- New Found Gold Corp. (NFG) has announced the prospective results from six drill holes on its Queensway Project in Newfoundland and Labrador
- A near-surface high-grade gold discovery, known as Keats West, was discovered west of the Apple Fault Zone (AFZ)
- This gold mineralization now opens a new 9.4-kilometre target corridor
- Several other drill holes within this new zone are pending assays
- New Found Gold Corp. (NFG) is up 3.48 per cent, trading at $4.46 per share at 1:39 p.m. ET
New Found Gold Corp. (NFG) has announced the prospective results from six drill holes on its Queensway Project in Newfoundland and Labrador.
The drilling tested the west side Appleton Fault Zone (AFZ).
A near-surface high-grade gold discovery known as Keats West was found west of the AFZ. Intercepts include 17.87 grams of gold per tonne over 4.20 metres in NFGC-22-681 and 10.36 grams of gold per tonne over 10.50 metres in NFGC-22-686.
The two intercepts are about 50 metres apart along strike within an extensive brittle fault zone. The new structure strikes to the northwest dips moderately to the southwest and is open in all directions.
The company stated that up until these new results, drilling was focused entirely on the east side of the AFZ. This recent discovery of similar high-grade gold mineralization now opens a new 9.4-kilometre target corridor. Several other drill holes within this new zone are pending assays with ongoing drilling focused on expanding the Keats West Zone.
Melissa Render, Vice President of Exploration for New Found Gold, stated,
“The ‘West Side Story’ plot thickens with the discovery of high-grade mineralization in a structure akin to the Keats-Baseline Fault and with similar epizonal characteristics seen elsewhere along the AFZ, particularly at Keats… Currently, one drill is operating at Keats West which will be joined by a second drill shortly, and two more drills are now testing additional targets on the west side of the AFZ.”
New Found Gold Corp. (NFG) is up 3.48 per cent, trading at $4.46 per share at 1:39 p.m. ET.