New Found Gold makes new discovery at Queensway Project, Newfoundland
New Found Gold Corp. [TSXV: NFG; NYSE-A: NFGC] reported results from 10 deep diamond drill holes including three wedge holes completed at its Queensway Project targeting depth extensions of gold mineralization along the Appleton Fault Zone (AFZ) in addition to eight diamond drill holes testing near surface targets adjacent to Iceberg Alley and Keats South. New Found’s 100%-owned Queensway Project comprises a 1,756 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.
Golden Dome Highlights: Deep drilling targeting a prospective area between the Golden Joint and Dome zones intersected high-grade gold mineralization over a nearly 30m down-hole interval as demonstrated by several high-grade intercepts with a cumulative length of 11.80 metres including 343 g/t gold over 2.15 metres (which contained a 1,230 g/t Au sample over 0.60m core length), 9.51 g/t Au over 7.45m, and 40.6 g/t Au over 2.20m in NFGC-24-2158.
This broad interval of high-grade mineralization with a cumulative length of 11.80m is a new zone called “Golden Dome” and is located within a previously untested gap in drilling that spans a length of at least 500 metres partway between Golden Joint and Dome. Today’s intercept occurs 200 metres below existing drilling at Dome.
These preliminary results suggest that this zone is part of a larger mineralized structural network connecting Dome to Golden Joint having a combined strike length of 750m and extending to depths of up to 375m. Follow-up drilling is ongoing to define this new discovery.
Additional Deep Drilling Highlights: The company has also received additional results from its ongoing deep drilling program testing the Keats Baseline Fault Zone (KBFZ)-AFZ structural corridor, consisting of both new deep grid holes from surface and through a series of wedges targeting deep mineralization at Keats South.
NFGC-24-2135 testing between the Keats segment of the KBFZ and the AFZ intersected another new high-grade discovery at depth with the highlight interval of 13.7 g/t Au over 4.85m, including 40.6 g/t Au over 1.50m. This interval is located immediately east of the AFZ at a vertical depth of 500m and contains visible gold; it is located peripheral to a broader low-grade quartz vein domain. This adds to the nine deep zones recently announced at Queensway.
At Keats South, wedge hole NFGC-24-2112-W1 intercepted 23.3 g/t Au over 2.20m at a vertical depth of 645m. This hole was designed to step out from the previously released parent hole NFGC-24-2112 which included an upper zone of 11.0 g/t Au over 2.65m starting from a vertical depth of 585m and a deeper zone of 7.66 g/t Au over 2.70m starting from a vertical depth of 770m.
Overall, the deep drilling at Keats South has identified two broad domains of Au-bearing quartz veins on the east and west sides of the AFZ with similar mineralization characteristics as seen in the high-grade segments of the KBFZ. The wedging program is designed to rapidly step out on high priority zones to better define their extents of high-grade mineralization. To date, the wedging program has successfully demonstrated that the gold mineral system continues to depth and additional drilling work is required to better understand this region of gold mineralization and expand and define the high-grade component.
The company has increased the number of diamond drilling rigs to eight at the project site with five rigs active at Queensway and three rigs active at its recently acquired Kingsway Project which adjoins Queensway along strike to the north.
Greg Matheson, Chief Operating Officer, stated: “Today’s discovery at Golden Dome indicates that high-grade gold is present deeper in the Queensway system. Golden Dome is well positioned in a wide-open area between several major structures including Golden Joint, Dome and Iceberg East with mineralization characteristics akin to those observed at many of the other near surface zones.
“As announced October 24, 2024, the results from the Pistachio discovery at Kingsway show the advancement of scale of the mineralized system made in 2024 at surface, along strike. Paired with our ongoing success at depth, we are seeing a significant increase in the mineralized footprint at Queensway. We have now received results from 21 deep drill holes, leading to the discovery of 11 new zones at depth. Our target pipeline for growth is strong and we recently doubled the number of active drill rigs at the project to more rapidly advance and define many of these new high-grade discoveries.”
The company is currently undertaking a 650,000m drill program at Queensway.
New Found holds a 100% interest in the Queensway Project, located 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce.
The company is well funded for this program with cash and marketable securities of approximately $41 million as of October 2024.