New Found Gold drills 35.6 g/t gold over 10.65 metres at Queensway, Newfoundland, shares up
New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from two diamond drill holes that were completed as part of a follow-up drill program at the new Iceberg discovery, a high-grade zone located 300 metres northeast of Keats Main along 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.
Iceberg highlights: 13.1 g/t gold over 13.9 metres and 12.6 g/t Au over 7.60 metres in NFGC-23-1128, and 35.6 g/t Au over 10.65 metres, 6.88 g/t Au over 20.35 metres and 10.5 g/t Au over 6.65 metres in NFGC-23-1141, which are 25-metre and 50-metre step-down holes, respectively, from recently reported intervals of 49.7 g/t Au over 29.85 metres and 14.6 g/t Au over 3.80 metres in NFGC-23-1120. Gold mineralization at Iceberg starts at surface, has been drill defined over 50 metres in strike length and has now been traced to over 80 metres down dip.
Mineralization remains wide open along strike and to depth at Iceberg, where drilling is continuing within the projection of the highly prospective Keats-Baseline fault zone in search of additional near-surface, high-grade gold mineralization.
Greg Matheson, chief operating officer, stated: “Open in all directions, Iceberg continues to deliver encouraging results, demonstrates good continuity of the high grade and exhibits characteristics akin to the Keats Main zone, reaffirming our interpretation that this new discovery is indeed the eastern continuation. This discovery is of particular importance because it confirms that the Keats-Baseline fault persists over a strike length of at least 1.4 km, extending from the AFZ in an east-northeast direction. Finding mineralization at this distance from the AFZ gives us great encouragement that the system continues well beyond the plus/minus 200 m envelope that surrounds the AFZ we were once focused within.”
The company is currently undertaking a 500,000-metre drill program at Queensway, and approximately 55,772 metres of core are currently pending assay results.
New Found Gold has cash and marketable securities of approximately $64-million as of April, 2023. In earkly trading April 4, shares of New Found Gold gained $0.43 to $7.35.