- New Found Gold (NFG) is releasing a new round of exploration results from its Queensway Project in the Central Newfoundland Gold Belt
- The Vancouver-based precious metals explorer has data from 37 diamond drill holes completed as a follow-up in the project’s Keats West zone
- A new high-grade vein has been discovered between Keats North and Golden Joint, reporting a grade of 50.3 grams per tonne over 2.45 metres
- Limited drilling has been done in this area, and follow-up drilling is underway
- New Found Gold is up 1.80 percent, trading at $5.08 at 9:50 a.m. EST
New Found Gold (NFG) is releasing a new round of exploration results from its Queensway Project in the Central Newfoundland Gold Belt.
The Vancouver-based precious metals explorer has data from 37 diamond drill holes completed as a follow-up in the project’s Keats West zone.
The Keats West zone hosts newly discovered high-grade gold and is located west of the prospective Appleton Fault Zone.
A new high-grade vein has been discovered between Keats North and Golden Joint, reporting a grade of 50.3 grams per tonne over 2.45 metres.
The vein occurs at the greywacke-shale contact roughly midway between Golden Joint and Keats North. Limited drilling has been done in this area, and follow-up drilling is underway.
The 100-percent-owned Queensway project comprises a 1,650-square-kilometre area.
“These latest results into Keats West reveal strong continuity of grades and widths within the host structure. Intercepts such as 42.6 g/t Au over 32.00m and 18.6 g/t Au over 15.95 metres, in addition to several hits grading on average, 2 g/t Au over 10m and up to 30m, increase our confidence that this fault resembles the strength of the Keats-Baseline Fault. So far, this structure has been tested to just 110m vertical depth and remains open down dip and along strike to the west. Identifying this new structural orientation, a low-angle thrust fault, has also influenced how we explore, particularly on the west side of the AFZ, where we currently have five drills operating,” said VP, Exploration Melissa Render.
New Found Gold is up 1.80 percent, trading at $5.08 at 9:50 a.m. EST.
