The latest results are from a 200,000-metre drill program which it is planning to expand by deploying eight drill rigs in the first quarter of 2021, up from the current four.
Highlights include 28.4 g/t gold over 13.8 metres and 25.0 g/t gold over 10.3 metres at Keats.
â€œDrilling to date at Keats is delineating a high-grade, near surface zone with significant extent and size potential,â€ said New Found President Denis Laviolette. Drilling results to date have outlined an approximate 115-metre strike length of a thick, high-grade zone of gold mineralization at Keats. Logging and interpretation of drill core in step out holes to the north and south of this 115-metre interval have extended the potential continuation of this zone to at least 260 metres of strike.
â€œWe are continuing to step out on it to the north, to the south and to depth,â€ Laviolette said.
Meanwhile, at the Lotto Zone, 2.0 ko north of Keats, step outs from hole NFGC-20-17 (41.2 g/t gold over 4.75 metres and 25.4 g/t gold over 5.15 metres) appear to be delineating a new zone of near surface, high grade gold, the company said.
New Found believes that historical exploration at the Knob prospect located 2 km south of Keats, which includes a historical resource outlined by Noranda, has significant room for expansion and drilling is scheduled to start on this target soon.
On Thursday, New Found shares eased 1.7% or $0.06 to $3.39 on volume of 261,133.
Backed by an investor group that includes Robert McEwen and Eric Sprott, New Found Gold is involved in the acquisition, exploration and evaluation of resource properties in Newfoundland, Labrador and Ontario. According to information on its website, New Found is currently the largest mineral claimholder in Newfoundland and Labrador.
The Queensway Project is near Gander. It 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 skilled workforce.
The company acquired the property rights by map staking mineral licenses and making a series of staged payments in cash and common shares from 2016 to 2019 under nine separate option agreements.