New Found Gold drills 2 metres of 137.49 g/t gold at Queensway, Newfoundland

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New Found Gold Corp. [NFG-TSXV; NFGFF-OTC] reported assays from 29 holes drilled at the Keats zone, located along the Appleton fault zone at the 100%-owned Queensway project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.

These holes were completed as part of the company’s continuing 200,000-metre diamond drill program at its Highlights include drill hole NFGC-21-251 that returned 2.00 metres of 137.49 g/t gold; hole NFGC-21-310 with 2.20 metres of 104.59 g/t gold; hole NFGC-21-170 with 4.85 metres of 31.80 g/t gold; and hole NFGC-21-250 with 7.05 metres of 32.65 g/t gold. Other holes also returned high-grade gold. Refer to company press rele4ase for complete drill results.

The interval of 104.59 g/t gold over 2.20 metres in NFGC-21-310 is the farthest south drill interval reported to date along the southwesterly plunging core dilatational zone extending drill definition of this zone.

The recent intercept highlight of 31.80 g/t gold over 4.85 metres in NFGC-21-170 and 36.52 g/t gold over 3.00 metres in NFGC-21-184 up-dip of the core dilatational zone within the Keats fault demonstrate strong vertical continuity of the Keats Main zone to surface.

The Keats high-grade zone vertical profile now exceeds 200 metres up-dip of the core dilatational zone and is open to surface and along strike to the northeast and southwest. Drill hole NFGC-21-257 intersected a new zone of high-grade gold mineralization in the hangingwall of the Keats fault near surface; the interval graded 9.18 g/t gold over 2.70 metres.

Future exploration at Keats will continue to expand the Keats Main zone along strike and down plunge but also focus on targeting specific zones in both the hangingwall and footwall of the Keats fault.

Denis Laviolette, president, stated: “The high-grade zones along the Appleton fault continue to see significant expansion. Today’s announcement demonstrates further continuity of high-grade gold mineralization at Keats including between the core dilatational zone and surface, a vertical distance of 200 metres.

“Last week we announced that we doubled the drilled depth of the high-grade Lotto vein system with strong vertical continuity, and we are now seeing similar vertical continuity at Keats above the plunging dilation zone. We are pleased to see high-grade zones that start at surface and extend for these distances along strike and to depth, remaining open in all directions for further expansion.

“The addition of a new hanging wall zone at Keats near surface adds to the growing list of discoveries made this past year along the Appleton fault. These discoveries continue to support our belief in the high potential for additional discoveries along approximately 7.8 km of strike on the Appleton fault, within a prospective corridor of approximately 500 m on each side of the Appleton fault.”

Approximately 44% of the 200,000 metres have been drilled to date with approximately 20,000 metres of core pending assay results. Nine core rigs are currently operating, with a tenth scheduled to start in the third quarter 2021.


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