New Found Gold (TSXV: NFG) has begun the process of surface trenching at a second zone at its Queensway project in Newfoundland. The program will focus on the Iceberg Zone, where the company aims to better understand the structural controls of the area.
The trenching program will see the removal of overburden that extends as much as 12 metres deep at the zone to bedrock surface, with the company targeting the exposure of 220 metres of strike length over an area that is 105 metres wide. The trenching program is expected to enable the analysis of the geological and structural models of the zone, which to date have been defined by drilling.
The program is expected to take up to ten weeks to complete, which will be followed by a mapping program that will conclude by the end of the year. The zone is currently believed to have mineralization begin four metres below surface, with the known strike extending for 680 metres and to a depth of 180 metres.
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The program follows a similar trenching program undertaken at the Keats zone in 2023 by New Found Gold, with an area measuring 200 metres by 150 metres being exposed. A surface channel sampling program is now underway at the zone, which is expected to be completed mid-month.
“Having the ability to observe large surface exposures of mineralization provides added confidence beyond what can be garnered from drilling alone, paving the way for more accurate modelling. We want to de-risk Iceberg in the same way by exposing the bedrock surface above the zone. Like Keats, Iceberg was blind, it does not outcrop at surface but rather exists under a thin layer of till cover,” commented COO Greg Matheson.
On an unrelated note, the company also disclosed this morning that over the most recent quarter the firm issued 2.9 million shares under the ongoing at-the-market program, raising gross proceeds of $13.8 million.
New Found Gold last traded at $3.74 on the TSX Venture.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
