New Found Gold (TSXV: NFG) this morning felt the need to issue a press release for a single hole completed at its Queensway gold project in Gander, Newfoundland. The single hole, drilled at the Keats Zone, is part of a 100,000 metre ongoing drill program.
The hole itself was drilled to a total depth of 269 metres, with it reportedly intersecting three zones of mineralization. The first zone, from 44.7 metres to 73.35 metres, resulted in mineralization of 11.8 g/t gold over 29.15 metres, with sub intervals that include 6.85 metres of 44.5 g/t gold and 0.35 metres of 824 g/t gold. A second and third zone at 194.4 metres and 219.7 metres returned 1.09 g/t gold over 3.20 metres and 2.02 g/t gold over 2.60 metres, respectively.
The drill hole is said to have displayed abundant quartz veining, sulfides and visible gold, resulting in a rushed assay of the core. The hole, NFGC-20-26, was drilled 60 metres from the famed discovery in hole NFGC-19-01 that lead to the go public of the company. Two additional holes completed nearby have now also been sent off for rushed assaying.
New Found Gold has also indicated that the 10 metre step out pattern conducted from NFGC-19-01 continues, with ten additional holes planned holes now completed and sent off for assaying. Four holes fifty metres north of this central hole have also been completed and sent off for assaying.
New Found Gold last traded at $4.53 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.
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