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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

New Found Gold finds high grades including 14.8 g/t gold over 5 meters in Newfoundland

The company possesses cash and securities totalling approximately USD$53.6 million as of April 2024

New Found Gold finds high grades including 14.8 g/t gold over 5 meters in Newfoundland
New Found Gold geologists Melissa Render, Miguel Nassif (near copter) and John Fingas (far right), mapping at the Eastern Pond Trench, Queensway South. Image via New Found Gold.

New Found Gold Corp. (TSXV: NFG) (NYSE: NFGC) discovered high gold grades across multiple holes at its Queensway project in Newfoundland.

On Wednesday, the company reported results from 85 drill holes finished as part of multiple drill programs intended to expand and follow up on gold mineralization across several areas on the east side of the Apple fault zone (AFZ).

New Found Gold is also currently undertaking a 650,000-metre drill program at Queensway. It has approximately 3,200 metres of core currently pending assay results. The project is intersected by the Trans-Canada Highway, has logging roads crosscutting the project, high voltage electric power lines running through the project area, and offers easy access to a highly skilled workforce.

The company is well funded for this program, with cash and marketable securities totalling approximately $53.6 million as of April 2024.

Originally discovered on Jan. 10, 2024, Honeypot has been the site of continued follow-up drilling aimed at extending the high-grade domain. The company has successfully intercepted 14.8 g/t gold over five metres in NFGC-24-2063, located 84 metres farther down plunge from the previously released intercept of 26.4 g/t gold over 7.65 metres in NFGC-23-1810.

Intervals within the Honeypot high-grade domain include 7.25 g/t gold over 4.5 metres in NGFC-23-1806A, 2.24 g/t gold over 10.90 metres in NFGC-23-1796, and 10.2 g/t gold over 2.25 metres in NFGC-23-1886.

The domain measures 50 metres in width and 200 metres in depth. Located 1.2 km north of Lotto, drillers have defined the host structure of Honeypot over a strike length of 280 metres, and it remains open along strike and to depth.

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

Intervals demonstrate strong continuity of gold mineralization

New Found Gold’s recent highlights include an interval of 11.3 g/t gold over 3.65 metres in NFGC-23-1627 extends the down-plunge extent of the high-grade domain at Jackpot to 155 metres, more than doubling the previously reported extent of 75 metres.

Jackpot also includes 43.1 g/t gold over 2 metres in NFGC-23-1418, which occurs at the surface, and 1.02 g/t gold over 13.95 metres in NFGC-23-1668, located 195 metres down plunge.

These intervals occur within a fault region that demonstrates strong continuity of gold mineralization plunging southwest. This covers an area that averages 75 metres in width and 250 metres in length and remains open at depth.

Meanwhile, at Golden Joint, the barge drilling program targeting the upper portions of the Golden Joint zone unreachable by land has also delivered outstanding results.

These results include 14.4 g/t gold over 2.50 metres in NFGC-23-1559, and 4.91 g/t gold over 8.05 metres in NFGC-23-1501A. Along with other results announced, these findings infill and confirm the near-surface, high-grade continuity at Golden Joint.

“Honeypot and Jackpot were two discoveries that were somewhat of a surprise in terms of their mineralizing strength and continuity given they are 300 m and 340 m east of the AFZ, respectively,” Melissa Render, the vice-president of exploration for New Found Gold, said.

“Akin to the neighbouring Lotto discovery, they can concentrate considerable high-grade gold. These are important structures, and both are visible in the seismic data where they appear to persist to depth.”

Newfoundland is recognized as a gold rich province

Newfoundland has drawn attention of late from the gold mining industry. Historic exploration hints at substantial gold deposits, and recent finds fuel the fire.

Beyond the geology, Newfoundland offers a stable political climate with clear regulations. This is a welcome contrast to some resource-rich but volatile regions. The province also boasts well-developed infrastructure, including transportation and a skilled workforce. This can significantly expedite and reduce the cost of setting up a mine. This unique combination of potential riches, political stability, and strong infrastructure makes Newfoundland a magnet for gold exploration and development.

Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) successfully finalized the acquisition of Marathon Gold in January 2024.

This deal secured Calibre’s ownership of Marathon’s Valentine Gold Project in Newfoundland, Canada, recognized as a top gold mining jurisdiction.

The acquisition bolsters Calibre’s annual cash flow and positions them to become a mid-tier gold producer, expected to churn out 500,000 ounces per year upon full development of the Newfoundland site. Additionally, recent tests suggest the mine’s lifespan may even exceed initial estimates.

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 Calibre Mining is a sponsor of Mugglehead news coverage

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