New Found Gold drills 18.95 g/t gold over 5.75 metres at Queensway, Newfoundland
New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from 17 diamond drill holes that were completed as part of a continuing systematic drill program exploring a highly prospective segment of the Appleton fault zone (AFZ) immediately north of the Keats zone at the 100%-owned Queensway project on the island of Newfoundland. The property comprises ~1,500 km2 area, accessible via the Trans-Canada Highway approximately 15 km west of Gander, Newfoundland and Labrador.
The host structures are interpreted to be steeply dipping and true widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width.
Composite intervals reported carry a minimum weighted average of 1 g/t gold diluted over a minimum core length of 2 metres with a maximum of 2 metres consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t gold. Grades have not been capped in the averaging and intervals are reported as drill thickness.
Keats North refers to an area of ~630 metres of strike x ~150m in width immediately north of the Keats Main Zone comprised of multiple newly discovered mineralized veins and associated structures that subcrop below a thin cover of glacial till. Several notable structures hosting gold mineralized veining are demonstrating excellent geological continuity and remain open in all directions with very limited drilling below 150 metres to date.
Multiple high-grade gold intervals have been returned from the limited drilling completed so far at Keats North. Preliminary interpretation by the company demonstrates continuity of high-grade gold mineralization developing in certain areas within these veins, which in some cases is correlated to structural intersections.
Drilling in the Enigma Zone area provides one such example with hole NFGC-22-665 returning 18.95 g/t gold over 5.75 metres, including 162.50 g/t gold over 0.60 metres in a step-out hole ~60 metres northeast along strike from a previously reported intercept of 275 g/t gold over 2.15 metres in NFGC-22-538.
Hole NFGC-22-570 returned 10.72 g/t gold over 2.60 metres. Hole NFGC-22-572 returned 3.48 g/t gold over 4.40 metres. Hole NFGC-22-610 returned 19.34 g/t gold over 2.05 metres, including 65.60 g/t gold over 0.55 metres. Refer to ororiginal press releases for complete assays.
Ongoing drilling at Keats North is designed to further define areas of high-grade mineralization within these gold bearing structures, which remain open along strike and to depth.
Melissa Render, VP of Exploration, stated: “We are very encouraged by the recent discovery of mineralized veins at Keats North, not only have they been found to span an area of ~630 metres x ~150 metres to date, but there is also a direct relationship between Keats North and Keats. These prospects are tied together by two approximately north-south striking fault zones, Umbra and Penumbra, that clearly play a role in producing the spectacular high grades encountered at the north end of Keats Main and extend as far north as the 515 discovery.
“This area is certainly lighting up with a high success rate in hitting gold mineralization in veining and commonly including visible gold. With continued drilling, these zones are proving to have excellent geological continuity, are open in all directions and with limited drilling below ~150 metres in this entire corridor, the area remains sparsely drilled. There is significant prospective ground remaining to be tested and to put it into perspective, we are trying to assess an area with a footprint similar to Keats itself.
“The Keats North discovery provides further confirmation of our big picture exploration thesis: that a substantial damage zone was created in brittle host rocks surrounding the AFZ and exploration work is designed to continue to find and define multiple areas of high-grade gold within this extensive target corridor.”
| Fourteen drills are turning largely focused along the Queensway North segment of the AFZ. Of note, two drills are working at Keats North, three at Keats Main, three along the west side of the AFZ at various target areas, two south of the Trans-Canada Highway, one at Lotto, one at Lotto North, and one at Big Dave. A barge arrived on site to allow drill testing of the projected extension of high-grade gold mineralization to surface in areas previously inaccessible due to surface water and associated exploration exclusion zones. Initially, work from the barge will commence at Golden Joint before proceeding to Keats. |
The company has ~$71 million in cash and securities as of September 2022.