New Found Gold (TSXV: NFG) has reportedly discovered yet another zone of mineralization at its flagship Queensway property in Newfoundland and Labrador. The latest zone is found 300 metres to the northeast of the Keats Main Zone.
The new zone, identified as the Iceberg Zone, is highlighted by three drill hole assays released this morning. The zone is said to have a current strike length of 50 metres, which is open in all directions and at depth. The discovery is said to consist of high grade mineralization from surface.
Highlights of the results include:
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- NFGC-22-1084: 15.27 g/t gold over 10.75 metres, from a depth of 7.70 metres
- NFGC-22-1100: 72.15 g/t gold over 9.65 metres, from a depth of 36.35 metres
- Including 229.48 g/t gold over 1.85 metres, and 119.63 g/t gold over 1.95 metres
- NFGC-23-1109: 19.65 g/t gold over 5.65 metres, from a depth of 17.60 metres
- Including 50.52 g/t gold over 2.00 metres
The iceberg zone, found along the Keats-Baseline Fault Zone, is believed to be the eastern continuation of Keats Main, which was displaced by faulting. Hole NFGC-22-1084 is said to be the hole that initially discovered the zones, with the latter zones being 25 metre step outs to the north and south.
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Following the assay results further drills are said to have been mobilized to the region to further explore the zone along strike, with several holes now pending assays.
“The discovery of Iceberg renews our enthusiasm around the highly prolific KBFZ. Iceberg exudes the same qualities that our earlier drilling found at Keats Main. The KBFZ is an extensive structure and it has proven once again that it has more to offer,” commented Greg Matheson, COO of New Found Gold.
51,500 metres of drill core is said to be pending assay results under the ongoing 500,000 metre exploration program.
New Found Gold last traded at $4.70 on the TSX Venture.
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