This target is just sitting out there all by itself, and yet they comment that the mineralization is not only similar in style to Keats and Lotto, but may in fact be an extension to Lotto,
550 m to the NW. Sunday
I went back and read the nr in January about this intercept. What was said in that nr takes on new meaning in light of today's nr. Here are some highlights from that nr:
- An interval in what is interpreted to be on the hanging wall side of the main Appleton Fault displaying a broad quartz breccia vein, sulfide mineralization and/or visible gold starting at a down hole depth of 239 m was assayed on a rush basis returning 6.5m @ 18.1g/t Au including 2.95m @ 38.7g/t Au
- This is the first discovery interval drilled in or immediately adjacent to the main Appleton Fault structure and opens a new target zone along the Appleton Fault itself.
- This discovery hole was drilled as a step-out 50m to the north of two altered and mineralized intervals that returned up to 1.3 g/t Au in the hanging wall and footwall of the main Appleton Fault in drill hole NFGC-20-17, which was extended to depth to drill test the Appleton Fault itself
- A number of observed features of this new discovery interval including the style of alteration and mineralization and the affiliation of high-grade gold with a breccia unit are reminiscent of what has been observed in high-grade drill intervals at Keats.
Greg Matheson, P.Geo., Chief Operating Officer of New Found, stated: “We are excited to have intersected this new high-grade discovery on the hanging wall side of the Appleton Fault itself. Our work to date has focused on targets offset from the main Appleton Fault Zone including the Keats Baseline Zone, which are likely affiliated with a network of secondary structures related to the primary regional Appleton Fault. This opens the entire Appleton Fault itself as a primary target for high-grade gold mineralization, adding significantly to the already extensive prospective target area at Queensway North.
Note what they said about this hole being a mere 50m step-out from a 'low-grade' intercept in a previous hole, of 1.3 g/t. This is significant! It shows that you can have low-grade gold mineralization, and then...bang...a high grade zone just m away. Take note of that when looking at the Cokes results. Especially significant is the comment about the Appleton Fault itself being a primary target, not just the splays coming off of it.
Cokes
14.85m of 3.61 g/t Au, including 4.15m of 6.43 g/t Au. We now consider numbers like this to be 'low grade', but this is robust! Move over 50 m, and ...bang...a high grade intercept? And note that the Cokes is on the west side of the Appleton Fault, as is Big Vein over at LAB.
Today's nr is utterly fantastic. The reaction to the news today was 'blah, blah, blah'. I guess we need the NYSE listing to bring in people with fresh eyes??