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.
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