New Found Gold drills 5.6 g/t gold over 16.3 metres at Queensway, Newfoundland

New Found Gold Corp. [NFG-TSXV; NFGC-NYSE American] reported results from nine diamond drill holes that were completed as part of a drill program designed to test the newly discovered Keats West zone, a low-angle thrust fault that dips gently to the south-southwest and is located on the west side of the highly prospective Appleton fault zone (AFZ). New Found’s 100%-owned Queensway project comprises a 1,662 km² area, accessible via the Trans-Canada Highway, 15 km west of Gander, Newfoundland.

Drill hole NFGC-22-894 returned 17.75 metres of 1.41 g/t gold. NFGC-23-1197 returned 16.30 metres of 5.57 g/t gold, including 0.60 metres of 11.10 g/t gold, including 1.25 metres of 25.70 g/t gold, including 0.65 metres of 12.35 g/t gold.

NFGC-23-1200 returned 13.95 metres of 3.39 g/t gold, including 0.90 metres of 12.10 g/t gold. NFGC-23-1209A returned 18.95 g/t gold over1.36 g/t gold. NFGC-23-1211 returned 15.05 metres of 3.27 g/t gold and 17.50 metres of 1.61 g/t gold.

Keats West highlights: Keats West is a shallow zone of gold mineralization starting at surface, with all intercepts drilled to date occurring above 130 metres vertical depth. It is defined by continuous gold mineralization over an area spanning 305 metres long x 250 metres wide that has a cumulative average thickness of 30 metres.

Melissa Render, vice-president of exploration, stated: “The Keats West structure is remarkably consistent in terms of both the distribution of gold mineralization throughout it and in thickness. An aggressive exploration program targeting the west side of the AFZ is ongoing, which includes a systematic grid program specifically designed to identify structures like Keats West and the Keats-Baseline Fault Zone, in addition to targeted work expanding on our latest discoveries, K2 and Monte Carlo.”

The company is currently undertaking a 500,000-metre drill program at Queensway and approximately 59,250 metres of core is currently pending assay results. The Queensway Project does not have any resources or reserves.

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 workforce. The company is well funded for this program with cash and marketable securities of approximately $52 million as of June 2023.

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