New Found Gold (TSXV: NFG; NYSEA: NFGC) reports new drill results at the Monte Carlo zone that continue to boost Queensway as Newfoundland’s highest-grade project.
Drill hole NFGC-23-1690 cut 2 metres grading 91.9 grams gold per tonne from 166.8 metres depth while hole NFGC-23-1683 returned 2.7 metres at 18.9 grams from 51.6 metres, New Found Gold said in a release on Wednesday. Hole NFGC-22-1045 cut 2.8 metres grading 14.9 grams from 32.4 metres downhole.
Monte Carlo, first reported in May, is on the west side of the Appleton fault along with Keats West and K2. The fault runs southwest to northeast across the 1,662-sq.-km Queensway project, located 15 km west of Gander. The east side holds the Keats, Keats North, Iceberg, Iceberg East, Golden Joint, Lotto, Jackpot and Everest discoveries.
“This high-grade domain shares several characteristics with Lotto and Golden Joint in terms of mineralization strength, as well as style and continuity,” Melissa Render, vice president of exploration, said in the release. “This western corridor has proven to be equally as prospective as the east side.”
Shares in New Found Gold rose 2.4% on Wednesday morning in Toronto to $5.59 apiece, valuing the company at $1 billion. They’ve traded in a 52-week window of $4.41 to $7.60.