The new assays were highlighted by an interval of 261.3 g/t Au over 7.2m in Hole NFGC-21-137, yielding a grade x width of 1,882 m*g/t Au, which is the highest result to date from the Keats drilling in terms of this metric, exceeding the 1,761 m*g/t Au from the 92.7 g/t Au over 19.0m intersected in NFGC-19-01 in 2019.
Two other holes — NFGC-21-137 and NFGC-20-57 — provided further confirmation of the vertical extent of high-grade mineralization at shallow depths above the interpreted south-plunging dilational zone.
Meanwhile, the remaining holes (NFGC-20-60, 103, 106, and 114) continued to define high-grade gold mineralization to depth within the host Keats baseline fault zone, the company said.
As a result, New Found Gold has increased the drill count at Queensway North from 8 to 10 drills. The 8th and 9th drills are on-site and scheduled to start by the end of April, and the 10th drill is anticipated to start by mid-May.
Shares of New Found Gold surged 12.5% to an all-time high of C$5.90 on Tuesday. The Newfoundland-focused miner has a market capitalization of C$871.3 million.