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Stockwatch Gold Summary for Oct 02 , 2020

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 Gold Summary for Oct. 2, 2020 2020-10-02 18:44 ET - Market Summary by Stockwatch Business Reporter Collin Kettell and Craig Roberts's New Found Gold Corp. ( $NFG ) lurched to an early morning high of $2.50, then subsided, but ended the day up 53 cents to $2.68 on 1.63 million shares. The enthusiasm came on the heels of word that the company has struck the Lotto -- a 4.75-metre zone averaging 41.2 grams of gold per tonne and a slightly deeper 13.8 metre zone that averaged 10.1 grams per tonne -- in its first hole into the new Lotto zone on its Queensway project, just west of Gander in north-central Newfoundland. Lotto is about two kilometres north of the Keats zone, which has accounted for most of the high-grade noise emanating from Queensway, not to mention Queensway wannabees, over the past year. Late last year while still a private company, New Found Gold struck a 19-metre zone at Keats that averaged a whopping 92.9 grams of gold per tonne in the first hole of its maiden drill program. The company began a 25,000-metre phase one drill program in August just as it launched as a public company, having raised $27.3-million at $1.30 in its initial public offering. The program was quickly expanded to include an additional 75,000 metres of drilling in a second phase, but the phases appear to have merged into one big 100,000-metre program. Three drills are currently operating at Queensway, one at Lotto, the other two at Keats, and a fourth is on the way. When drilling began in mid-August, Mr. Kettell, executive chairman, expressed excitement at being able to grid-test much of the five-kilometre-long target. Work was to begin at the Little-Powerline zone, then progress to Keats, with the No. 1744, Pocket Pond, Logan-Lochlan, Zone 36, Lotto, Road and Cokes zones all slated for at least some holes later. (The hit at Lotto suggests that the plan is fluid.) Indeed, Mr. Roberts, chief executive officer, pointed out that his crew was still busy refining the targets ahead of the drilling. Both fellows were speechless with the new strike at Lotto, but Greg Matheson, chief operating officer, found his words. He was "delighted to encounter such impressive high-grade gold intervals" in the company's first hole at Lotto, adding that it was "encouraging and exciting" to have two high-grade gold discoveries two kilometres apart along the significantly longer feature. He had more to say, but much of it was wrapped in geologese. No matter: Whatever language New Found Gold's promoters have spoken this year, their words have always fallen upon eager ears.