- New Found Gold has reported results from its drill program on the Queensway project in Newfoundland
- Roughly 97 holes were drilled as part of a program to test targets generated by systematic grid drilling close to the Monte Carlo Zone
- The company is undertaking a 650,000-metre drill program at Queensway with roughly 5,200 metres of core pending assay results
- Shares of New Found Gold are up 0.97 per cent to C$4.17 as of 12:06 pm ET
New Found Gold (TSXV:NFG) has revealed results from its drill program at the Queensway project in Newfoundland.
In a news release, the company revealed roughly 97 holes were drilled as part of a program to test targets generated by systematic grid drilling close to the Monte Carlo Zone.
Notably, 5.2 grams per ton (/gt) gold over 16.85 metres in hole NFGC-23-1848 was intercepted midway between the Monte Carlo and the K2 Zones on the west side of the AFZ at a new zone named Vegas.
“Our reconnaissance grid drilling campaign conducted on the west side of the AFZ has uncovered several new structures of interest and has added to our understanding of the gold mineralized system,” Melissa Render, VP of Exploration of New Found Gold, said in a statement. “Structural orientations west of the AFZ do tend to be quite different than zones found on the east, however, the character of mineralization and its potential appear quite similar. Our list of targets in the west has now grown and will continue to be an area of focus in 2024.”
The company said the Vegas zone was discovered through reconnaissance grid drilling. Subsequent follow-up drilling has identified a high-grade segment of this moderately northeast-dipping fault that appears to link between the Monte Carlo and K2 structures.
Additionally, Reconnaissance grid drilling on the west side of the AFZ roughly 800 metres south of Monte Carlo encountered a broad gold mineralized shallowly northeast-dipping shear zone called Powerline with characteristics similar to the Keats West Zone.
Powerline was first intercepted by grid drilling that returned the highlight intervals of 3.32 g/t gold over 7.00 metres and 1.85 metres over 6.30 metres in hole NFGC-23-1321.
New Found Gold holds a 100 per cent interest in the Queensway Project, which is currently undertaking a 650,000-metre drill program that is well-funded with cash and marketable securities totaling approximately $53.5 million as of February 2024.
Shares of New Found Gold are up 0.97 per cent to C$4.17 as of 12:06 pm ET.
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