red Chris Project, British Columbia, Canada

Reporting Criteria: Intercepts reported are downhole drill width (not true width) Au >0.1ppm (0.1g/t Au) and minimum 20m downhole width with maximum consecutive internal dilution of 10m. Also highlighted are high grade intervals of Au >0.5ppm (0.5g/t Au), Au >1ppm (1g/t Au), Au > 5ppm (5g/t Au), Au >10ppm (10g/t Au) and minimum 10m downhole width with maximum consecutive internal dilution of 10m. Gold grades are reported to two significant figures. Samples are from core drilling which is HQ or NQ in diameter. Core is photographed and logged by the geology team before being cut. Half core HQ and NQ samples are prepared for assay and the remaining material is retained in the core farm for future reference. Each assay batch is submitted with duplicates and standards to monitor laboratory quality. Total depth (end of hole) is rounded to one decimal place for reporting purposes.

Hole ID

Hole Type

Easting (m)

Northing (m)

RL (m)

Total Depth (m)

Azimuth
(GRID)

Dip

From (m)

To (m)

Interval (m)

Au (ppm)

Cu (pct)

Cut off



RC625

DD

452126

6396252

1520

1499.5

144

-62

360

380

20^^

0.19

0.03

0.1 ppm Au










420

502

82^^

0.15

0.03

0.1 ppm Au










640

1066

426^^

0.62

0.48

0.1 ppm Au









incl.

734

810

76^^

1.9

1.2

0.5 ppm Au









incl.

736

796

60^^

2.2

1.3

1 ppm Au









incl.

828

872

44^^

0.64

0.64

0.5 ppm Au










1282

1322

40^^

0.17

0.15

0.1 ppm Au










1360

1416

56^^

0.11

0.16

0.1 ppm Au


RC626

DD

452502

6396343

1499

1391

148

-57

338

366

28^^

0.22

0.03

0.1 ppm Au










424

452

28^^

0.11

0.03

0.1 ppm Au










474

540

66^^

0.12

0.09

0.1 ppm Au










560

1056

496^^

0.55

0.45

0.1 ppm Au









incl.

742

838

96^^

0.95

0.75

0.5 ppm Au









incl.

746

784

38^^

1.1

0.90

1 ppm Au









incl.

828

838

10^^

2.1

0.97

1 ppm Au









incl.

918

1006

88^^

1.2

0.92

0.5 ppm Au









incl.

920

970

50^^

1.6

1.2

1 ppm Au









incl.

1028

1048

20^^

0.65

0.60

0.5 ppm Au










1068

1234

166^^

0.40

0.34

0.1 ppm Au









incl.

1082

1144

62^^

0.82

0.56

0.5 ppm Au









incl.

1082

1106

24^^

1.0

0.78

1 ppm Au










1282

1302

20^^

0.16

0.27

0.1 ppm Au










1346

1391

45^^

0.12

0.03

0.1 ppm Au


RC627

DD

452643

6396523

1471

1299.9

151

-52

464

488

24^^

0.11

0.01

0.1 ppm Au










600

1172

572^^

0.56

0.48

0.1 ppm Au









incl.

698

708

10^^

0.65

0.47

0.5 ppm Au









incl.

752

898

146^^

0.86

0.57

0.5 ppm Au









incl.

778

822

44^^

1.2

0.71

1 ppm Au









incl.

910

1034

124^^

0.64

0.68

0.5 ppm Au









incl.

1048

1156

108^^

0.64

0.53

0.5 ppm Au









incl.

1074

1086

12^^

1.1

0.92

1 ppm Au










1262

1290

28^^

0.15

0.26

0.1 ppm Au


RC628

DD

452756

6396333

1492

1209.3

151

-60

305

339

34^^

0.11

0.02

0.1 ppm Au










497

1071

574^^

0.43

0.42

0.1 ppm Au









incl.

589

615

26^^

0.66

0.51

0.5 ppm Au









incl.

631

763

132^^

0.79

0.64

0.5 ppm Au









incl.

663

697

34^^

1.0

0.70

1 ppm Au









incl.

787

827

40^^

0.53

0.65

0.5 ppm Au









incl.

905

949

44^^

0.77

0.57

0.5 ppm Au









incl.

923

943

20^^

1.0

0.66

1 ppm Au










1145

1179

34^^

0.23

0.36

0.1 ppm Au


RC629

DD

452261

6396538

1467

1485.5

144

-60

Geotechnical Hole - Not Sampled


RC630

DD

452580

6396361

1492

1428.8

325

-69

Geotechnical Hole - Not Sampled


RC631

DD

452126

6396252

1520

1493.5

158

-62

326

406

80^^

0.10

0.03

0.1 ppm Au










534

554

20^^

0.15

0.03

0.1 ppm Au










612

1098

486^^

0.39

0.33

0.1 ppm Au









incl.

712

740

28^^

0.56

0.40

0.5 ppm Au









incl.

758

862

104^^

0.55

0.43

0.5 ppm Au









incl.

886

968

82^^

0.58

0.54

0.5 ppm Au









incl.

980

990

10^^

0.58

0.56

0.5 ppm Au










1136

1170

34^^

0.11

0.11

0.1 ppm Au










1222

1286

64^^

0.37

0.08

0.1 ppm Au










1318

1338

20^^

0.36

0.03

0.1 ppm Au










1364

1392

28^^

0.10

0.05

0.1 ppm Au










1426

1454

28^^

0.10

0.07

0.1 ppm Au


RC632

DD

452643

6396524

1471

1409.5

149

-57

406

472

66^^

0.16

0.03

0.1 ppm Au










698

1260

562^^

0.48

0.42

0.1 ppm Au









incl.

798

808

10^^

0.51

0.40

0.5 ppm Au









incl.

856

1012

156^^

0.71

0.49

0.5 ppm Au









incl.

984

1010

26^^

1.1

0.81

1 ppm Au









incl.

1024

1038

14^^

0.76

0.94

0.5 ppm Au









incl.

1056

1114

58^^

0.57

0.60

0.5 ppm Au









incl.

1164

1210

46^^

0.69

0.66

0.5 ppm Au










1272

1302

30^^

0.14

0.10

0.1 ppm Au










1328

1348

20^^

0.10

0.03

0.1 ppm Au


RC633

DD

452504

6396348

1496

1427.0

147

-62

382

480

98^^

0.25

0.04

0.1 ppm Au









incl.

432

446

14^^

0.53

0.04

0.5 ppm Au










582

1156

574^^

0.53

0.44

0.1 ppm Au









incl.

792

914

122^^

0.83

0.69

0.5 ppm Au









incl.

822

870

48^^

1.3

0.97

1 ppm Au









incl.

1016

1084

68^^

1.7

1.3

0.5 ppm Au









incl.

1018

1084

66^^

1.8

1.3

1 ppm Au









incl.

1114

1138

24^^

0.56

0.42

0.5 ppm Au










1212

1288

76^^

0.18

0.34

0.1 ppm Au


RC634

DD

452443

6396281

1504

1289.6

150

-60

288

348

60^^

0.30

0.02

0.1 ppm Au









incl.

322

334

12^^

0.96

0.03

0.5 ppm Au










404

452

48^^

0.10

0.01

0.1 ppm Au










522

628

106^^

0.33

0.41

0.1 ppm Au









incl.

570

620

50^^

0.50

0.63

0.5 ppm Au










650

1164

514^

1.3

0.77

0.1 ppm Au









incl.

696

716

20^^

0.50

0.55

0.5 ppm Au









incl.

802

1004

202^^

2.7

1.3

0.5 ppm Au









incl.

806

972

166^^

3.0

1.5

1 ppm Au









incl.

888

914

26^^

8.8

3.4

5 ppm Au









incl.

890

902

12^^

12

4.4

10 ppm Au









incl.

988

1000

12^^

1.5

0.93

1 ppm Au









incl.

1016

1160

144^

0.64

0.48

0.5 ppm Au









incl.

1022

1032

10^^

1.0

0.71

1 ppm Au










1182

1218

36

0.15

0.15

0.1 ppm Au


RC635

DD

452998

6396780

1444

1184.2

241

-56

Geotechnical Hole - Not Sampled


RC636

DD

452733

6396525

1463

900.0

345

-80

Geotechnical Hole - Not Sampled


RC637

DD

452127

6396252

1519

1396.5

143

-59

318

450

132

0.14

0.02

0.1 ppm Au










618

1064

446

0.51

0.45

0.1 ppm Au









incl.

692

826

134

1.0

0.80

0.5 ppm Au









incl.

694

754

60

1.5

1.1

1 ppm Au









incl.

840

876

36

0.57

0.62

0.5 ppm Au










1084

1130

46

0.11

0.15

0.1 ppm Au










1218

1356

138

0.24

0.26

0.1 ppm Au


RC638

DD

452504

6396347

1495

1259.2

147

-50

300

336

36

0.11

0.02

0.1 ppm Au










390

420

30

0.24

0.03

0.1 ppm Au










432

454

22

0.12

0.05

0.1 ppm Au










536

1024

488

0.61

0.50

0.1 ppm Au









incl.

646

750

104

1.0

0.76

0.5 ppm Au









incl.

668

722

54

1.3

0.96

1 ppm Au









incl.

778

878

100

1.3

1.0

0.5 ppm Au









incl.

778

864

86

1.5

1.1

1 ppm Au









incl.

890

900

10

0.69

0.71

0.5 ppm Au









incl.

924

954

30

0.56

0.53

0.5 ppm Au










1082

1136

54

0.28

0.45

0.1 ppm Au










1178

1198

20

0.15

0.01

0.1 ppm Au










1212

1250

38

0.13

0.01

0.1 ppm Au


RC639

DD

452358

6395283

1510

1520.0

328

-58

Assays pending


RC640

DD

453019

6396267

1481

1308.5

149

-65

Assays pending


RC641

DD

450713

6394758

1549

1339.8

333

-73

Assays pending


RC642

DD

450871

6394815

1533

1505.2

328

-65

Assays pending


RC643

DD

453001

6396780

1444

1101.3

222

-79

Geotechnical Hole - Not Sampled


RC644

DD

453180

6395986

1464

1190.2

302

-62

Geotechnical Hole - Not Sampled


RC644W1

DD

453180

6395986

1464

1214.4

302

-62

Geotechnical Hole - Not Sampled


RC644W2

DD

453180

6395986

1464

1305.9

302

-62

Geotechnical Hole - Not Sampled


RC645

DD

452127

6396252

1520

1205.5

143

-67

Assays pending


RC646

DD

452955

6396340

1477

1491.5

144

-63

Assays pending


RC647

DD

451986

6395998

1558

1501.8

148

-58

Assays pending


RC648

DD

450889

6395421

1498

1507.9

154

-59

Assays pending


RC649

DD

452253

6395184

1519

1999.9

328

-58

Assays pending


RC650

DD

450871

6394815

1533

910.8

330

-52

Assays pending


RC651

DD

452393

6395755

1436

1101.6

58

-62

Geotechnical Hole - Not Sampled


RC658

DD

452279

6396325

1492

1263.7

154

-56

Assays pending


RC659

DD

451553

6394699

1581

1552.6*

328

-48

Assays pending


RC660

DD

451764

6396001

1542

750.0

147

-57

Assays pending


RC660W

DD

451764

6396001

1542

923.3*

151

-57

Assays pending


RC661

DD

452887

6396431

1474

1227.4

144

-61

Assays pending


RC662

DD

450694

6394994

1507

824.2*

150

-64

Assays pending


RC663

DD

452221

6395958

1548

590.2*

67

-59

Geotechnical Hole - Not Sampled


RC664

DD

452279

6396325

1492

522.5*

155

-67

Assays pending


RC665

DD

451983

6395232

1536

380*

325

-59

Assays pending


RC666

DD

451667

6395163

1541

270.9*

326

-55

Assays pending


RC667

DD

452993

6396047

1484

1*

247

-57

Geotechnical Hole - Not Sampled


*drilling in progress. **partial intercept, assays pending. ^updated intercept ^^previously reported

Figure 16. Schematic plan view map showing Newcrest and Imperial drill hole locations and significant Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this release, and in prior Newcrest exploration releases). 1g/t Au and 2g/t Au shell projections generated from a Leapfrog Model shown in 3D. 1g/t AuEq and 2g/t AuEq shell projections generated from a Leapfrog model and sliced at 800mRL. Gold Equivalent (AuEq) grade calculated using a copper conversion factor of 1.79 ([gold grade (g/t)] + [copper grade (%) x 1.79]), using US$1,300/oz Au, US$3.40/lb Cu and 100% recovery. (CNW Group/Newcrest Mining Limited)
Figure 16. Schematic plan view map showing Newcrest and Imperial drill hole locations and significant Newcrest intercepts (drill intercepts have been reported in Appendix 2 of this release, and in prior Newcrest exploration releases). 1g/t Au and 2g/t Au shell projections generated from a Leapfrog Model shown in 3D. 1g/t AuEq and 2g/t AuEq shell projections generated from a Leapfrog model and sliced at 800mRL. Gold Equivalent (AuEq) grade calculated using a copper conversion factor of 1.79 ([gold grade (g/t)] + [copper grade (%) x 1.79]), using US$1,300/oz Au, US$3.40/lb Cu and 100% recovery. (CNW Group/Newcrest Mining Limited)

Forward Looking Statements

This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "objectives", "targets", "outlook" and "guidance", or other similar words and may include, without limitation, statements regarding estimated reserves and resources, certain plans, strategies, aspirations and objectives of management, anticipated production, study or construction dates, expected costs, cash flow or production outputs and anticipated productive lives of projects and mines. Newcrest continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year.

These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Newcrest's actual results, performance and achievements or industry results to differ materially from any future results, performance or achievements, or industry results, expressed or implied by these forward-looking statements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Newcrest operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. For further information as to the risks which may impact on Newcrest's results and performance, please see the risk factors included in the Annual Information Form dated 13 October 2020 lodged with ASX and SEDAR.

Forward looking statements are based on Newcrest's good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect Newcrest's business and operations in the future. Newcrest does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, and many events are beyond the reasonable control of Newcrest. Readers are cautioned not to place undue reliance on forward looking statements, particularly in the current economic climate with the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic. Forward looking statements in this document speak only at the date of issue. Except as required by applicable laws or regulations, Newcrest does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in assumptions on which any such statement is based.

Ore Reserves and Mineral Resources Reporting Requirements

As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Newcrest is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of ore reserves and mineral resources in Australia comply with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and that Newcrest's ore reserve and mineral resource estimates comply with the JORC Code.

Newcrest is also subject to certain Canadian disclosure requirements and standards, as a result of its secondary listing on the Toronto Stock Exchange (TSX), including the requirements of National Instrument 43-101 (NI 43-101). Investors should note that it is a requirement of Canadian securities law that the reporting of Mineral Reserves and Mineral Resources in Canada and the disclosure of scientific and technical information concerning a mineral project on a property material to Newcrest comply with NI 43-101. Newcrest's material properties are currently Cadia, Lihir and Wafi-Golpu.

Competent Person's Statement

The information in this document that relates to Exploration Targets, Exploration Results, and related scientific and technical information, is based on and fairly represents information compiled by Mr F. MacCorquodale. Mr MacCorquodale is the General Manager – Greenfields Exploration and a full-time employee of Newcrest Mining Limited. He is a shareholder in Newcrest Mining Limited and is entitled to participate in Newcrest's executive equity long term incentive plan, details of which are included in Newcrest's 2020 Remuneration Report. He is a Member of the Australian Institute of Geoscientists. Mr MacCorquodale has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and as a Qualified Person under NI 43-101. Mr MacCorquodale approves the disclosure of scientific and technical information contained in this document and consents to the inclusion of material of the matters based on his information in the form and context in which it appears.

Authorised by the Newcrest Disclosure Committee

This information is available on our website at www.newcrest.com

SOURCE Newcrest Mining Limited

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