New Found doubles known depth of gold mineralization to 820 metres at Queensway

New Found Gold (TSXV: NFG; NYSE-A: NFGC) says it has doubled the known vertical depth of mineralization at the 100%-owned Queensway gold project west of Gander, Nfld., to 820 metres. Deep drilling began in March, and the results of the first 11 holes along the Appleton fault zone (AFZ) have been received.

The company also noted that nine new deep gold zones were intersected in three holes, and six of the zones returned visible gold. Individual gold values were as high as 42.0 g/t and 57.1 g/t. These zones occur at 550 to 820 metres on both the east and west sides of the fault over a 3-km strike length. The same lithological and structural framework has been confirmed at depth as at the surface.

In the Keats South Deep zone, hole NFGC-24-2112 beginning at 774.7 metres assayed 2.7 metres at 10.98 g/t gold, including 0.5 metre at 27.12 g/t. There were four additional intersections until at 1,075.79 metres it intersected 0.7 metre grading 28.48 g/t gold.

The Iceberg-AFZ Deep zone returned two zones of mineralization in core from hole NFGC-23-1304. Beginning at 768.4 metres, an intersection of 2.2 metres grading 3.27 g/t gold, including 0.4 metre of 13.45 g/t. The same hole returned 2.2 metres beginning at 829.3 metres of 12.01 g/t including 0.6 metre of 41.97 g/t gold.

Hole NFGC-24-2094, drilled in the Deep Seismic target returned 7 metres grading 1.50 g/t gold beginning at 593.2 metres.

“Initial deep drilling results has confirmed our overarching thesis that Queensway is a deep-rooted mineralized gold system with a broad footprint that extends to depth. With nine new zones intersected, we have plenty of targets for direct follow up.

“We are not only encouraged by the number of mineralized intersections, but also by the extent of the mineralization, with some zones spanning up to 66 metres in length. Each of these zones exhibit epizonal-style gold mineralization characteristic of the multitude of discoveries made along this segment of the AFZ,” she added.

New Found has now embarked on a program of Devico AS directional drilling to test the new gold-bearing structures.

The company began exploring the Queensway North and Queensway South blocks in 2016. Through April 2024, it had drilled a total of 542,233 metres in 2,304 diamond drill holes. Phase 1 metallurgical tests have been conducted, but no resource estimate has been made for the property.

More information is posted on www.NewFoundGold.ca.