New Found Gold drills 14 g/t gold over 9.05 metres at Queensway, Newfoundland, shares up

New Found Gold Corp. [TSXV-NFG; NYSE-NFGC] reported results from 23 diamond drill holes that were completed as part of a follow-up drill program at the new Iceberg and Iceberg East discoveries, a high-grade zone located 300 metres northeast of Keats Main along the highly prospective Appleton fault zone (AFZ). New Found’s 100%-owned Queensway project comprises a 1,662-square-kilometre area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland.

Iceberg and Iceberg East highlights: An interval of 14.0 g/t gold over 9.05 metres in NFGC-23-1088 was drilled just 23 metres from surface at Iceberg, 16 metres up dip of previously reported 105 g/t Au over 27.05 metres in NFGC-23-1210 (June 5, 2023) and 135 metres to the southwest of 29.4 g/t gold over 7.75 metres in NFGC-23-1380, further demonstrating the high-grade continuity of Iceberg at very shallow depths.

Drilling at Iceberg East 365 metres to the east continues to prove that the Keats-Baseline fault zone (KBFZ) high-grade gold system remains strong with highlight intervals of 32.4 g/t gold over 2.55 metres in NFGC-23-1599, 6.65 g/t gold over 10.10 metres in NFGC-23-1586, and 7.95 g/t gold over 5.55 metres and 1.14 g/t gold over 10.70 metres in NFGC-23-1517. All intervals occur above 65 m vertical depth.

The high-grade segment of Iceberg-Iceberg East spans 570 metres of near-surface strike that, when combined with the already-impressive 400 metres high-grade segment of Keats Main, outlines a high-grade corridor covering nearly one km of strike. This occurs within the overall KBFZ-hosted Keats-Iceberg-Iceberg East corridor, which has been drill defined over 1.9 km of strike, where it remains open.

Mineralization at Iceberg and Iceberg East is shallowly located, with today’s highlight intervals all occurring between 23 and 65 metres vertical depth. The company is actively focused on step-out drilling east of the Road zone, with the intention of expanding the near-surface, high-grade Iceberg East segment along strike.

Melissa Render, vice-president of exploration, stated: “We are very pleased with the results that continue to be received from the most-eastern known extent of the Keats-Baseline fault zone at Iceberg East, located a full 1.9 km along strike from where the KBFZ would intersect the AFZ. We are actively working on a stepout drill program east of Road to continue to expand this near-surface, high-grade segment further along strike, while deeper drilling will commence upon the receipt of the results from the 3-D [three-dimensional] seismic. The KBFZ, host to the Keats, Iceberg and Iceberg East zones, remains open along strike and to depth, while observations made from our current drilling footprint indicate that the system continues.”

The company is currently undertaking a 500,000 m drill program at Queensway, and approximately 32,000 m of core are currently pending assay results.

New Found holds a 100% interest in the Queensway project 15 km west of Gander, Nfld., and 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high-voltage electric power lines running through the project area and easy access to a highly skilled work force. The company is well financed for this program, with cash and marketable securities of approximately $29.5-million as of October, 2023.

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