New Gold is pouring more money into a major exploration program at its Rainy River Mine.
The company will now spend $12 million searching for additional gold reserves.
Three million has been added following early results of discoveries that could lead to an expansion of open pit and underground mining operations.
“The strong exploration results support our ongoing exploration strategy and confirm the upside potential remaining at Rainy River,” states Patrick Godin, President and Chief Executive Officer, in a company release.
The exploration is the first major campaign since the mine opened in 2017.
The additional funds will be applied to further drilling and study of the new finds.
It will also take a look at potential areas that have been previously untested.
The company says the mine currently has enough reserves to carry operations into 2031, with open-pit mining scheduled to end in the next couple of years.
