New Found Gold (TSXV: NFG) has confirmed that a high grade core exists at the AFZ Core area following an excavation program conducted at Iceberg that saw channel sampling occur.
“Our recently completed channel sampling program has further demonstrated the continuity of at-surface, high-grade gold mineralization across 185 m of continuous exposure at Iceberg, one of the zones we have targeted for Phase I custom milling in the Queensway Preliminary Economic Assessment,” commented Melissa Render, President of New Found Gold.
Highlights from the channel sampling program include:
- IB-25-01-07: 117 g/t gold over 2.16 metres
- IB-25-01-08: 23.0 g/t gold over 13.74 metres
- IB-25-01-10: 64.8 g/t gold over 6.71 metres
- IB-25-01-16: 23.9 g/t gold over 15.12 metres
- IB-25-01-18: 113 g/t gold over 2.99 metres
- IB-25-01-40: 47.4 g/t gold over 7.36 metres
The channel sampling program follows an area measuring 220 metres by 105 metres being excavated at Iceberg in late 2024, which saw 2.5 metres to 9 metres of overburden removed from surface. The effort is said to have exposed broad zones of gold-bearing quartz veins over a strike length of 185 metres. The subsequent channel sampling program was conducted over 964 metres in aggregate at 7.5 metres intervals in 45 channel sample lines.
The excavation program, alongside the subsequent mapping and channel sampling program, will be used to inform the geological and resource models to increase confidence in resource areas that cover a portion a phase 1 operations as outlined under the recent PEA for Queensway.
Excavation and channel sampling also occurred and was completed at Keats, while excavation and mapping of the Lotto zone is now complete, with detailed channel sampling underway currently. 210 metres of strike was uncovered at Lotto as a result of the program. A 5 metre by 5 metre drill program is currently being undertaken at Keats, with a similar program set to commence at Iceberg over the next few weeks.
New Found Gold last traded at $2.97 on the TSX Venture.
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