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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

New Found Gold continues heavy drill campaign at Queensway

The company has selected initial targets on some of the most significant mineralized zones and structures

New Found Gold continues heavy drill campaign at Queensway
Core samples at the grand opening of the Gander office in 2023. Image via New Found Gold.

New Found Gold Corp. (TSXV: NFG) (NYSE: NFGC) has drilled 12 holes ranging in length from 550 to 1,230m at its Queensway Project in Newfoundland.

The company included this on Tuesday as part of a shareholder update. The Queensway Project is on the Trans-Canada highway approximately 15 kilometers west of Gander, Newfoundland.

In early March, the company began its deep drilling program at Queensway to test targets from the initial 3-D seismic interpretation. The program is ongoing and the company is also awaiting the results.

New Found Gold has selected initial targets that include down-dip step-outs on some of the most significant mineralized zones and structures. Additionally, at Jackpot and Lotto, the company has drilled three holes targeting the zones at depth in areas that coincide with apparent structural breaks and reflectors in the 3-D seismic data.

At K2, the team drilled one hole to test the down-dip extension of the K2 structure while continuing to explore a prospective region where the Glenwood and the Appleton Fault zones converge and align with a reflective feature in the seismic data. Meanwhile, at Iceberg, two drill holes have been completed to test the Keats-Baseline-Fault Zone (KBFZ) in an area where the KBFZ appears to change direction based on the seismic interpretation.

Simultaneously, the company is extending several existing Iceberg holes towards the Appleton Fault Zone (AFZ) to target a previously untested and highly prospective ‘wedge’ between the KBFZ and the AFZ and below Keats West.

Additionally, two drill holes have been completed at the south extension of Keats, targeting the down plunge extension of the KBFZ.

Read more: Calibre Mining pulls high value gold and silver in Nicaragua

Read more: Calibre Mining remains on track to deliver on its 2024 guidance of between 275-300K ounces

Team has developed an understanding of the mineralization

Furthermore, New Found Gold has engaged Devico AS to apply its DeviDrill steerable core barrel technology at Queensway. Devico is deploying a team of technicians to the project site to work closely with New Found and onsite drill contractors.

Together, they will use this directional drilling technology to enable branch holes. Branching involves re-entering a single hole and using directional drilling techniques to branch off existing holes at depth, allowing for quicker targeting and definition of areas of interest.

“Through 500,000+ meters of near-surface drilling, our team has developed a robust understanding of the controls on mineralization at Queensway and we are keen to apply that knowledge to this untested domain,” said Melissa Render, VP of Exploration for New Found.

Newfoundland and Labrador have a long history of mining but the recent surge in gold exploration represents a relatively new development. It’s driven by a combination of factors including new discoveries, favourable geology, and market conditions.

The Canadian province is home to several prominent gold deposits.

One of the most notable is the Valentine Gold Project. Operated by Calibre Mining Corp. (TSX: CBX) (OTCQX: CXBMF) after a successful acquisition of Marathon Gold earlier this year, this deposit has estimated resources of over 4 million ounces of gold.

Furthermore, Signal Gold (TSX: SGNL)(OTCQX: SGNLF) owns the Tilt Cove Project, an exploration-stage gold-copper project located within the Baie Verte Mining District, near the community of La Scie, Newfoundland. Additionally, the

Additionally, the Cape Ray deposit, operated by Matador Mining (ASX: MZZ), shows promise with ongoing exploration and development.

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 Calibre Mining is a sponsor of Mugglehead news coverage

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