New Found drills 45.3 g/t gold over 13.1 metres at Queensway, shares up

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New Found Gold Corp. [NFG-TSXV] has released partial results from six additional holes drilled at the Keats zone drilled as part of the company’s continuing 100,000-metre diamond drill program at its 100%-owned Queensway Project, 15 km west of Gander, Newfoundland.

Highlights Intervals displaying significant quartz veining, sulfide mineralization and/or visible gold are assayed on a rush basis. Recent results received for six holes are Keats include

45.3 g/t gold over 13.1 metres, 25.0 g/t over 16.9 metres, 40.1 g/t over 4.1 metres, 7.3 g/t over  2.2 metres, 29.3 g/t over 2.4 metres, 10.3 g/t over 6.1 metres, and 92.9 g/t gold over 19.0 metres.

These intervals start at down-hole depths ranging from 80 to 132 metres.

The interval reported in hole NFGC-20-30 is 50 metres south of NFGC-19-01 and is the second interval reported on this fence line. This intercept is approximately 50 metres vertically below the interval of 44.5 g/t gold over 6.85 metres previously reported in hole 20-26.

Greg Matheson, P.Geo., CEO, stated: “Veining observed in drill holes to date at Keats is characterized by quartz-sulfide mineralization displaying thicknesses typically in the 20m to 40m range with good continuity between holes. Intervals displaying visible gold have consistently been encountered within these broader vein intervals. Assays received to date have typically returned high-grade results albeit with some variability in thickness and grades likely due to the nugget effect. The Keats Zone has been confirmed by geophysics, surface sampling, and wide spaced drilling over more than 300m of strike and remains open along strike in both directions and to depth. Our current drill program continues to step-out and test this zone laterally and to depth.”

With working capital of approximately C$61.5 million, the company is well financed for aggressive exploration for its initial 100,000-metre drill program. New Found Gold’s major shareholders include Palisades Goldcorp (33%), Eric Sprott (18%), Novo Resources (11%), Rob McEwen (7%), other institutional ownership (8%), and management, directors and insiders (4%). Approximately 65% of the company’s issued and outstanding shares are subject to escrow or 180-day lock-up agreements.

In December 15 trading, shares of New Found Gold gained $0.38 to $4.45 on a volume of 1,097,800 shares traded.


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