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New Found drills 105 g/t gold over 27.1m at Queensway, shares up

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(Kitco News) - New Found Gold (TSX-V: NFG) (NYSE-A: NFGC) today reported high-grade drill results from one diamond hole at its 100%-owned Queensway project in Newfoundland and Labrador.

In a news release, the company said that FGC-23-1210 intersected 105 g/t Au over 27.05m just 35m from surface at the new Iceberg discovery, a high-grade zone located 300m northeast of Keats Main along the highly prospective Appleton Fault Zone.

New Found noted that high-grade mineralization is “well distributed” throughout the composite with nine individual sample intervals registering over 100 g/t Au, adding that the hole is located 32m along strike of previously reported 49.7 g/t Au over 29.85m in NFGC-23-1120 and 30m down-dip of previously reported 15.3 g/t Au over 10.75m in NFGC-22-1084.

Iceberg is currently drill-defined over a strike length of 550m and represents the fault-displaced eastern extent of the Keats-Baseline Fault Zone, the same fault that hosts Keats Main. Presently, the Keats Main-Iceberg-Iceberg East mineralized corridor has a combined strike length of 1.8km.

Importantly, the company said that Iceberg-Iceberg East remains open in all directions and drilling is ongoing to expand along strike and to depth with several intervals currently pending assay results.

VP of Exploration Melissa Render stated, “Discovering high-grade gold mineralization of this magnitude over such a thick interval is rare in nature, and yet, Queensway has produced several of these high-caliber hits across a multitude of zones. NFGC-23-1210 runs 27m in length with several distinct areas of strong quartz veining, laden with visible gold. Logging of the hole identified 1,153 counts of visible gold, which ranks as one of the highest seen at Queensway to date.”

New Found holds a 100% interest in the Queensway project, located 15km west of Gander, Newfoundland and Labrador, and just 18km from Gander International Airport. The company is currently undertaking a 500,000m drill program at Queensway.

The company’s shares were traded up 12% this afternoon.

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