New Found Gold (TSXV: NFG; NYSE-A: NFGC) has made a new discovery between the Golden Joint and Dome targets at depth in what it calls the Golden Dome at its Queensway gold project, about 15 km west of Gander, N.L.
Hole NFGC-24-2158 returned high-grade gold over a nearly 30-metre down-hole interval, with several intercepts made with a cumulative length of 11.8 metres, including 343 grams gold per tonne over 2.2 metres from 482.1 metres depth, which contained a 1,230 grams gold sample over 0.6 metre core length. NFGC-24-2158 also cut 9.51 grams gold over 7.5 metres, and 40.6 grams gold over 2.2 metres.
New Found said in a release that these preliminary results suggest that the Golden Dome is part of a larger mineralized network connecting Dome to Golden Joint and has a combined strike length of 750 metres, extending to depths of 375 metres. Follow-up drilling is ongoing.
“As announced recently on Oct. 24, 2024, the results from the Pistachio discovery at Kingsway show the advancement of scale of the mineralized system made in 2024 at surface, along strike,” COO Greg Matheson said. “Paired with our ongoing success at depth, we are seeing a significant increase in the mineralized footprint at Queensway. Our target pipeline for growth is strong and we recently doubled the number of active drill rigs at the project to more rapidly advance and define many of these new high-grade discoveries.”
New Found faced criticism just over a month ago from short-selling analyst Iceberg Research that it has misled investors about Queensway by trying to hide the project’s inconsistent gold mineralization, while large amounts of drilling haven’t made much progress. Company CEO and chair Collin Kettell hadn’t responded to a request for comment about the allegations.
The results Thursday from 10 diamond drill holes at the project come the same day as the price of gold touched another historic high of US$2,790.10 per oz., amid a year of record prices for the yellow metal.
Long, strong hits
New Found also released assays for eight holes testing near surfaced targets adjacent to Alley and Keats South. The assays, as expected, keep indicating long and strong intersections.
The company continues its deep drilling program at Keats South where two broad domains of gold-bearing quartz veins on both sides of the Appleton Fault zone have been drilled, and they are similar to the high-grade segments of the Keats Baseline Fault zone. Hole NFGC-24-2135 made another new discovery that included 13.7 grams gold over 4.9 metres, including 40.6 grams gold over 1.5 metres at a depth of 500 metres in the Appleton Fault zone.
New Gold has drilled over 100,000 metres at the Queensway project this year as part of a 650,000-metre drill program that continues.
Company shares fell 1.9% to $3.11 apiece on Thursday afternoon, valuing the company at $616.4 million. Its shares traded in a 52-week range of $3.03 and $5.71.
Disclaimer: The Northern Miner Group, which holds Mining.com, The Northern Miner and Canadian Mining Journal, is owned by EarthLabs, whose chairman and CEO, Denis Laviolette, is president of New Found Gold.
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