- New Found Gold (NFG) is making headway on the company’s property in Newfoundland
- The Vancouver-based junior mineral explorer is releasing results from 17 diamond drill holes on its Queensway Project near Gander, Newfoundland
- Results from the drilling near the Appleton Fault Zone defined an extensive network of mineralized veins
- Drilling remains ongoing
- The company’s wholly-owned Queensway Project comprises an approximately 1,500 square kilometres of land
- New Found Gold is down 1.81 percent, trading at $5.42 at 12:13 pm ET
New Found Gold (NFG) is making headway on the company’s property in Newfoundland.
The Vancouver-based junior mineral explorer is releasing results from 17 diamond drill holes on its Queensway Project near Gander, Newfoundland.
Results from the drilling near the Appleton Fault Zone defined an extensive network of mineralized veins.
The new veins cover roughly 630-metre long by 150-metre wide. The veins start at the surface, are generally steeply dipping, and to date, have been drill tested to a maximum vertical depth of 125 metres.
The company’s wholly-owned Queensway Project comprises an approximately 1,500 square kilometres of land.
“Our drilling is demonstrating that the corridor surrounding the Appleton Fault Zone is prolifically mineralized via a series of interconnected structures and vein sets that form a webbing shown to occur within a few hundred-meter-wide damage zone on either side of the of the primary, crustal-scale fault. These veins are not constrained by orientation or stratigraphy, which greatly increases the amount of strike length and the variety of lithological environments to explore. In specific areas, blow outs of gold mineralization occur where veins and structures cross paths, as illustrated at Keats Main, Lotto, and Golden Joint. The complexity and extent of the system provides an opportunity for discovery in a very large volume of prospective host stratigraphy,” said VP of Exploration Melissa Render.
“We have now ramped up to 14 drills to continue to accelerate our exploration and rate of discovery. Today’s news outlines an area roughly equal to the strike length of Keats, connecting two zones together that were previously separate. Drilling in this area remains sparse and shallow, with several priority assays pending.”
New Found Gold is down 1.81 percent, trading at $5.42 at 12:13 pm ET.
