New Found Gold Corp. (TSXV: NFG) has made a high-grade gold discovery between the Keats and Golden Joint zones, located approximately 440m north of the Keats Zone in Newfoundland.
NFGC-22-515 was the first hole drilled as part of a planned systematic program to drill test along the Appleton Fault Zone (AFZ) and returned 9.21g/t over 2.15m and 43.9 g/t over 3.85m.
This hole is located in the Keats North area and this discovery has been named the 515 Zone (‘515’). New Found’s 100% owned Queensway project comprises an approximately 1500 sq. km area, accessible via the Trans-Canada Highway located approximately 15km west of Gander, Newfoundland.
Highlights:
- In early 2022 New Found began a programme of systematic drilling along the AFZ between the Keats and Golden Joint Zones along a roughly 700m gap with limited prior drilling. NFGC-22-515 is the first hole drilled as part of this systematic program intersecting a significant veined zone roughly 260m south of Golden Joint and 440m north of Keats.
- Gold mineralisation in the NFGC-22-515 interval is hosted in vuggy epizonal style veining displaying mineralogy consistent with the nearby Keats and Golden Joint zones over a 14 m downhole interval yielding 9.21 g/t Au over 2.15m and 43.9g/t Au over 3.85m including 76.0 g/t Au over 1.65m and 43.1 g/t over 1.0m.
- The stratigraphic position of the 515 is proximal to the footwall of the AFZ which is analogous to the Golden Joint and Sunday zones.
- Follow-up drilling targeting the 515 Zone and the remaining significant gaps between the Keats and Golden Joint remains a priority with three drill rigs active in this area referenced as Keats North.
“Earlier this week on April 11 we announced the discovery of a high-grade vein in hole NFGC-22-491 that returned 79.8 g/t Au over 3.00m at the north end of the Keats Zone,” COO, Greg Matheson, said.
“This new discovery of 43.9 g/t Au over 3.85 m in NFGC-22-515 is located approximately 440m north of NFGC-22-491. There is very limited drilling in the gap between these two holes and drilling over this area is a high priority.
“As we continue to see new veins and zones propagating along a 2.7 km segment of the Appleton Fault it starts to become apparent that Lotto, Road, Golden Joint, Sunday, 421, Keats, Keats FW and 515 are all part of the same geological domain and mineral system.
‘Big picture, the Appleton Fault Zone is open to the north and south of the 2.7km segment where our drilling has focused on to date, with numerous occurrences of gold mineralisation over 9.45km in total of strike on the Appleton Fault Zone.
“The depth potential along the fault remains open leaving very significant exploration still to be done.”
For further information please visit: https://newfoundgold.ca/
