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

Gold

New Found Gold reports more high-grade drill results in Eastern Canada

One of the holes yielded 30.8 g/t gold over 10 metres including 243.5 g/t in a 0.8 metre interval

New Found Gold reports more high grade drill results in Newfoundland and Labrador
Core shack at the Queensway project, Newfoundland and Labrador. Photo via New Found Gold

Vancouver’s New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) has reported more high-grade results from its follow-up drill program at the Queensway project in Newfoundland.

The results announced Wednesday come from the site’s Iceberg discovery, an area of Queensway discovered in January that has been yielding significant gold mineralization this year. New Found reported intercepting 30.79 g/t gold over 7.9 metres including a high concentration of 243.5 g/t in a 0.8-metre interval there.

Intercepts reported at the discovery earlier this month included 40.5 g/t over 8.7 metres including 176 g/t in a 1.85-metre interval and 33.3 g/t over 6.7 metres. Additionally, New Found had a high-grade result of 49.7 g/t over 29.8 metres at the Iceberg zone in March.

New Found Gold reports more high-grade drill results in Newfoundland and Labrador

Significant gold mineralization in a new core sample from Iceberg. Photo via New Found Gold

Read more: NevGold discovers oxide gold from the surface at Nutmeg Mountain

Read more: NevGold forms B.C. subsidiary to focus on Ptarmigan

The Queensway project spans 1,662 square kilometres and employs about 250 people, 86 per cent of which are residents of the province. The company is currently engaged in a 500,000-metre drill program at the project and says 61,000 metres of core is currently pending assay results.

“Very encouraging results continue to roll in from Iceberg and Iceberg East, expanding the high-grade envelope along strike and down-dip,” said New Found Gold’s Chief Operating Officer Greg Matheson.

“With exploration largely focused in the top 150 metres of vertical depth, we believe there is a lot more to uncover about this developing zone,” he added.

New Found Gold has a market capitalization exceeding $1 billion and holds $52 million in cash and marketable securities.

The company also operates the Lucky Strike project in Ontario’s Abitibi greenstone belt and its shares rose by 5.61 per cent Monday and are currently trading for $6.59 on the TSX Venture Exchange.

The government of Canada announced last week that it was investing $1.25 million in a manganese processing operation run by the private company Tacora Resources in Labrador, one of the 24 critical minerals found in the province.

The Conservative Party of Canada’s leader Pierre Poilievre also visited supporters in the province last week and said he would speed up mining production in Newfoundland and throughout the country if he was elected in 2025.

“I’ll speed up mining production and also greenlight green projects so that we can produce low-cost, carbon-free energy right here in Canada,” said Poilievre.

Other gold mining companies operating in Newfoundland include Marathon Gold Corporation (TSX: MOZ), owner and operator of central Newfoundland’s Valentine gold project; Burin Gold Corp (TSX-V: BURG), a Vancouver-based junior explorer operating the Hickeys Pond Paradise gold project in the Burin Peninsula; and TRU Precious Metals (TSX-V: TRU) (OTCQB: TRUIF) owner of the Central Newfoundland Gold Belt’s Golden Rose project.

 

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