New Found Gold (TSXV: NFG; NYSE-A: NFGC) announced new drill results from the company's Queensway gold project in Newfoundland and Labrador. The company has completed an initial mineral resource estimate at Queensway. A fully funded preliminary economic assessment is underway, with completion scheduled for late second quarter this year.
The company has highlighted the following results from the campaign: 38.7 g/t gold over 6.55 metres1, including 98.9 g/t gold over 2.10 metres from the Dome zone; 10.3 g/t gold over 8.20 metres, including 37.7 g/t gold over 2.00 metres from the Keats south deep zone; and 6.16 g/t gold over 3.10 metres, including 18.4 g/t gold over 0.50 metres from the Keats-Appleton fault zone deep zone.
Melissa Render, President of New Found Gold, stated:"With these new drill results we continue to intersect gold mineralization in target areas outside the initial mineral resource at Queensway. At Dome we are finding new high-grade gold mineralization within 250 m of surface. This mineralization, located in proximity to the Lotto Zone, highlights the potential for near-resource expansion."
Render added: "Our phase I deep drilling program successfully met its primary objective of beginning to assess the depth potential of the orogenic gold system at Queensway. The phase I deep drilling at KSD and Keats-AFZ deep, located well below the initial mineral resource, has begun to define new zones more than a kilometre below surface, pointing to the depth potential at Queensway.”
Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600-hectare project that covers a 110 km strike extent along two prospective fault zones.
More information is posted at www.NewFoundGold.ca.
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