New Found Gold (TSXV: NFG) this morning released the latest results from the ongoing drill program at its Queensway Project located in Newfoundland. The latest results again come from the Keats Zone, where the company intercepted 28.4 g/t gold over 13.8 metres as well as 25.0 g/t gold over 10.3 metres.
The highlight results come from hole NFGC-20-45 and NFGC-20-37, respectively, with the company releasing date on six holes in total this morning. Not included in the highlights was that of hole NFGC-20-56, which managed to intercept 6.18 g/t gold over 32.3 metres.
The company this morning indicated that the zone remains open in all directions currently, however the firm has noticed a clear trend in terms of where high grade mineralization forms a zone with a shallow plunge to the south along the Keats Baseline Fault. To date, high-grade results have correlated with the observation of visible gold in the drill core, which is currently being used to guide further step-out drilling.
To date, the Keats Zone has measured a strike length of 115 metres from drilling. Potential continuation is currently viewed as bringing the total strike length to at least 260 metres, which remains open in both directions along strike and depth.
Outside of the Keats Zone, the company revealed that the number of drill rigs on the property is soon to double from four to eight rigs, with the firm expanding exploration to additional high grade gold zones on the property. Of focus will be a number of targets along the Appleton and JBP faults, where exploration targets stretch for kilometres.
Full assay results released this morning can be found here.
New Found Gold last traded at $3.45 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.
