New Found hits 430 g/t gold over 5 meters in new discovery at Queensway
(Kitco News) - New Found Gold (TSXV: NFG) announced today high-grade assay results from its drilling campaign at the Golden Joint zone, a brand new discovery located approximately 1km north of the Keats zone, which is a part of its 100%-owned Queensway project, located in Newfoundland, Canada.
The company reported that the intercept of 430.2 g/t Au over 5.25m in hole NFGC-21-241 represents a grade x width ("metal factor") value of 2,258 g/t Au x meters, the second highest value encountered to date on the Queensway project.
Furthermore, the company said that over 700 grains of gold were observed in this 5.25m intercept, representing the most per meter seen to date anywhere at the Queensway project. Currently, two drills rigs are operating at Golden Joint, focused on stepping out from discovery hole NFGC-21-241. Additional assays are pending.
COO Greg Matheson stated, "Following a high-grade hole at Lotto reported last week, the Golden Joint discovery further affirms that the Appleton Fault is host to multiple areas of high-grade, near surface gold mineralization. As our team has theorized all along, the Keats zone is not the only area of significant gold mineralization. Hole NFGC-21-241 at the Golden Joint appears epizonal in nature and is very similar to the high-grade gold mineralization observed at the Keats zone, which is located 1km to the South."
New Found holds a 100% interest in the Queensway project, located 15km west of Gander, Newfoundland, and just 18km from Gander International Airport. The company is currently undertaking a 200,000m drill program at Queensway. Eight rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs by Q3 2021.