New Found Gold (TSXV: NFG | NYSEA: NFGC) has reported assay results from 14 diamond drill holes that were part of a programme targeting an area between the Keats Baseline Fault Zone (KBFZ) and the Appleton Fault Zone (AFZ). As a result of this programme, the company has announced bonanza grades in the Keats footwall (FW) at the Queensway gold project 15km west of Gander, Newfoundland in Canada.
The Keats FW Zone where the drilling was done includes what is known as the Paradox vein. 104g/t Au was intersected over 2.75m in hole NFGC-21-393 EXT in this area at a vertical depth of 300m. Previous drilling there returned 119g/t Au over 2.4m, 6.66g/t over 5.9m, and 21.9g/t over 2.5m.
“With early attention heavily focused on the Keats Main Zone, little drilling was ever conducted in this area until now. Early indications show strong continuity of high-grade hosted by the Paradox vein and its associated fault,” commented Melissa Render, VP of Exploration of New Found.
“These intercepts, while still shallow in the context of an orogenic system, will dovetail nicely with our highly anticipated 3D seismic survey, which is set to wrap up later this month. Today’s results provide us with an example of a discreet, yet very high-grade gold bearing vein at a depth of roughly 300m, which will assist in training the seismic dataset to see if Paradox is recognized, how it interplays with the network of veins adjacent to the AFZ, and where other similar and undrilled structures may exist nearby for further testing.”
Previous exploration efforts in this area were focused on delineating the Keats Main Zone while only a few holes extended beyond, crossing the Paradox vein. The results announced stem from a programme that used existing drill holes and extended them to cover this highly prospective domain between the KBFZ and the AFZ.
The Paradox vein parallels the AFZ and remains open in all directions while several drill holes from this extension programme are pending assays.
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