homogenized reviewFirst movers
In 2019, thanks to exploration targeting by GoldSpot Discoveries’ (TSXV:SPOT) artificial intelligence technology, New Found Gold (TSXV:NFG) announced one of the most significant drill results ever reported in the province at the Keats zone of its Queensway project: a 19-meter intercept of 92.86 g/t Au. Since then, NFG has made more discoveries, and now has around $1.5 billion in market capitalization.
A monster 200,000-meter drill campaign is underway focused on an 8.7-kilometer corridor along the Appleton fault, following up on the 92 g/t hit.
At the Lotto zone, from an initial discovery hole of 41.2 g/t Au over 4.75m and 25.4 g/t over 5.1m, follow-up drilling indicates continuity at depth including 225 g/t over 2.5m and 150.3 g/t over 11.5m.
On June 29, a new discovery was announced at the Golden Joint zone, about 1 km north of Keats, where an eye-popping interval of 430.2 g/t over 5.25m was recorded.
Even before NFG put Newfoundland on the gold exploration map, there was Sokoman Minerals (TSXV:SIC). In 2017 Sokoman hit 11.9m of 44.9 g/t Au gold, prompting a number of juniors to stake claims and acquire ground in the Moosehead Gold District.
Just under 20,000m of a proposed 50,000 Phase 6 drill program has been completed, with multiple strong intersections reported including 8.10m @ 68.25 g/t Au, 18.90m @ 13.09 g/t, 4.20m @ 64 g/t and 5m @ 26.87 g/t.
Earlier this year Marathon Gold (TSX:MOZ) updated the resource at its Valentine gold project, in a technical report outlining 3.14 million ounces in measured and indicated, and 1.65Moz inferred. (proven and probable reserves of 2.05Moz)
The feasibility study envisions an open-pit mine with average annual gold production of 173,000 ounces, over a 13-year mine life.
Marathon Gold trades on the Toronto main board at $3.12 per share with a market capitalization of $724.9 million. The latest assay results from ongoing in-fill drilling at the 1.5-km-long Berry deposit include 5.59 g/t Au over 21m, 2.07 g/t over 37m, 1.58 g/t over 26m, 2.27 g/t over 13m, and 2.08 g/t over 14m.
Labrador Gold (TSXV:LAB) is another company piquing interest in Newfoundland gold exploration. Recently the Toronto-based company released an impressive half-meter (0.5m) intercept of 276.56 g/t gold at its Kingsway project located near Gander, NL. LAB currently trades at $1.26 per share and has a market value of $189 million.
Exploits Subzone
Within the Central Newfoundland Gold Belt, the Exploits Subzone and Gander River Ultramafic Belt (GRUB) regions were the focus of major staking and financing throughout 2020, with increased exploration activities in 2021.
Running from Dog Bay southwest for 200 km to Bay d’Espoir, the Exploits Subzone has been neglected since the last major exploration campaigns in the 1980s. However, the last 40 years have seen incremental advancements in the understanding of gold mineralization in the camp.
The sum of this knowledge is now coming together in effective exploration models that have delivered new discoveries.
What makes the Exploits Subzone such a prime target for gold discovery? Prominent regional thrust faulting shows evidence of a long tectonic history including fluid migration.
Consider that the majority of Newfoundland’s gold occurrences and exploration, including New Found Gold’s 2019 Queensway discovery, lie within the Exploits Subzone and are in the vicinity of the above-mentioned GRUB Line fault.
Fact is, to stand out from among the 30-odd gold juniors that are presently combing the island, your property had better overlie one of the deep-seated structures Newfoundland is famous for, and have a secondary structure that provides a trap for the gold mineralization.