New Found Gold drills 4.27 g/t gold over 31.55 metres at Queensway, Newfoundland

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New Found Gold Corp. [NFG-TSXV, NYSE American] released the results from 25 diamond drill holes that were completed as part of a drill program designed to expand on both 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), and the Keats North zone. New Found’s 100%-owned Queensway project comprises a 1,662-km2 area, accessible via the Trans-Canada Highway, 15 ko west of Gander, Newfoundland.

Keats West and Keats North highlights: Step-out drilling has increased the strike length at Keats West to 250 metres. The mineralized footprint of Keats West now spans 250 metres wide by 305 metres down dip, averaging approximately 30 metres thick.

Infill drilling at Keats West continues to demonstrate excellent continuity of the gold mineralization over broad thicknesses, with highlight intervals of 4.27 g/t gold over 31.55 metres in NFGC-22-911, 8.42 g/t gold over 4.65 metres in NFGC-23-1108 and 2.07 g/t gold over 17.6 metres in NFGC-22-935.

At Keats North, drilling continues to intercept high-grade gold mineralization throughout this extensive network of veins and structure, with highlight results of: 16.0 g/t gold over 2.50 metres and 10.8 g/t gold over 2.15 metres in NFGC-22-852; 18.2 g/t gold over 2.65 metres in NFGC-22-901; and 14.4 g/t gold over 2.10 metres in NFGC-22-880. Keats North is located between Keats West and Iceberg, adjacent to the AFZ. This domain is considered prime territory for making additional high-grade gold discoveries.

Melissa Render, vice-president of exploration for New Found, stated: “Keats West ranks high amongst the many discoveries made to date at Queensway. It is also a very unique zone and for many reasons: Keats West represents the first major discovery made on the west side of the AFZ; it is the only structure discovered to date with a flat-lying orientation. The consistency of mineralization contained within the host structure is comparable to that of Keats and Iceberg, and in many cases is more uniformly and broadly distributed. The low-angle orientation has allowed drilling to remain shallow, still largely focused within the top 100 metres.

“Yet, despite its uniqueness, Keats West has also delivered two intercepts that reside on our list of top intervals ever drilled on the property, including 42.6 g/t gold over 32 metres in NFGC-22-960 and 18.6 g/t gold over 16 metres in NFGC-22-773. This reinforces that high-grade gold at Queensway can be found in a variety of structures and geological environments, leading to no shortage of gold targets.”

The company is currently undertaking a 500,000-metre drill program at Queensway, and approximately 60,600 metres of core are currently pending assay results.

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 work force. The company is well financed for this program, with cash and marketable securities of approximately $64-million as of April, 2023.


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