New Found Gold‘s (TSXV: NFG) Queensway project in Newfoundland expanded its Iceberg discovery with a significant high-grade intercept of 49.7 g/t gold over 29.85 metres, adding a vertical dimension to the site.
Iceberg is a high-grade zone located 300 meters northeast of Keats Main along the highly prospective Appleton Fault Zone (AFZ). New Found’s Queensway project is 1,662 square kilometers in area, accessible via Trans-Canada highway.
“Like Keats, Iceberg is shallowly located and demonstrates strong quartz veining over significant widths. Drilling is ongoing at Iceberg with a focus on both expansion of this new discovery and exploring along strike within the projection of the highly prospective KBFZ in search of additional near-surface high-grade gold mineralization,” said Greg Matheson, COO of New Found Gold.
The other significant drill hole from this period of assays includes NFGC-23-1120, which started 35 meters from the surface and exhibits a nearly continuous 40 meter drilled mineralized interval. The intercept contains distributed high-grade gold mineralization.
Newfound Gold has pulled out 19 samples registering over 10 g/t Au and nine samples with grades of 50 g/t Au.
The mineralization characteristics remain consistent with those at the Keats Main property. This supports the interpretation that Iceberg is hosted by the Keats-Baseline Fault Zone (KBFZ) and therefore is likely the eastern extension of the Keats Main misplaced by faulting.
The company has engaged in a 500,000-metre drill program at Queensway, located 15 kilometers west of Gander, Newfoundland and Labrador.
Approximately 53,000 metres of core are currently pending assay results.
New Found Gold adds seismic survey to toolkit
Earlier this month, New Found Gold started a 3D seismic survey along the AFZ and JBP fault zones (JBPFZ) at its Queensway project.
The seismic program started March 5, 2023. It’s being conducted by Australian-based HiSeis, which has been responsible for conducting similar surveys for the mining sector.
The survey will be over 5.8 kilometers wide and span eight kilometers of strike length along the AFZ and JBPFZ.
Consequently, this covers mineralized zones Keats, Keats West, Iceberg, Golden Joint and Lotto, and undrilled large areas.
This technology allows for three kilometers of high resolution penetration into the earth, with coarser resolution up to eight kilometers.
New Found Gold has focused on the first 200 meters from the surface in drilling to date. Also, usually within a 200 meter window on either side of the AFZ.
Collecting this data across the known zones will allow the company to train a 3D data set to identify similar-looking prospective zones both outside of this narrow window, and at depth.