StreetSmart Live! Presents Algernon Pharmaceuticals Inc. on 10/06/2020. Learn More

Get the Latest Investment Ideas Delivered Straight to Your Inbox.

News Update

TICKERS: NFG

Explorer Intercepts High-Grade Gold at Aptly Named Lotto Zone
News Update

Share on Stocktwits

Source:

New Found Gold reported it intercepted 41.2 g/t gold over 4.75 meters and 25.4 g/t gold over 5.15 meters at its new Lotto Zone discovery at its Queensway Project in Newfoundland.

Stock photo

In a news release, New Found Gold Corp. (NFG:TSX.V) announced assay results from the first hole drilled targeting its newly discovered high-grade gold Lotto Zone. The results are the first to be reported from the 100,000 meter diamond drill program that New Found Gold recently commenced at its wholly owned Queensway High-Grade Gold Project located near Gander, Newfoundland.

The company stated that it identified two near surface intervals of intense quartz veining with significant sulfide and visible gold at the Lotto Zone. The firm advised that samples assayed from this area returned 41.2 g/t Au over 4.75m and 25.4 g/t Au.

New Found indicated that the Lotto Zone displays very similar characteristics to the high-grade gold mineralization at the Keats discovery in Queensway.

The company noted that it also located three additional zones of quartz veining and sulphide mineralization within wider structurally deformed corridors. The firm advised that assay results are still pending for the balance of NFGC-20-17 and these new targets.

The company's Chief Operating Officer Greg Matheson commented, "We are delighted to encounter such impressive high-grade gold intervals in our first hole at the Lotto Zone. Hole NFGC-20-17 provides our first full geologic profile through the host stratigraphy on the east side of the Appleton fault. It is encouraging and exciting that at such an early stage in our exploration program, we now have two high-grade gold discoveries approximately 2 km apart yet within the same structural regime along the east side of the Appleton Fault Zone, with both areas demonstrating characteristics of epizonal style high-grade gold emplacement."

The company reported that it now has three core drills actively operating at the Queensway project including one at Lotto and two at Keats. The firm added that two additional holes have now been completed at Lotto and a fourth hole is now being drilled. The company expects to receive the initial results shortly at the Keats Zone where the firm has already completed four holes with another two underway.

[NLINSERT]

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.




Want to read more about Gold investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe