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New Found Gold Corp V.NFG

Alternate Symbol(s):  NFGC

New Found Gold Corp. is a Canada-based mineral exploration company. The Company is engaged in the acquisition, exploration, and evaluation of resource properties with a focus on gold properties located in Newfoundland and Labrador, Canada. The Company holds a 100% interest in the Queensway Project, which comprises an approximately 1,662 square kilometers area, located about 15 kilometers (km) west of Gander, Newfoundland and Labrador, and just 18 km from Gander International Airport. The Queensway Project is divided by Gander Lake into Queensway North and Queensway South. The Company also owns a 100% interest in the Kingsway property, which consists of 264 claims on three licenses covering approximately 77 square kilometers. The project is located approximately 18km northwest of the town of Gander, Newfoundland. The Company is undertaking a 650,000-meter drill program on Queensway. It has royalty interests underlying Keats South and several additional zones in Queensway.


TSXV:NFG - Post by User

Post by diabase1on Jul 09, 2021 3:40pm
440 Views
Post# 33522411

QS Summary

QS SummaryQueensway South
The geology is mostly Middle Ordovician of the Davidsville Group, consisting of grey to black slate, siltstone, greywacke, mafic volcanic rocks and calcareous slate. As a backdrop, the Queensway North mineralization is hosted within greywacke and shale. Queensway South may also have these types of rocks too. The discovery hole at Keats was within a quartz-iron carbonate breccia, hosted by black shales and mixed sediments of the Davidsville Group and in the Appleton fault zone. 
There may be some Botwood Group rocks along the extreme western edge of the Queensway South property. These consist of red and grey micaceous sandstone, minor shale and limestone.
 In reference to the EM/Magnetic Composite Map (in NFG's Presentation site, under Investors):
- my observations;
 - the Botwood Group would be the reddish coloured area along the west property boundary.
- the Davidsville Group would be the regions of magnetic lows (bluish).
- the 2 long, linear magnetic highs could be slices of ultramafic rocks (yellowish red).
- the EM targets basically correlate with the magnetic highs, which could be sulphides.
- in the Keats/Lotto region, there are a few, very short conductors, near the contact between the     magnetic low and magnetic high (Appleton Fault?).
- there are graphitic sediments in the Davidsville Group, so some of the long, stronger conductors may be related to graphite.
 
Structures:
 
There are the 2 main fault structures, the Appleton Fault and the JPB Fault. In Queensway North, the gold seems to be located at or near the intersections of the NE and SE trending splay faults, off of both of these major faults. Megacopper has explained the reasoning behind this phenomenon. There are several such structures in the south end of Queensway South, some of which coincide with gold in till anomalies. These will be excellent targets to zero in on. By the way, according to GoldSpot, Keats and Lotto were second priority Tier 1 targets!!
 
Great Bend Area:
At the extreme south end of Queensway South, there are 7 gold occurrences named Lizard Pond North, Lizard Pond South, Swan Lake, Northwest Gander Road, Spud Pond, Breccia Pond and Chiouk Brook. They all appear to be just outside the NFG property. As far as I can see, there were no gold in till anomalies on NFG's side of the property boundary in this area. The location is quite a distance to the west side of the Appleton Fault. The rock types are generally Cambrian/Early Ordovician of the Dunnage Zone  including peridotite, dunite, schistose magnesite, and amphibolite. This looks like it could be nickel country to me. Twelve (12) short holes were put down on the Chiouk Brook property, but only sub-economic gold mineralization was intercepted. Some grab samples gave 1900 ppb gold and 24000 ppm arsenopyrite. These claims were staked by L. Murphy, who them optioned them off to US Borax in 1986. In 1987, Atlantic Goldfields carried out more work, with no success. Similar rocks were seen in the Lizard North and Lizard South areas. All options were terminated.
 
On NFG's property, near the south end of the Queensway South block, it's not until you get closer to both the Appleton Fault and the JBP Fault that you start to see gold in till anomalies, just like you do in the Queensway North block.  I count 4 areas of interest on the Appleton Fault (2 west of the fault) and 3 on the JPB Fault. Interestingly, there are no gold in till anomalies east of the JPB Fault, as well as no interpreted fault structures interpreted from the magnetics (refer to GoldSpot's Map on NFG's website).
Eastern Pond Area:
There are 3 gold occurrences in this area called Aztec, A-Zone Extension and Goose. The gold mineralization at Aztec is typically <1 g/t and is associated with conglomerates. At the Goose prospect, the gold mineralization is hosted within greywacke, and strongly silicified sandstone and siltstone. It looks like these 3 gold zones are NE of the Eastern Pond gold occurrences of NFG, maybe 10 km. Noranda Exploration put down a few drill holes on each zone.
The A-Zone Extension Prospect is located along an ATV trail, just south-southwest of the Hornet Prospect at UTM coordinates 631150/5388800. The prospect is exposed in trenches for over 250 m and the gold mineralization is hosted by discontinuous extensional quartz-carbonate veins and veinlets developed within chloritized and potassically altered Davidsville Group greywacke. The greywacke unit occurs as a 15-20 m wide bed within grey-green siltstone. An assay value of 2.60g/t Au over 7.0 m was obtained from this prospect (Tallman, 1989). Two extensively trenched areas were examined which exposed mineralized greywacke with siltstone interbeds (J. M. O'Driscoll, April 2006).
An interesting story:  in the early 1980's, Calvin and Suley Keats joined Noranda Exploration, and before them, their brothers Fred and Allan. In 1987, Calvin and Suley discovered the Beaver Brook antimony deposit and possibly the above 3 zones in 1988.
There is no gold in till anomaly that correlates directly with the Eastern Pond gold occurrences. However, there is one about 8 km SE, located on the JPB Fault. This could be an interesting target. I don't know the ice directions for this area.  Obviously, each of the gold in till anomalies in Queensway South will be looked at.
A lot of the above information was taken from a report by DWT Evans, Mineral Resource Report 9, 1996. Some info was obtained from NFG's and GoldSpot's websites.
Hopefully, the above information helps.
 
 

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