New Gold says it is on track with its exploration for new ore bodies at its Rainy River Mine.

It embarked on an extensive program this year, with plans to drill 58,000 metres, the largest since 2017.

The goal is to expand available resources from both its open pit and underground operations.

As of the end of August, drilling is about 80% complete, but the company is expressing optimism about the findings to date.

The mine has enough ore to keep operations going until 2031.