New Found Gold Shares Jump On Seismic Survey Results at Queensway Project
New Found Gold Corp. (TSXV: NFG) has reported findings from its recent seismic survey conducted at the Queensway North project. The survey, completed in late 2023, has provided insights into the geological structures of the area, enhancing the company’s understanding of gold mineralization.
The seismic program, covering a 47 square kilometre core segment of the Queensway North project area, was executed by HiSeis, a leading firm in hard rock seismic surveys. New Found’s Queensway project, wholly owned by the company, spans a significant 1,662 square kilometre area located 15km west of Gander, Newfoundland and Labrador, accessible via the Trans-Canada Highway.
“We are very pleased with the initial review of this dataset and the apparent alignment of features visible in the seismic data with known gold-bearing structures, in addition to deeper conceptual targets. This is another layer of data that we believe will be valuable for guiding deep drilling and increasing our chances for exploration success at depth,” COO Greg Matheson said.
Preliminary interpretation of the seismic data has revealed the presence of structures and geological features at depths of up to 2.5km, aligning with known gold-bearing structures nearer to the surface. Additionally, the survey highlighted potential new structures yet to be explored.
Detailed analysis of the seismic data is ongoing and is expected to be completed by April 2024. This comprehensive interpretation aims to identify priority targets for further exploration and validation of the findings.
Of particular interest are the identified fault zones, notably the Appleton Fault Zone (AFZ) and its parallel feature, the Appleton Parallel Fault. These structures, along with others such as the Keats-Baseline Fault Zone (KBFZ) and the Glenwood Shear, provide insights into potential gold mineralization within the project area.
The company has initiated deep drilling activities aimed at confirming the presence of structures identified in the seismic data and obtaining geological information crucial for further exploration strategies.
The seismic program’s focus on the northern segment of the AFZ, known for hosting notable gold discoveries, has yielded high-quality imaging up to depths of 2.5km. Additionally, a 2-D TCH transect covering a 25km strike length provided detailed resolution down to a depth of 7km, offering insights into the broader geological architecture of the Queensway project.
Furthermore, six additional 2-D seismic lines, approximately 4.8km long each, were conducted from the AFZ across to the JBP Fault Zone, enhancing seismic imaging up to depths of 5.5km along this prospective gold-bearing structural corridor.
The results comes a nearly two months after the firm expanded the drill program by 150,000 metres as it continues to test the property, bringing the total size of the program to 650,000 metres of drilling.
New Found Gold last traded at $4.33 on the TSX Venture.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
