- New Found Gold (TSXV:NFG) is expanding its drill program on the 100-per-cent-owned Queensway project in Newfoundland to 650,000 metres
- The property has produced consistent intercepts grading in the hundreds of grams of gold per tonne
- New Found Gold is exploring and developing its extensive and highly prospective Queensway project in Newfoundland and Labrador
- New Found Gold stock (TSXV:NFG) has lost 17.68 per cent year-over-year, but has gained about 200 per cent since inception in August 2020
New Found Gold (TSXV:NFG) is expanding its drill program on the 100-per-cent-owned Queensway project in Newfoundland to 650,000 metres.
The project, which spans a total of 1,662 square kilometres, including 120 km of strike, has been de-risked through 516,263 m of drilling to date. In 2023, the company drilled 195,899 m of core employing an average of 10 drill rigs, leading to the discoveries of Iceberg, Iceberg East, K2, Monte Carlo and Jackpot.
Queensway boasts numerous high-grade discoveries over several kilometres, as highlighted by extensive intercepts in the hundreds of grams of gold per tonne, as well as a C$260 million cumulative investment from renowned mining investor Eric Sprott.
Drilling in 2024 will target prospective areas “peripheral to and beneath the current mineralized zones defined along the Appleton North Corridor,” according to a news release. Drilling will also focus on the parallel JBP Fault Zone and Queensway South.
A 3D seismic program by HiSeis covering the Appleton North Corridor at Queensway North – capable of capturing high-resolution imagery to a depth of 3,000 m – will aid in target delineation.
The Iceberg East and Jackpot discoveries, which reside 300 m-500 m from the Appleton Fault, demonstrate Queensway’s ability to house gold well outside of the company’s initial target.
“Much of the initial 500,000 m of drilling undertaken by New Found has been focused along the Appleton North Corridor, where a combination of systematic grid drilling and targeted drilling has successfully outlined a multitude of zones forming a ‘string-of-pearls’ configuration that spans approximately 6 km of strike and includes several key discoveries, such as Keats, Keats West, Iceberg, Golden Joint, Lotto, K2 and Jackpot,” Melissa Render, New Found Gold’s vice president of exploration, said in a statement. “As shown in Figure 1 below, these zones are clustered along the Appleton Fault, a regional scale structure that we believe is responsible for channelling mineralizing fluids towards surface and depositing epizonal gold mineralization at Queensway.”
Figure 1. Source: New Found Gold.
“While our initial drilling has been focused on drill defining the near-surface, low-hanging fruit, our exploration thesis and accompanying geological model illustrate a scenario whereby gold mineralization is not necessarily constrained to the near-surface domain, but instead has the potential to persist to depth. Queensway mineralization is in an orogenic gold system – a system that often extends deep along the structures that form them,” she added.
New Found Gold is exploring and developing its extensive and highly prospective Queensway project in Newfoundland and Labrador. The company is well-funded for further drilling with approximately C$57.3 million in cash and marketable securities as of January.
New Found Gold stock (TSXV:NFG) is up by 2.67 per cent, trading at C$4.61 per share as of 1:29 pm ET. The stock has lost 17.68 per cent year-over-year, but has gained about 200 per cent since inception in Aug. 2020.
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