New Found drills 98.13 g/t gold over 3.85 metres at Queensway, Newfoundland
New Found Gold Corp. [NFG-TSXV; NFGFF-OTC] reported assay results from one diamond drill hole designed to expand the high-grade gold mineralization at the Golden Joint zone centred approximately 1 km north of the Keats zone. This hole was drilled as part of the company’s continuing 400,000-metre diamond drill program at its 100%-owned Queensway project, located on the Trans-Canada Highway 15 kilometres west of Gander, Newfoundland.
Drill hole NFGC-21-401 returned 3.85 metres of 98.13 g/t gold (450.15-454.00 metres). This interval extends the high-grade gold zone at Golden Joint to a vertical depth of approximately 305 metres, extending the zone’s vertical depth approximately 20 metres below the previously reported deepest intercept of 70.65 g/t gold over 5.25 metres in NFGC-21-386. Additional results are in the company’s press results.
The Golden Joint zone remains open in all directions with additional results pending along approximately 250 metrres of strike and to approximately 340 metres of depth. Drilling is continuing with the objective of expanding this high-grade zone along strike and to depth.
Melissa Render, vice-president of exploration, stated: “Assay results received to date at Golden Joint indicate a vertically plunging high-grade gold domain within a broad northwest-striking vein filled fault zone adjacent to the Appleton fault zone. Additionally, drilling continues to expand a conjugate, northeast-striking shallower high-grade system located to the east of Golden Joint.
“Similar to the more advanced discoveries at Keats and Lotto, drilling at Golden Joint continues to demonstrate the presence of high-grade gold in a style of veining and mineralization consistent with an epizonal model of gold emplacement. Good vertical continuity is developing on this target and the tenor of gold speaks to the strength of the mineralizing system. We are excited to continue step-out drilling targeting the expansion of this zone of high-grade gold mineralization, as well as to explore for additional mineralized structures proximate to this exciting discovery.”
Approximately 33% of the planned 400,000-metre program at Queensway has been drilled to date with approximately 30,515 metres of the core with pending assay results. Ten core rigs are currently operating and New Found is targeting an increase in the drill count to 14 rigs by the end of the first quarter of 2022.