- New Found Gold Corp. (NFG) has struck a bonanza-grade gold intercept on its Queensway Project in Newfoundland and Labrador
- The Keats West area had a hole with a grade interval of 171.60 grams of gold per tonne over 6.50 metres
- The hole was designed to follow up on high-grade gold recently found in the area
- Now several high-grade holes have been interpreted within the same host structure
- Keats West remains open along strike and down-dip, and exploration drilling is ongoing
- New Found Gold Corp. (NFG) is up 12.04 per cent and is trading at $5.49 per share as of 2:29 p.m. EST
New Found Gold Corp. (NFG) has struck a bonanza-grade gold intercept on its Queensway Project in Newfoundland and Labrador.
Follow-up drilling targeting the new Keats West discovery area, which had a hole with a grade interval of 171.60 grams of gold per tonne over 6.50 metres.
The prospective hole was a part of a program designed to follow up on high-grade gold recently found at Keats West, located west of the highly prospective Appleton Fault Zone.
The intercept is located 200 metres down-plunge of a previously reported high-grade gold intercept and 25 metres along strike of another known high-grade intercept.
Greg Matheson, COO of New Found, stated,
“Following today’s release, we have now seen gold grades from low through to high, both over impressive widths, indicating the presence of a strong gold mineralizing system.”
The company stated that with this new intercept and others in nearby known holes, the intercepts have all been interpreted to occur within the same host structure.
Broad fields of lower-grade gold were also intercepted in multiple holes over a footprint spanning Keats West.
Keats West remains open along strike and down-dip, and exploration drilling is ongoing with two drills working on expanding the discovery.
New Found Gold Corp. (NFG) is up 12.04 per cent and is trading at $5.49 per share as of 2:29 p.m. EST.