New Found Gold drills 27.5 g/t gold over 7 metres at Queensway, Newfoundland
New Found Gold Corp. [TSXV-NFG; NYSE-NFGC] reported results from 29 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 zone, located 725 metres north of Lotto and 2.2 km north of Keats West on the west side of the highly prospective Appleton fault zone (AFZ).
New Found’s district-scale 100%-owned Queensway project comprises a 1,662 km2 area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland.
K2 highlights: 27.5 g/t gold over 7.00 metres and 3.39 g/t gold over 9.60 metres in NFGC-23-1729 and 8.69 g/t gold over 12.25 metres in NFGC-23-1786 were intersected as part of a program designed to extend a high-grade domain of the K2 structure back to surface and occur between 22-43 metres from surface, with the reported intercept lengths being close to true width.
Additional near-surface highlight results from ongoing expansion and definition drilling include 3.48 g/t Au over 25.30m and 22.0 g/t Au over 2.40m in NFGC-23-1783, 6.18 g/t Au over 9.85m and 3.01 g/t Au over 8.35m in NFGC-23-1709, 3.14 g/t Au over 18.45m in NFGC-23-1904, and 19.4 g/t Au over 2.70m in NFGC-23-1993. All intervals occur shallowly above 65m vertical depth and demonstrate strong continuity of gold mineralization across the K2 structure.
K2 is a gold mineralized system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 490m long x 395m wide. The gold mineralization begins at surface and has been drill-defined down to a maximum vertical depth of 250 m, where it remains open and untested.
Much of the gold at K2 is found in the “K2 Main” structure, a low-angle gold-bearing fault zone starting at surface that dips 40 degrees to the south and shares a similar orientation to Keats West. K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65m in thickness. Today’s highlight intervals in NFGC-23-1729 and NFGC-23-1786 both occur within K2 Main.
The mineralization style at K2 consists of a series of stockwork and fault-fill style quartz veins with orientations that parallel K2 Main and crosscut it forming a broad domain of gold mineralized brittle faults. Many of these veins start at surface and additional drilling is required to fully define this network.
Melissa Render, vice-president of exploration, stated: “As we continue to expand and target specific areas within the K2 fault network with the drill bit, the results have strengthened and we have identified multiple domains of high-grade gold in addition to broad intersections of gold mineralization. Located 2.2km north of Keats on the west side of the Appleton Fault zone, K2 and other significant zones such as Keats West and Monte Carlo demonstrate the strong prospectivity of this package of rocks. Characterized by high-grade gold mineralization starting at surface with a shallow dip, this zone is accessible to explore at depth with minimal meters as it remains open and continues to deliver encouraging results.”
The company is currently undertaking a 650,000m drill program at Queensway and approximately 7,000m 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 $57.3 million as of January 2024.