TSX-V: NFG
$10.02
New Found is advancing its 100% owned 1,510km2 Queensway gold project, located on the Trans-Canada highway 15km west of Gander, Newfoundland. A 200,000m drill campaign is underway utilizing eight drills, focused on a 7.8km corridor along the Appleton fault and a 12.4km corridor along the JBP fault. On the Appleton fault, following up on an initial discovery hole that returned 19m of 92.9 g/t Au at the Keats Zone, drilling has returned wide intervals of high-grade gold mineralization starting at bedrock surface and extending 465m down plunge and open.
At the Lotto Zone 2km north of Keats, from the initial discovery hole of 41.2 g/t Au over 4.75m and 25.4 g/t Au over 5.15m, follow up drilling is indicating continuity to depth with recent deeper results including 225 g/t Au over 2.5m and more recently 150.3 g/t Au over 11.5m.
On June 29, 2021 New Found announced an interval of 430.2 g/t Au over 5.25m at the Golden Joint Zone, a new discovery approximately 1km north of Keats.
Multiple other high-grade targets are now being pursued over 7.8km of strike along the Appleton Fault Zone and 12.4km along the JBP Fault Zone. Work is also underway to define additional drill targets on approximately 70km of prospective strike along the Appleton and JBP fault structures on the southern portion of the Queensway property.
With approximately $80 million in working capital New Found is well funded to pursue its exploration programs.
