New Found Gold Corp. (TSXV: NFG) has made a discovery at Iceberg, a high-grade zone located 300m northeast of Keats Main along the highly prospective Appleton Fault Zone (AFZ).
The wholly-owned Queensway project comprises a 1,650sq. km area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.
Highlights
- The latest holes outline a new high-grade, at surface discovery named Iceberg that spans a strike length of 50m and remains open in all directions and to depth. Drilling collared into mineralization in NFGC-22-1084 with 15.3g/t Au over 10.75m, while a 25m step-out south intersected 72.2g/t Au over 9.65m in NFGC-23-1100, and a 25m step-out north intersected 19.7g/t Au over 5.65m in NFGC-23-1109. All three intercepts are shallow, occurring at depths of less than 30m from surface.
- Iceberg is found along the highly prolific Keats-Baseline Fault Zone (KBFZ), the structure that is host to the Keats Main Zone. Iceberg shares a similar orientation to Keats Main and is comprised of a multitude of intersecting veins concentrating high-grade gold mineralization. Geological characteristics of Iceberg are nearly identical to those observed at Keats Main and the company’s current interpretation is that Iceberg is the eastern continuation of Keats Main that has been displaced by faulting.
- As a result of this new interpretation, additional drills have been mobilised to this area to aggressively explore the along strike potential of the KBFZ. Several holes at Iceberg are pending assay.
“The discovery of Iceberg renews our enthusiasm around the highly prolific KBFZ. Iceberg exudes the same qualities that our earlier drilling found at Keats Main,” COO, Greg Matheson, said.
“Both display significant quartz veining over several-metre-wide intercepts that start at surface and both are hosted by the KBFZ – a fault with demonstrated ability to concentrate significant amounts of high-grade gold mineralization with considerable strike continuity. The KBFZ is an extensive structure and it has proven once again that it has more to offer.
“Following the mantra to ‘explore by keeping one foot in mineralization’, we have beefed up our exploration efforts at Iceberg to expand upon the high-grade intercepts reported today and to seek additional near-surface mineralization along strike.
“It is worth noting that this discovery was made by New Found’s geologic team as a result of prediction-based modelling, with the team theorising a potential faulting off at Keats Main. This is in itself an exciting development as it displays a growing understanding of what is no doubt a complex gold system.”
For further information please visit: https://newfoundgold.ca/
