New Found Gold (TSXV: NFG) this morning announced a new high-grade gold discovery at its Queensway project in Newfoundland. The discovery, referred to as the Sunday Zone, is located two kilometres north of the Keats Zone, with a highlight result of 6.5 metres of 18.1 g/t gold, including an interval measuring 2.95 metres of 38.7 g/t gold.
The drill hole that returned this assay is said to be located in the hanging wall of the main Appleton Fault, with this drill hole being the first drilled in, or immediately adjacent to, the Appleton Fault. The result is that it has opened a new target zone along the fault itself.
Initially conducted as a step out drill fifty metres to the north of two mineralized intervals, the discovery has been said to be “reminiscent” of mineralization observed within the Keats Zone, located to the south. The company now views the entire Appleton fault itself as a primary target for high grade gold mineralization.
The company is now looking to conduct follow-up step-out drilling on the hole, as part of the expanded 200,000 metre drill program being conducted on the property in 2021.
New Found Gold last traded at $3.85 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.