The Golden Joint zone is a brand new discovery, located around 1 km north of the Keats Zone and ~ 850 m south of the Lotto Zone which occurs in two to three sub-parallel vein systems. The drilling was done as part of their massive 200,000 m diamond drill program taking place at their Queensway Project.
New Found Gold has accumulated the largest ever consolidation of property within the Central Newfoundland Gold Belt, and they own 100% of the property. The Trans-Canada highway runs through the project, giving them easy road access, and powerlines run through the project.
The best finding from this round of assay results has got to be the intercept of 430.2 g/t Au over 5.25m in hole NFGC-21-241. This is a great grade over a decent distance. The 5.25m intercept also had over 700 grains of gold, which represented the most per meter seen to date anywhere at the Queensway Project.
There were other notable results from the Golden Joint HW (Hanging Wall) zone 150 m east of the main Golden Joint zone, which returned some interesting results, including 12.7 g/t Au over 2.0m in hole NFGC-21-199.
NFG has two drill rigs operating at the Golden Joint area, which are focused on stepping out from discovery hole NFGC-21-241, and generally providing them with more information about the mineralization in the area.
“Following a high-grade hole at Lotto reported last week, the Golden Joint discovery further affirms that the Appleton Fault is host to multiple areas of high-grade, near surface gold mineralization. As our team has theorized all along, the Keats zone is not the only area of significant gold mineralization. Hole NFGC-21-241 at the Golden Joint appears epizonal in nature and is very similar to the high-grade gold mineralization observed at the Keats Zone, which is located 1km to the South,” stated Greg Matheson, COO of New Found Gold.
“Lotto and Keats are just two of several high priority targets identified over 7.8km of strike along the Appleton Fault on the northern portion of the Queensway project. As we continue to explore these showings, we now have demonstrated that the high-grade intercepts are not isolated to just the Keats Zone and this takes us a significant step further in confirming the presence of repeated zones of high grade epizonal style mineralization along the Appleton Fault Zone.”
New Found has a big property here where they are finding more and more viable areas of exploration. Combine that with their willingness to invest in exploration, and the property’s accessibility (the project is only a 15-minute drive from the town of Gander), and you’ve got a promising property.
Following the news, New Found Gold’s shares are up 96 cents and are currently trading at $12.30.