- New Found Gold (TSXV:NFG) provided an update on deep drilling progress at its Queensway project in Newfoundland
- The mining company revealed that 10,345 metres have been completed in 12 drill holes ranging in length from 550 to 1,230 metres
- The company is also extending several existing holes towards the Appleton Fault Zone to target an untested and highly prospective “wedge” between the two zones and below Keats West
- New Found Gold Corp. last traded at $4.46 per share
New Found Gold (TSXV:NFG) provided an update on deep drilling progress at its Queensway project in Newfoundland.
In a news release, the mining company revealed that a total of 10,345 metres have been completed in 12 drill holes ranging in length from 550 to 1,230 metres. The program is ongoing and results are pending.
Initial targets include down-dip step-outs on some of the most significant mineralized zones and structures:
At Jackpot and Lotto, the company has drilled three holes targeting the zones at depth in areas that coincide with what appears to be structural breaks and reflectors in the 3-D seismic data.
At K2, one hole was drilled to test the down-dip extension of the K2 structure while advancing to test a prospective region where the team said the Glenwood and the Appleton Fault zones converge and coincide with a reflective feature in the seismic data.
At Iceberg, two drill holes have been completed, both testing the Keats-Baseline-Fault Zone. The company is also extending several existing Iceberg holes towards the Appleton Fault Zone to target an untested and highly prospective “wedge” between the two zones and below Keats West.
“Our quest to unlock the deep potential of Queensway is off to a good start. With 12 holes completed, we are rapidly advancing our understanding of the geological environment and acquiring data that will help us to refine our interpretation of the 3-D seismic survey,” Melissa Render, VP of Exploration of New Found Gold, said in a statement. “Through 500,000+ metres of near-surface drilling, our team has developed a robust understanding of the controls on mineralization at Queensway and we are keen to apply that knowledge to this untested domain. In our search for staying at the forefront of exploration technology, we are proud to add directional drilling to our arsenal of tools. Devico is a renowned, industry-leader in directional drilling and the application of this technology should help us to lower cost, while increasing efficiency.”
The company turned to Devico AS, a directional drilling services supplier, to apply its DeviDrill steerable core barrel technology at Queensway. Devico is in the process of deploying a team of technicians to the project site that will work with New Found and onsite drill contractors to apply this directional drilling technology that will enable branch holes.
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 totalling approximately C$53.5 million as of February 2024.
New Found Gold Corp. (TSXV:NFG) last traded at $4.46 per share.
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(Top image: New Found Gold Corp.)
