New Found Gold (TSXV: NFG) continues to hit gold mineralization as it expands across its flagship Queensway project in Newfoundland. The firm this morning released results from an additional 51 drill holes, with the latest drilling occurring along the JBP fault zone.
Initial results from exploration along the fault zone indicate that the gold bearing shear zones are northeast trending, dip steeply, and extend for over a 100 kilometres of strike. The fault is said to be roughly parallel to that of the Appleton Fault Zone, and is located five kilometres to the east of that fault.
Results released this morning come from the 1744 Zone and the Pocket Pond zone, which are contained along a 3.5 kilometre segment of the fault zone. highlights include:
- NFGC-21-180: 31.88 g/t gold over 2.05 metres at 1744
- NFGC-21-195: 16.66 g/t gold over 2.80 metres at 1744
- NFGC-21-207: 8.66 g/t gold over 6.00 metres at 1744
- NFGC-21-304: 25.40 g/t gold over 2.25 metres at Pocket Pond
The company has indicated it intends to further explore a 12.4 kilometre corridor along the JBP fault zone under the current program that is underway. The current program, at a total of 400,000 metres in size, is currently 37% complete, with 24,900 metres worth of core waiting on assay results. 14 drill rigs are expected to be on site by the end of the first quarter.
The results follow assays released late last month, wherein the company indicated that it intersected 43.78 g/t gold over 3.10 metres at Keats.
New Found Gold last traded at $8.30 on the TSX Venture.
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