New Found Gold (TSXV: NFG) continues to report strong drill results from its Queensway Project in Newfoundland. The company this morning reported drill results from its Lotto Zone, which is roughly two kilometres north of is flagship Keats Zone, with the results pointing to strong gold mineralization at this zone as well.
Drilling at Lotto to date has reportedly defined a high grade gold zone that has continuity to a depth of roughly 100 metres, with mineralization said to be similar to what has been encountered to date at Keats. Mineralization has been defined over a 300 metres by 200 metre area, which remains open in all directions, that outlines a north-south striking vein set with a number of secondary sets involved as well.
Highlights from the data released this morning include:
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- NFGC-21-201: 150.28 g/t gold over 11.50 metres
- NFGC-21-89: 1.64 g/t gold over 18.80 metres
The company also noted that the grade x width of hole NFGC-21-201 yields a total figure of 1,728 g/t gold, which compares to the initial flagship hole conducted at the Keats Zone, where in 2019 the company drill hole NFGC-19-01, which had a grade x width of 1,764 g/t gold, and set off a gold rush in the region.
Step out drilling is now occurring along strike and to depth at the Lotto Zone. Eight rigs are currently drilling the project as whole, with that figure expected to climb to ten by the end of July. A total of 55,000 metres have been drill to date under the 200,000 metre campaign, of which 28,000 metres of core is still pending assays.
New Found Gold last traded at $11.62 on the TSX Venture.
Information for this briefing was found via Sedar and New Found Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
