- New Found Gold released results from 46 diamond drill holes completed under a drill program designed to test the Keats West Zone at its flagship Queensway project in Newfoundland
- The program intends to follow up on new gold mineralization identified at the Cokes Zone through reconnaissance and targeted drilling
- These results expand the mineralized footprint at Cokes and define a low-angle and south-dipping gold mineralized structure that is similar in orientation to the nearby Keats West
- New Found Gold stock opened trading at C$4.36 per share
New Found Gold (TSXV:NFG) released results from 46 diamond drill holes completed under a drill program designed to test the Keats West Zone.
The program intends to follow up on new gold mineralization identified at the Cokes Zone through reconnaissance and targeted drilling. Both prospects are on the west side of the highly prospective Appleton Fault Zone at its flagship Queensway project in Newfoundland.
The project, which spans a total of 1,662 square kilometres, including 120 km of strike, has been de-risked through 516,263 metres of drilling to date. In 2023, the company drilled 195,899 m of core employing an average of 10 drill rigs.
These results expand the mineralized footprint at Cokes and define a low-angle and south-dipping gold mineralized structure that is similar in orientation to the nearby Keats West.
“Our second pass drilling at Cokes has enhanced our understanding of this zone and allowed us to hone into a higher-grade portion of the structure that was previously unknown,” Melissa Render, VP of Exploration of New Found, said in a news release. “This success at Cokes is a great example of where it is often necessary to revisit areas and take a new approach or persist with the drill to produce an improved model that can allow for better targeting. Cokes is in good company with the Keats West structure located just 300 metres to the north. At Keats West, we are encouraged by today’s results testing the far western extents of the zone where it comes to the surface and continues to produce intervals of near-surface high-grade gold mineralization.”
Keats West highlights
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-23-1144 |
53.65 |
69.90 |
16.25 |
4.28 |
Keats W |
|
Including |
53.65 |
54.35 |
0.70 |
11.16 |
|
|
Including |
55.05 |
55.80 |
0.75 |
12.94 |
|
|
Including |
61.85 |
62.85 |
1.00 |
15.90 |
|
|
Including |
63.90 |
64.75 |
0.85 |
10.22 |
|
|
And |
74.05 |
83.05 |
9.00 |
2.97 |
|
|
NFGC-23-1708 |
5.70 |
49.50 |
43.80 |
3.20 |
Keats W |
|
Including |
12.70 |
13.50 |
0.80 |
12.25 |
|
|
Including |
34.00 |
35.20 |
1.20 |
34.47 |
|
|
Including |
37.50 |
38.05 |
0.55 |
12.10 |
|
|
Including |
49.15 |
49.50 |
0.35 |
25.40 |
|
|
NFGC-23-1713 |
26.00 |
49.00 |
23.00 |
2.97 |
Keats W |
|
Including |
45.80 |
47.15 |
1.35 |
23.99 |
|
|
NFGC-23-1718 |
9.85 |
14.15 |
4.30 |
4.75 |
Keats W |
|
And |
21.00 |
23.70 |
2.70 |
1.56 |
|
|
And |
27.40 |
31.45 |
4.05 |
1.69 |
|
|
And |
45.75 |
48.00 |
2.25 |
1.03 |
|
|
And |
51.00 |
53.50 |
2.50 |
1.22 |
|
|
NFGC-23-1741 |
9.00 |
22.00 |
13.00 |
10.27 |
Keats W |
|
Including |
16.10 |
17.20 |
1.10 |
98.15 |
|
|
And |
34.70 |
40.00 |
5.30 |
8.52 |
|
|
Including |
36.75 |
37.55 |
0.80 |
47.30 |
|
|
And |
49.10 |
72.60 |
23.50 |
3.22 |
|
|
Including |
71.75 |
72.60 |
0.85 |
57.10 |
|
|
NFGC-23-1745 |
31.30 |
34.60 |
3.30 |
12.79 |
Keats W |
|
Including |
32.30 |
32.70 |
0.40 |
90.10 |
|
|
NFGC-23-1755 |
50.85 |
53.00 |
2.15 |
16.84 |
Keats W |
|
Including |
51.55 |
52.10 |
0.55 |
62.20 |
|
|
NFGC-23-1765 |
3.30 |
26.50 |
23.20 |
3.49 |
Keats W |
|
Including |
12.90 |
13.35 |
0.45 |
10.50 |
|
|
Including |
14.30 |
15.00 |
0.70 |
15.95 |
Cokes highlights
|
Hole No. |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Zone |
|
NFGC-23-1521 |
38.60 |
51.05 |
12.45 |
2.21 |
Cokes |
|
NFGC-23-1609 |
39.90 |
53.40 |
13.50 |
2.75 |
Cokes |
|
NFGC-23-1852 |
17.10 |
30.60 |
13.50 |
1.94 |
Cokes |
|
NFGC-23-1870 |
15.45 |
26.55 |
11.10 |
1.76 |
Cokes |
|
And |
36.60 |
45.15 |
8.55 |
2.54 |
|
|
And |
49.20 |
57.10 |
7.90 |
3.64 |
|
|
NFGC-23-1891 |
35.60 |
47.40 |
11.80 |
4.33 |
Cokes |
New Found Gold is exploring and developing its extensive and highly prospective Queensway project in Newfoundland and Labrador. The company is well-funded for further drilling with approximately C$57.3 million in cash and marketable securities as of January.
New Found Gold stock opened trading at C$4.36 per share. The stock has lost 4.44 per cent year-over-year, but has gained 179.22 per cent since inception in 2020.
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