Significantly Expands Keats Zone At Queensway Project
New Found Gold Corp. (TSXV: NFG) (OTC: NFGFF) has expanded the Keats Zone with further drilling success at its 100%-owned Queensway Project, located on the Trans-Canada Highway 15km west of Gander, Newfoundland.
Assay results from an additional four holes drilled at the Keats Zone, part of the company’s ongoing 200,000m diamond drill programme at Queensway, have returned some very high-grade gold intersection.
This includes an interval of 146.2 g/t Au over 25.6m in NFGC-21-182, a 65m down-plunge step-out to the south from the previously furthest south high-grade intercept (hole NFGC-21-143, 63.7 g/t Au over 8.4m and 16.9 g/t Au over 2.5m. It is the deepest assay interval returned to date at Keats
President, Denis Laviolette, said the high-grade zone at Keats has now been drill defined over 425m in the down-plunge direction. The zone remains open and step-out drilling is continuing to the south, vertically above and below this zone, and to the north.
“The interval of 146.2g/t over 25.6m in hole NFGC-21-182 has a grade x width of over 3,700 g/t Au x m, the highest to date on this metric at Keats, benchmarked against a long list of outstanding holes,” Mr Laviolette, said.
“Very significantly, as a step out 65m down plunge and as the furthest down-plunge hole and the deepest assay interval returned to date at Keats, this hole demonstrates that the outstanding zone of high-grade gold at Keats is continuing and perhaps strengthening with depth.
“We couldn’t be more excited to be continuing to intercept such a phenomenal interval on such a large step-out down plunge at Keats and this continues to build our confidence that Keats is a very significant high-grade gold discovery.”
Seven rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs by Q2 2021. With a current working capital balance of approximately C$79 million, New Found is well funded for this programme.
