GOLD MULTIPLE HIGH-GRADE TARGETS
The first modern exploration at the Queensway Project was by Noranda in the 1980’s. They reported a resource at the Knob Zone (see map) of 77,943 oz Au at 10.3g/t*.
The Fosterville epizonal high grade model was not understood at that time.
This genesis of mineralization results in very high grade gold in relatively small volumes of rock. It requires narrow spaced drilling to follow up and trace high grade intercepts, as at Fosterville’s Swan Zone.
This strategy has not been pursued before at the Queensway Project.
The 92.9 g/t intercept at Keats occurs within an area that covers 5km+ of strike including multiple showings and high-grade gold intervals.
Structural targets extend over an approximate 700 m width across this fault zone.
New Found has initiated its 25,000 m Phase 1 program along the Appleton Fault Zone and plans to grid drill a good portion of this target area.
Drilling commenced at the Little-Powerline Zone on August 17 and following completion of six holes will move to the Keats zone where an initial 12,000 m will be drilled to follow up on the 2019 discovery hole.
CURRENT 200,000M EXPLORATION PROGRAM
Substantial follow up drilling around prior high grade intersections, some close spaced to define high grade epizonal gold mineralization.
Drill testing of traditionally generated and machine learning targets outside of known areas.
Continued development of the structural model.
Investigate structural relationships and mineralizing events across the Queensway North, surface and drill core.
Conduct surface field work at Queensway South, early stage data collection and advanced target testing (trenching, drilling).
KEATS ZONE DRILLING
Two drills are now at Keats following up on the intercept of 19.0m of 92.9 g/t Au starting at 96m depth, drilled in NFGC-19-01 in late 2019.
Eight holes on a 10m x 10m grid pattern are being drilled around the NFGC-19- 01 intercept with the objective of determining the initial spatial trend of the high-grade gold mineralization.
Initially eight holes on a 10m x 10m grid pattern are being drilled around the NFGC-19-01 intercept with the objective of determining the initial spatial trend of the high-grade gold mineralization.
Due to the very high-grade nature of the mineralization a significant number of gold ounces can be contained in relatively small volumes of rock.
Other holes will be drilled to test the extent of the mineralization along 950m of strike length and to vertical depths of 500m.
NEW LOTTO ZONE DISCOVERY
At Keats the primary high-grade target occurs along the Keats Baseline fault, a secondary structure that parallels the Appleton fault 200m east of the main Appleton fault.
Similarly, these new high-grade intercepts 2km north at Lotto appear to be in structures paralleling the Appleton fault on the east side.
An IP geophysics survey shows a chargeability response that also parallels the Appleton fault between Keats and Lotto for approximately 2km (and open), again offset to the east side.
New Found’s ongoing drilling program will continue to target this corridor east of the Appleton fault between Keats and Lotto, as part of its grid drilling program testing multiple targets along 5km of the Appleton Fault Zone.
FOLLOW UP ON KEATS TARGET:
NFGG - 19-01 DISCOVERY HOLE 19.0M @ 92.9 g/t Au
Drilling will resume at Keats shortly with an initial 12,000m planned, including close spaced drilling and around discovery hole NFGC-19-01.
Very significant zone intersected in NFGC-19-01 from 95-115m
Visible gold is seen in numerous locations throughout the intercept indicated by the orange markers
Significant sulphide mineralization (pyrite, arsenopyrite) up to 10% is found in the host shale between three major vein sets
Veins carry trace chalcopyrite, boulangerite and disseminated visible gold
The zone occupies a broad fault zone with individual fault gouge zones up to 60cm and several lesser structures
Lower grade halo surrounds very high grade interval
KEATS TARGET NFGC-19-01 HIGH GRADE GOLD MINERALIZATION
Several hundred grains/pieces of visible gold were intercepted over a 17m interval in NFGC-19-01
Potentially a true discovery hole and does not compare with the previous 5 historic holes drilled into this zone
Intercept is approximately 50m below historic drilling
Intercept is only 75m from surface (open pit depth)
The host structures/veins remain open for expansion down dip and along strike
Follow up drilling to commence shortly