New Found Gold (TSXV: NFG) this morning released assay results from a single drill hole conducted at the Lotto Zone. The drilling, part of the previously announced 100,000 metre drill campaign being tackled this year, was conducted at a location two kilometres North of the Keats discovery as part of the Queensway Project in Newfoundland.
While assays from just a single hole were released, NFGC-20-17, the results are rather positive, given that the hole intercepted two near surface mineralization intervals with notable results. The first interval was hit at a depth of 35 metres down hole, intercepting 41.2 g/t gold over 4.75m, while the second interval hit 25.4 g/t gold over 5.15 metres at a depth of 57 metres down hole. Three other less notable zones were also intersected in the drill hole.
The Lotto Zone is located two kilometres north of the Keats discovery, with both areas being a part of the larger Appleton fault. Both zones are along the east side of the fault, with Lotto believed to be situated along a secondary structure of the fault. Mineralization displays characteristics of what is referred to as a epizonal orogenic depositional environment.
Two additional holes have been completed at the Lotto zone, while a single drill continues to work the zone with a fourth hole currently underway. Meanwhile, two drills are presently operational at the Keats zone, which has seen four drill holes completed and two additional currently underway. Finally, six holes have also been completed at the Little-Powerline zone, with all results currently pending assays.
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New Found Gold last traded at $2.15 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.
