Newfoundland-based mining company, New Found Gold (TSXV:NFG), has provided an update on the progress of its deep drilling program at the Queensway project. The company announced that a total of 10,345 metres have been completed in 12 drill holes, with lengths ranging from 550 to 1,230 metres.
The company is focusing on extending several existing holes towards the Appleton Fault Zone to target an untested and highly prospective ‘wedge’ between the two zones and below Keats West. Initial targets include down-dip step-outs on significant mineralized zones and structures such as Jackpot, Lotto, K2, and Iceberg.
Melissa Render, VP of Exploration at New Found Gold, expressed optimism about the deep drilling program, stating, “Our quest to unlock the deep potential of Queensway is off to a good start. With 12 holes completed, we are rapidly advancing our understanding of the geological environment and acquiring data that will help us to refine our interpretation of the 3-D seismic survey.”
To enhance the drilling process, New Found Gold has enlisted the services of Devico AS, a directional drilling supplier, to apply its DeviDrill steerable core barrel technology at Queensway. This technology will enable branch holes, ultimately lowering costs and increasing efficiency.
The Queensway Project, in which New Found Gold holds a 100% interest, is currently undergoing a 650,000-metre drill program that is well-funded with cash and marketable securities totaling approximately C$53.5 million as of February 2024. The company’s stock last traded at $4.46 per share on the TSX Venture Exchange.
For investors and enthusiasts looking to join the discussion on New Found Gold, the company’s Bullboard investor discussion forum and Stockhouse’s stock forums and message boards are great places to start.
