New Found Gold drills 33.8 g/t gold over 2.35 metres at Queensway, Newfoundland
New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from 18 diamond drill holes that were completed as part of a continuing systematic drill program exploring highly prospective segments of the Appleton fault zone (AFZ) north of the Lotto and proximal to the Dome prospects at the 100%-owned Queensway project, island of Newfoundland. The project comprises an approximate 1,500-km2 area, accessible by the Trans-Canada Highway approximately 15 km west of Gander, province of Newfoundland and Labrador.
Lotto North highlights: Systematic drilling along the east side of the AFZ north of Lotto has intersected a new, shallow brittle fault zone that hosts high-grade, epizonal-style gold mineralization, named Lotto North. This new discovery is hosted by a north-south striking open-ended structure, slightly off trend of the Lotto Main vein.
Initial drilling at Lotto North intersected near-surface, high-grade gold mineralization over a strike length of 175 metres, including highlight intervals of 33.79 g/t gold over 2.35 metres in NFGC-22-661, 37.36 g/t gold over 2.1 metres in NFGC-22-690 and 22.18 g/t gold over 2.2 metres in NFGC-22-717.
Only four holes have been received to date from Lotto North and several priority assays are pending. Exploration drilling will continue to expand on this new high-grade zone, which remains open in all directions and to depth.
| The Lotto-Lotto North segment of the AFZ now demonstrates a combined strike length of one kilometre, situated within the overall Keats-Lotto corridor that now exceeds 3.2 km in strike length. |
Melissa Render, VP Exploration for New Found stated: “We are very pleased with the results of our systematic reconnaissance drilling that has been designed to make new discoveries within the +200-metre wide highly prospective window surrounding the AFZ. The program is working, adding more discoveries along this 3.2-km long section of the fault. With today’s announcement of high-grade gold at Lotto North and the recent discovery made at Keats West, we continue to gain appreciation for the size of this system and its numerous expressions of near surface, high-grade gold, hosted in an extensive network of fault hosted veining.”
Approximately 74% of the planned 400,000-metre program at Queensway has been drilled to date with ~60,000 metres of the core still pending assay results.
The Queensway Project is 18km from Gander International Airport. 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.
New Found Gold has cash and marketable securities of approximately $55 million as of November 2022.