New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from one diamond drill hole that was completed as part of a follow-up drill program at the new Iceberg discovery, a high-grade zone located 300 metres northeast of Keats Main along the highly prospective Appleton fault zone (AFZ). New Found’s 100%-owned Queensway project comprises a 1,662 km2 area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland.
Iceberg highlights: NFGC-23-1210 intersected 105 g/t gold over 27.05 metres just 35 metres from surface at Iceberg. High-grade mineralization is well distributed throughout the composite with nine individual sample intervals registering over 100 g/t gold.
The hole is located 32 metres along strike of previously reported 49.7 g/t gold over 29.85 metres in NFGC-23-1120 (March 13, 2023) and 30 metres down-dip of previously reported 15.3 g/t gold over 10.75 metres in NFGC-22-1084 (March 1, 2023).
Iceberg is currently drill-defined over a strike length of 550 metres and represents the fault-displaced eastern extent of the Keats-Baseline Fault Zone (KBFZ), the same fault that hosts Keats Main. Presently, the Keats Main-Iceberg-Iceberg East mineralized corridor has a combined strike length of 1.8km (May 31, 2023). Iceberg-Iceberg East remains open in all directions and drilling is ongoing to expand along strike and to depth with several intervals currently pending assay results.
Melissa Render, vice-president of exploration of New Found, stated: “Discovering high-grade gold mineralization of this magnitude over such a thick interval is rare in nature, and yet, Queensway has produced several of these high-caliber hits across a multitude of zones. NFGC-23-1210 runs 27 metres in length with several distinct areas of strong quartz veining, laden with visible gold. Logging of the hole identified 1,153 counts of visible gold, which ranks as one of the highest seen at Queensway to date.
“The Keats-Baseline Fault has proven its potential time and time again and is now defined over a strike length of 1.8km. With the majority of drilling at Queensway focused in the top 250 metres, and with the seismic program well underway, we look forward to exploration drilling later in 2023 when we can use the drill bit to target the deeper plumbing along the Appleton Fault Zone with an eye towards finding feeder zones and repetitions in mineralization.”
The company is currently undertaking a 500,000-metre drill program at Queensway and approximately 55,135 metres of core is currently pending assay results.
The company notes that it has not completed any economic evaluations of its Queensway Project and that the Queensway Project does not have any resources or reserves.
The Queensway 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 $52 million as of June 2023.