New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported the results from nine 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: Keats West is a shallow zone of gold mineralization starting at surface, with all intercepts drilled to date occurring above 130 metres vertical depth. It is defined by continuous gold mineralization over an area spanning 305 metres long by 250 metres wide that averages 30m in thickness.
Today’s highlight intervals continue to demonstrate excellent continuity of high-grade gold mineralization over considerable thicknesses as seen in NFGC-23-1171 grading 5.16 g/t gold over 28.65 metres and in NFGC-23-1189 grading 4.02 g/t gold over 14.65 metres. NFGC-23-1171 occurs 60 metres along strike of previously released interval of 10.1 g/t gold over 22.50 metres in NFGC-22-945 (March 21, 2023) and NFGC-23-1189 occurs 25 metres along strike of previously released interval of 17.2 g/t gold over 22.90 metres and 12.0 g/t gold over 18.40 metres in NFGC-22-1040 (April 25, 2023).
Additional intervals released today such as 2.71 g/t gold over 10.15 metres and 1.71 g/t gold over 12.85 metres in NFGC-23-1158, 2.55 g/t gold over 17.05 metres in NFGC-23-1162, and 1.58 g/t gold over 13.10 metres in NFGC-23-1180 are characteristic of the broad domains of gold found at Keats West, with true widths of these intercepts estimated to be between 70-95%.
Melissa Render, vice-president of exploration, stated: “These are exceptional results from Keats West with interval lengths near true width, occurring at or near surface, and impressive consistency of grade and thickness from hole to hole, this discovery west of the AFZ remains one of our greatest discovery achievements. With 64,000 metres pending assay results along both sides of the Appleton Fault Zone, we are eager to see what comes next at Queensway.”
The company is currently undertaking a 500,000-metre drill program at Queensway and approximately 64,400 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 $60 million as of May 2023.