With its quality assurance and quality control review now behind it, New Found Gold (TSXV: NFG) is wasting no time releasing further assays from its ongoing exploration program. The company this morning released details on a total of 21 drill hole assays from the Queensway Project in Newfoundland.
Drilling at the Queensway Project is ongoing under a 400,000 metre drill campaign, which is said to now be roughly 35% complete, meaning roughly 140,000 metres of drilling has been completed at the project. Ten rigs are currently conducting the program, with an increase to 14 rigs expected to occur by the end of the current quarter.
19 of the holes reported this morning came from the Keats Main and Footwall zones, while 2 holes came from a new zone deemed the Trans Canada Highway Zone, or TCH Zone. Highlights from the results include:
- NFGC-21-144: 1.72 g/t gold over 7.10 metres at TCH
- NFGC-21-263: 28.16 g/t gold over 5.55 metres at Keats
- NFGC-21-272: 43.78 g/t gold over 3.10 metres at Keats
- NFGC-21-297: 8.79 g/t gold over 8.25 metres at Keats
- NFGC-21-387: 62.30 g/t gold over 2.00 metres at Keats
The latest assay results have expanded the Keats Main Zone to over 800 metres of strike, as well as to a vertical depth of 375 metres. Drilling at the zone will continue to focus on stepping out the zone, with the zone remaining open in all directions.
The company has also indicated further drilling is slated to occur at the Golden Joint and Lotto Zones along a 2.5 kilometre long trend, while drilling along the Appleton Fault Zone will also occur as the firm looks for further potential zones of gold mineralization along the fault.
New Found Gold last traded at $8.59 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. 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.
