New Found Gold Corp V.NFG

Main Lotto Vein extended to 200m vertical depth

[megacopper]

This is great news. Basically the main vein at Lotto has been doubled to a vertical depth of 200 meters. And look at the physical footprint of the Lotto Zone of 340m by 325m in size. It is getting to be a very large zone and it's open in every direction and most importantly at depth. So basically the number of ounces has been doubled in the Lotto Zone with this news release. This is awesome news. Now to see how the market interprets the news. I know I'm very happy given that this zone is shaping up to be something very significant. See below for important highlights from the news release.

 

• The interval of 76.81 g/t Au over 2.80 m in NFGC-21-311 is almost 90 m vertically deeper than the previously reported interval in NFGC-21-201 which yielded 683.1 g/t Au over 2.45 m (see press release dated June 23, 2021) and has doubled the depth of the Main Vein to over 200 m vertically, starting at surface and open to depth. 
• The high-grade intervals reported to date occur in a steeply (78°) east-dipping vein that is part of a network of north-south striking vein arrays that are spatially associated with the Lotto Baseline Fault Zone, a splay of the Appleton Fault Zone. Recent drilling has defined the vein network over a 340 m x 325 m area that remains open in all directions (see the plan view, 2D cross section, 3D composite cross section and long section in Figures 1, 2, 3 and 4 below). 
• The Company continues to test new targets at Lotto with current exploration focused on extending the Lotto Main Vein to depth and along strike. 
• The mineralization drilled at Lotto is often characterized by massive and vuggy textured veins containing very fine visible gold, arsenopyrite, chalcopyrite, boulangerite and ammonium-illite which are common traits found in epizonal systems, similar to the high-grade gold mineralization encountered at Keats (Figure 5). 

Greg Matheson, P.Geo. COO of New Found, stated: "The Lotto Main Vein structure continues to show strong continuity and consistent widths of high-grade gold mineralization from two to ten plus meters width downhole (note that true widths are estimated at 80% to 90% of reported drill interval widths). While numerous secondary mineralized structures exist outside the Main Vein structure, we have started to target expansion of the Main Vein at depth with significant intercepts of 111.36 g/t over 2.65 m (NFGC-21-233) and 76.81 g/t Au over 2.80 m (NFGC-21-311). NFGC-21-311 is the deepest hole drilled to date and demonstrates significant persistence of continuity of the Lotto Main Vein to depth. The grades and widths at Lotto are outstanding and we are very excited to be consistently hitting these high-grade intervals as we step out to depth and along strike."

[Retiredgeo]

The share price has been in a summer funk for lack of news.  We should now see a steady flow of delayed results.  This is just the beginning of the "new" press releases. You are correct - the big news is the near doubling of the resource, not the reported grades.