• New Found Gold (NFG) has published the results of an initial drill hole at its wholly owned Queensway Gold Project in Newfoundland
  • Hole NFGC-20-17, which targeted the Lotto Zone, returned 41.2 grams per tonne of gold over 4.75 metres and 25.4 grams per tonne over 5.15 metres
  • It forms part of a larger 100,000-metre drilling program that focuses on the Keats Zone roughly two kilometres to the south of Lotto
  • Three drill rigs are currently active at the Queensway Project, with one at the Lotto Zone and two at the Keats Zone
  • New Found Gold (NFG) is currently up 11.63 per cent and is trading at C$2.40 per share

New Found Gold (NFG) has published the results of an initial drill hole at its wholly owned Queensway Gold Project in Newfoundland.

As part of a larger 100,000-metre program that was launched on September 9 this year, drill hole NFGC-20-17 targeted the Lotto Zone, which sits roughly two kilometres north of the high-grade Keats Zone.

While a number of assays are yet to come, the hole returned significant initial results, including 41.2 grams per tonne of gold over 4.75 metres and 25.4 grams per tonne over 5.15 metres. New Found Gold said this reflects two separate near-surface intervals of intense quartz veining, with significant sulphide and visible gold.

However, the company also noted that the orientation of these veins remains uncertain, and that actual widths may vary from 50 to 80 per cent.

Nevertheless, the results point to high-grade mineralisation similar to that which was previously found at the Keats Zone where New Found Gold drilled 92.96 grams per tonne of gold over 19 metres in late 2019.

Three core drills are currently active at the Queensway Gold Project, with one turning at the Lotto Zone and the remaining two operating at the Keats Zone.

Greg Matheson, Chief Operating Officer of New Found Gold, said the NFGC-20-17 holes provides the first full look at the geologic profile of host stratigraphy on the east side of the Appleton Fault.

“We are delighted to encounter such impressive high-grade gold intervals in our first hole at the Lotto Zone.

“We now have two high-grade gold discoveries approximately 2 km apart yet within the same structural regime along the east side of the Appleton Fault Zone, with both areas demonstrating characteristics of epizonal style high-grade gold emplacement,” he added.

New Found Gold (NFG) is currently up 11.63 per cent and is trading at C$2.40 per share at 12:58pm EDT.

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