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(Wallace Refiners) – New Found Gold (TSXV: NFG, OTC: NFGFF) today announced high-grade assay results from an additional four holes drilled at the Keats Zone at its 100%-owned Queensway project, located on the Trans-Canada Highway 15km west of Gander, Newfoundland.
The company said it intercepted an interval of 146.2 g/t Au over 25.6m (3,742 gram-meter) in NFGC-21-182, which is the deepest assay interval returned to date at Keats.
The company noted that high-grade zone at Keats has now been drill defined over 425m in the down-plunge direction. The zone remains open and step-out drilling is continuing to the south, vertically above and below this zone, and to the north.
President Denis Laviolette commented, “The interval of 146.2g/t over 25.6m in hole NFGC-21-182 has a grade x width of over 3,700 g/t Au x m, the highest to date on this metric at Keats, benchmarked against a long list of outstanding holes. Very significantly, as a step out 65m down plunge and as the furthest down-plunge hole and the deepest assay interval returned to date at Keats, this hole demonstrates that the outstanding zone of high-grade gold at Keats is continuing and perhaps strengthening with depth.”
“We couldn’t be more excited to be continuing to intercept such a phenomenal interval on such a large step-out down plunge at Keats and this continues to build our confidence that Keats is a very significant high-grade gold discovery,” added Laviolette.
The company is currently undertaking a 200,000m drill program at Queensway. Seven rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs by Q2 2021. With a current working capital balance of approximately $79 million, New Found said it is well funded for this program.
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