Top gold stock expands high-grade discovery

• New Found Gold (TSXV:NFG), a top-performing gold stock, has released results from 30 follow-up diamond drill holes on the Jackpot discovery on its Queensway project in Newfoundland and Labrador
• Highlights include 119 g/t Au over 4.10 metres (NFGC-23-1425) and 147 g/t Au over 2.70 m (NFGC-23-1423), which are 20 m down-dip and 15 m along strike, respectively, of the previously reported NFGC-23-1292
• New Found Gold holds a 100 per cent interest in the 1,662 square kilometre Queensway project in Newfoundland and Labrador
• The Canadian gold stock (TSXV:NFG) is up by approximately 38 per cent over the past year, well ahead of the iShares S&P/TSX Capped Materials Index ETF’s return of 15.37 per cent over the same period

New Found Gold (TSXV:NFG), a top-performing gold stock, has released results from 30 follow-up diamond drill holes on the Jackpot discovery on its Queensway project in Newfoundland and Labrador.

The Jackpot discovery is 2.5 kilometres north of the Keats zone along the highly prospective Appleton Fault Zone.

Results sought to determine the discovery’s orientation for continued expansion drilling:

• NFGC-23-1425 and NFGC-23-1423 are 20 metres down-dip and 15 m along strike of the previously reported NFGC-23-1292
• Initial drilling suggests Jackpot is an east-west striking, steeply north-dipping high-grade gold-bearing fault laced with coarse-grained visible gold

Follow-up drilling continues with Jackpot open in all directions as part of the company’s ongoing 500,000 m drill program at Queensway. Approximately 36,400 m of core is currently pending assay results.

“Jackpot is another exciting discovery for our team, delivering exceptional high-grade and near-surface gold mineralization a full 2.5 km north of our flagship Keats zone,” Greg Matheson, COO of New Found Gold, said in a statement. “The caliber of today’s intercepts speaks to the growing mineralized canvas at Appleton North and demonstrates that these newly identified structures are host to high-grade mineralization akin to many of our better-defined zones to the south. Similar to Lotto, Jackpot is characterized by the presence of an abundance of coarse gold that is associated with a substantial brittle fault and quartz veining. One drill is incrementally stepping out on this new discovery to follow it along strike and to depth with additional results expected in the near term.”

Drillhole details

Results also include systematic grid drilling in the Everest region.

New Found Gold holds a 100 per cent interest in the 1,662 square kilometre Queensway project in Newfoundland and Labrador. The company is well-funded for exploration with cash and marketable securities of approximately $39.5 million as of September 2023.

New Found Gold (TSXV:NFG) is down by 1.01 per cent, trading at $5.88 per share as of 9:54 am ET. The stock is up by approximately 38 per cent over the past year, well ahead of the iShares S&P/TSX Capped Materials Index ETF’s return of 15.37 per cent over the same period.

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