New Found Gold (TSXV: NFG) this morning announced that it has begun its 12,000 metre drill program at the Keats Zone at the firms flagship Queensway Project in central Newfoundland. The program will follow the strong intercept of 19.0 metres of 92.9 g/t gold found in late 2019.
The drill program at Keats will be focused on drilling eight holes in a 10 metre by 10 metre grid pattern around the intercept found in 2019 as the company looks to determine the spatial trend of the mineralization. Step out holes will be drilled to a depth of 200 metres, with drilling anticipated to be completed shortly. Additional holes will then be drilled to test mineralization along 950 metres of strike to depths of 500 metres.
The drill program has also seen a second core drilling rig added to mix, with drilling beginning yesterday. The company has already completed the drilling of six holes at its Little/Powerline zone, with that rig now focused on the Lotto zone. A third drill is also to be added within the next several weeks.
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The company is currently modeling the Keats zone as being similar to mineralization found at Kirkland Lake’s Fosterville mine, located in Australia. As a result, close spaced drilling is needed to be able to define the geometry of the gold mineralization, which New Found Gold has based its drill program on currently.
New Found Gold last traded at $2.08 on the TSX Venture.
Information for this briefing was found via Sedar and New Found Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
