Positive drill results keep on coming for New Found Gold (TSXV: NFG). The latest assay results were released by the firm this morning for seventeen holes conducted north of the Keats Zone. The results come from the firms ongoing 400,000 metre drill program, which is said to now be 62% complete.
Highlights from the latest results include:
- NFGC-22-570: 10.72 g/t gold over 2.60 metres
- NFGC-22-665: 18.95 g/t gold over 5.75 metres
The current focus for the firm appears to be Keats North, which the company has identified as being an area of 630 metres by 150 metres, which is immediately north of the Keats Main Zone. The area is said to have multiple mineralized veins and structures that subcrop beneath a thin layer of glacial till. Drilling below 150 metres is said to have been limited to date, with veining remaining open in all directions as a result.
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“We are very encouraged by the recent discovery of mineralized veins at Keats North, not only have they been found to span an area of ~630m x ~150m to date, but there is also a direct relationship between Keats North and Keats. These prospects are tied together by two approximately north-south striking fault zones, Umbra and Penumbra, that clearly play a role in producing the spectacular high grades encountered at the north end of Keats Main and extend as far north as the 515 discovery,” commented Melissa Render, VP of Exploration.
READ: New Found Gold Launches US$100 Million At-The-Market Financing
Fourteen drills are currently operating at Queensway North, of which two are focused on Keats North. The firm also identified that a barge has arrived on site recently, which will allow for drill testing in regions that were inaccessible due to surface water, enabling further exploration at both Keats and Golden Joint.
New Found Gold last traded at $4.73 on the TSX Venture.
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