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Be the first with the news that moves the market- New Found Gold (NFG) is returning new, high-grade gold at its Queensway Project
- The Vancouver-based mineral exploration firm hit 49.7 grams per tonne of gold over 29.9 metres on its flagship project near Gander, Newfoundland
- The latest results come from the project’s Iceberg Zone along the existing high-grade Keats Main Zone
- The search continues for additional near-surface high-grade gold mineralization
- New Found Gold (NFG) is up 10.47 percent, trading at $5.38 at 10:42 a.m. ET
New Found Gold (NFG) is returning new, high-grade gold at its Queensway Project.
The Vancouver-based mineral exploration firm hit 49.7 grams per tonne of gold over 29.9 metres on its flagship project, located near Gander, Newfoundland.
The company released the latest set of results from its 100-percent-owned flagship property Monday.
The latest results come from the project’s Iceberg Zone along the existing high-grade Keats Main Zone. Both areas are along the Appleton Fault Zone.
As a whole, the project covers 1,662 square kilometres with road access.
The recent step-out drilling also returned 14.6 grams per tonne over 3.8 metres. Results stem from step-out drilling, over 50 metres in strike length.
Further assay results are pending.
“With this impressive intercept located 25 metres below the fence of three holes released on March 1, we have now added a vertical dimension to this new and growing discovery. Like Keats, Iceberg is shallowly located and demonstrates strong quartz veining over significant widths,” said New Found Gold Chief Operating Officer Greg Matheson.
“Drilling is ongoing at Iceberg with a focus on both expansion of this new discovery and exploring along strike within the projection of the highly prospective KBFZ in search of additional near-surface high-grade gold mineralization; several assays are pending from this area.”
The company is currently in the midst of a 500,000-metre drill program at the Queensway Project, and approximately 53,000 metres of the core is currently pending assay results.
New Found Gold (NFG) is up 10.47 percent, trading at $5.38 at 10:42 a.m. ET.
