New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce the results from 17 diamond drill holes that were completed as part of an ongoing systematic drill program exploring a highly prospective segment of the Appleton Fault Zone (“AFZ”) immediately north of the Keats Zone. New Found's 100% owned Queensway project comprises an approximately 1500km2 area, accessible via the Trans-Canada Highway approximately 15km west of Gander, Newfoundland and Labrador. Exploration Update: Fourteen drills are turning largely focused along the Queensway North segment of the AFZ. Of note, two drills are working at Keats North, three at Keats Main, three along the west side of the AFZ at various target areas, two south of the Trans-Canada Highway, one at Lotto, one at Lotto North, and one at Big Dave. To date 247,520m have been drilled of a 400,000m program. Assays are pending for a total of 38,090m of core with 7,018m from Keats, 8,378m from Keats North, 1,946m from Golden Joint, 1,867m from Lotto, 4,341m from Lotto North, 3,283m from Big Dave, 4,606m from TCH, and the balance from several target areas along the AFZ. The Company will release assays upon receipt of a sufficient number of results from specific areas and zones. This week a barge arrived on site that will allow drill testing of the projected extension of high-grade gold mineralization to surface in areas previously inaccessible due to surface water and associated exploration exclusion zones. These surface constraints have left considerable areas untested at both Keats and Golden Joint that will now be easily reached via the barge. Initially, work from the barge will commence at Golden Joint before proceeding to Keats. The Company is continuing its extensive QA/QC testing of the Chrysos Photon Assay™ technology. So far, 2,186 samples have been shipped to MSALABS in Val-d’Or for assay utilizing the Chrysos Photon Assay™ technology. Subsequent to photon assay, 560 samples have been submitted to ALS for follow-on screen metallic and fire assay testing. The MSA test program is nearly complete, and the Company will announce the results of this test work and provide an update for its plans for utilizing the Chrysos Photon Assay™ technology in the near future. The benefits of utilizing the Chrysos Photon Assay™ include preservation of the sample for additional assay and testing work, faster turnaround time, lower cost and an environmentally friendly, chemical free, more sustainable replacement for traditional fire assay methods. The Giga Shack is nearing completion with a grand opening and move-in scheduled for the coming weeks. This new facility’s core processing capacity will be significantly greater and will allow for faster turnaround of assay results.
Done nothing for the price today which currently sits down -68% from all time high made just a high ago.
Lotto and Lotto North. How telling names lol. Had to smirk when I saw those names. How is it that some corporations can amass 1500 square km while the small Joes in Canada need to fight tooth and nails for decades to get their own properties subdivided?