"We have eight drills currently running and may expand this further to accelerate drill testing of a very large prospective target area."
Can you provide an overview of New Found Gold and the company’s Queensway gold project?
New Found Gold (NFG) was founded in 2016 and focused on opportunities with high grade potential. One of the first projects it visited was what is today the Queensway project. NFG saw potential in the area and negotiated deals with the 11 landowners and then staked a large land area around the property covering +100 km of strike along what was interpreted to be primary crustal scale gold mineralizing structures. Historical drilling on the property delivered high grade gold results, but the operating company at the time was interested in base metals and did not continue with the project.
Between 2016 and 2019, approximately C$8 million of work was done on the property, including a detailed till sampling program covering the JBP fault zone, a property wide VTEM magnetic and EM survey covering 821 km2, a regional scale till survey to sample over 750 locations, and a 1,950 m diamond drilling program at the JBP and Appleton fault zone. In late 2019 an initial 10 hole drill program returned 19 m of 92.9 g/t Au at the Keats zone on the Appleton Fault.
NFG continued to raise funds privately to continue with exploration activities and to stake more land, and in August 2020, NFG completed its IPO and immediately initiated a 25,000 m diamond drilling program at the JBP and Appleton fault zones as the first phase of a 200,000 m drill program. The initial drilling at Keats was successful in extending the high grade gold mineralization down plunge, with a high grade zone now drill defined over 465 m down plunge and open. Early in the program a new discovery was made at the Lotto zone approximately 2 km north of Keats, which led to a recent drill intercept at Lotto of 150.3 g/t Au gold over 11.5 m. In June 2021, NFG announced an interval of 430.2 g/t Au over 5.25m at the Golden Joint zone, a new high-grade discovery approximately 1 km north of Keats.
Moving forward, our plan is to continue to step out on these discoveries, to test multiple additional high grade gold targets. We have eight drills currently running and may expand this further to accelerate drill testing of a very large prospective target area. With approximately C$80 million in working capital, NFG is well funded to pursue our exploration programs.
Can you elaborate on the “gold rush” occurring in Newfoundland?
The mining world is becoming more aware of the gold potential in Newfoundland and there are great opportunities for juniors in the region. Looking specifically at the corridor that the Queensway project lies on, Labrador Gold Corp. has what appears to be a continuation of the structures we are exploring to the north. We see good potential in a number of juniors in Newfoundland, and some have already seen some impressive success. NFG is most familiar with the specific project area we operate in, so we have invested in companies that adjoin us that can complement our asset.
What are New Found Gold’s key objectives for the next few years?
Along the Appleton fault we currently have +15 high priority targets and are continuing to add new targets along 7.8 km of strike. The 12.4 km of strike along the JBP structure approximately 5km east of Appleton has similar prospectivity. We are focused on bringing all the tools and resources we can for intelligent targeting. At some point we will move to initial resource estimates on our discovery areas.
Do you have a final message about Newfoundland as a mining jurisdiction?
The government and communities in Newfoundland are incredibly supportive and keen on developing the mining industry for its economic benefits. There is a great industrial base with skilled people in Gander. We are fortunate to have access from Gander by travelling 15 minutes along the Trans-Canada Highway, and there are power lines running through our property. Newfoundland is located in a first world stable political jurisdiction. Given our project's location, access, infrastructure, political jurisdiction and industry standard permitting process, NFG is in an extremely good position to build significant project value as we rapidly advance drilling and other exploration work.