New Found Gold (TSXV: NFG) reported today a drill result from a single hole coming from its ongoing 400,000-metre diamond drill program at its Queensway project. The hole assayed 28.2 g/t gold over 4.5 metres, including 41.02 g/t gold over 2.95 metres.
The drill hole NFGC-21-413A, intersected at a depth of 463.05 metres, found in the Keats Footwall zone. The intersect is said to be unrelated to the previous high-grade results reported out of the zone, therefore identifying a new mineralized zone.
“This appears to be an entirely new zone and not connected to the 88.53 g/t Au over 3.35m intercept reported in NFGC-21-238 or to the 56.69 g/t Au over 2.45m intercept reported in NFGC-21-407,” said VP for Exploration Melissa Render.
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The position of the new gold zone is located 145 metres below the Keats main zone and is at an approximate vertical depth of 375 metres.
Around 34% of the Queensway project has been drilled so far, with 32,400 metres still pending assay results. The mining firm is planning to increase the drill rigs at the project from 10 to 14 by the end of Q1 2022.
New Found Gold last traded at $8.11 on the TSX.
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