New Found Gold drills 3.29 g/t gold over 42.35 metres at Queensway, Newfoundland
New Found Gold Corp. [TSXV-NFG; NYSE-NFGC] reported results from 11 diamond drill holes that were completed as part of a drill program designed to test the newly discovered Keats West zone, a low-angle thrust fault that dips gently to the south-southwest and is located on the west side of 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.
Keats West highlights: 3.29 g/t Au over 42.35m in NFGC-23-1129 as well as 2.19 g/t Au over 37.30m and 1.73 g/t Au over 24.00m in NFGC-23-1091 occur just 30m from surface and 80m along strike from previously reported 42.6 g/t Au over 32.00m in NFGC-22-960 (November 2022) at Keats West. These holes were designed to fill significant gaps in the main portion of the Keats West Zone.
Keats West has a known footprint spanning 305m long by 315m wide and starts at surface with all intercepts drilled to date occurring above 130m vertical depth. The zone has a cumulative average thickness of 30m.
Today’s highlight intervals are interpreted to be close to true width, occur near surface, and demonstrate that the gold mineralization can span cumulative widths greater than 60m in places. Drilling to date has identified several locations within the Keats West structure where this occurs with one such example being the aggregate interval of 1.94 g/t Au over 79.75m in NFGC-22-833 reported March 21, 2023.
Melissa Render, vice-president of Exploration, stated: “Exactly one year ago today, we announced the discovery of Keats West. At that time, there was little understanding about the prospectivity of the west side of the Appleton Fault. Through aggressive drilling in just 12 short months, Keats West has transformed into one of our most significant zones, spanning 305m long by 315m wide. This discovery has proven pivotal for New Found, changing our perspective on the west side of the AFZ and leading to the discovery of several additional gold zones in this domain such as K2 and Monte Carlo.”
The company is currently undertaking a 500,000-metre drill program at Queensway and approximately 37,500 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 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 $39.5 million as of September 2023.