New Discovered Gold (TSXV: NFG; US-OTC; NFGFF) has discovered a brand new high-grade zone at its 100%-owned Queensway gold venture in Newfoundland, 15 km west of Gander.
The invention gap, NFGC-21-241, intersected 5.25 metres grading 430.17 grams gold per tonne ranging from 207.85 metres. A second gap, NFGC-21-171, returned 4.85 metres grading 10.36 grams gold from 223.45 metres.
New Discovered Gold has named the brand new discovery Golden Joint, and it happens in two to 3 sub-parallel zones about one km north of the venture’s Keats zone and 850 metres south of its Lotto zone.
Drilling on the parallel Golden Joint HW (hanging wall) zone, about 150 metres east of the primary Golden Joint zone, additionally returned a number of vital intervals, with drill gap NFC-21-199 slicing two metres grading 2.85 grams gold from 36 metres, together with two metres of 12.70 grams gold.
“Following a high-grade gap at Lotto reported final week, the Golden Joint discovery additional affirms that the Appleton Fault is host to a number of areas of high-grade, close to floor gold mineralization,” Greg Matheson, New Discovered Gold’s chief working officer, said in a press launch.
Gap NFGC-21-241, he added, “seems epizonal in nature and is similar to the high-grade gold mineralization noticed on the Keats zone, which is situated 1 km to the south.”
The 1,500 sq. km Queensway property, adjoining to the Trans-Canada Freeway, is split by Gander Lake into Queensway North and Queensway South. Queensway North, the extra superior of the 2, has high-grade gold targets alongside the Appleton and JBP faults, together with the Keats zone, which the corporate found in November 2019. New Discovered Gold recognized a second gold zone at Queensway North in October 2020 referred to as Lotto, about two km north of Keats.
The drilling is a part of an ongoing 200,000-metre diamond drill program on Queensway. At the moment, the corporate has two drills rigs working at Golden Joint targeted on stepping out from drill gap NFGC-21-241.
At press time in Toronto, New Discovered Gold was buying and selling at $12.14 per share inside a 52-week buying and selling vary of $1.24 and $13.50. The corporate has about 152 million widespread shares excellent for a $1.8 billion market capitalization.
