Source: New Found Gold
New Found Gold (TSXV:NFG) has reported the results from 36 diamond drill holes, a part of an ongoing drill program aimed at expanding the recently discovered K2 Zone. The K2 Zone is located 725 meters north of Lotto and 2.2 km north of Keats West, on the western side of the Appleton Fault Zone (AFZ). This drilling is a component of New Found’s Queensway Project, covering a 1,662 square kilometre area, situated 15 km west of Gander, Newfoundland and Labrador, and accessible via the Trans-Canada Highway.
The K2 Zone has been identified as an intricate system consisting of multiple structures and intersecting vein orientations. This area spans a mineralized footprint of 410 meters in length by 395 meters in width. The gold mineralization begins at the surface and has been defined to a maximum depth of 250 meters through drilling. A significant portion of the gold is located in what is referred to as the “K2 Main” structure, a low-angle, gold-bearing fault zone that dips 40 degrees to the south. This zone averages 65 meters in thickness and shares a similar orientation to Keats West.
Melissa Render, VP of Exploration of New Found, commented in a press release: “Drilling at K2 has led to the discovery of a significant gold-bearing structural zone with a large and growing footprint that includes an array of veining and strong associated gold grades. Like Keats West, K2 is located west of the AFZ and gold is generally hosted in a low-angle, gently dipping structure, with the majority of mineralization found close to surface. With minimal drilling into this new zone, it is already apparent that the complexity and sheer number of associated veins at K2 far exceeds the system at Keats West. Additionally, the overall K2 zone shares many similarities with Keats Main, including general orientation and the presence of numerous, steeply dipping cross-structures. It is these complex environments that create opportune hosts for high-grade gold deposition and today’s highlight interval of 198 g/t Au over 2m gives us great enthusiasm that, like our flagship zones found 2.5km to the south, K2 can also host high-grade gold. The introduction of stibnite at K2 provides one additional curiosity; high-grade concentrations of stibnite are commonly observed at Fosterville near to high-grade epizonal gold zones. Through further drilling, we look forward to seeing if a similar association presents itself at Queensway. Exploration will remain focussed on expanding K2, which remains open in all directions and at depth, where limited drilling has been conducted below 150m vertical.”
The style of mineralization at K2 is categorized by a series of stockwork and fault-fill style quartz veins. These veins parallel the K2 Main structure and intersect it, forming a broad domain of gold-mineralized brittle faults. Additional drilling is needed to fully understand this complex network. One vein in this structure, named the “Stibnite” vein, has returned several noteworthy intervals, including grades of gold and antimony that are significant. This is the first time this kind of mineral association has been observed at Queensway North.
New Found Gold is currently executing a 500,000-meter drill program at Queensway, with approximately 39,400 meters of core samples pending assay results. The samples are being processed using both fire assay and photon assay techniques by ALS Canada Ltd. and MSALABS, under a commercial contract with New Found Gold. Sampling procedures follow a structured approach, with the drill core examined by geologists to mark intervals to be sampled. Half of the core is retained as a witness sample, while the other half is submitted for analysis.
The results, as released, are uncut, and composite intervals are calculated using a minimum weighted average of 1 gram per ton of gold, diluted over a minimum core length of 2 meters. Any high-grade intercepts, defined as consecutive intervals with grades higher than 10 grams per ton of gold, are reported separately. This data contributes to the ongoing evaluation of the mineral potential in the Queensway Project area.
Source: New Found Gold
Highlights from the results are as follows:
K2 Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Sb (%)
Zone
NFGC-22-9522
187.00
189.00
2.00
197.78
K2
Including
188.20
188.60
0.40
988.70
NFGC-22-10021
132.30
143.90
11.60
1.62
K2
NFGC-22-10131
202.95
209.00
6.05
6.47
<0.01
K2
Including
204.50
205.20
0.70
27.50
<0.01
NFGC-23-13031
22.35
35.30
12.95
4.50
0.95
K2
Including
23.20
24.35
1.15
21.12
1.12
Including
25.00
25.45
0.45
12.05
10.45
NFGC-23-13101
30.00
42.55
12.55
2.32
<0.01
K2
Including
40.85
41.60
0.75
10.10
<0.01
NFGC-23-13151
22.00
35.00
13.00
2.38
<0.01
K2
Including
34.30
35.00
0.70
10.75
<0.01
NFGC-23-13871
19.90
24.95
5.05
6.51
0.02
K2
Including
22.85
23.55
0.70
27.70
0.05
NFGC-23-13911
6.00
9.90
3.90
13.72
0.04
K2
Including
7.50
8.00
0.50
20.60
0.21
Including
8.50
9.90
1.40
26.93
0.02
Table 1: K2 Drilling Highlights
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95% and 240% to 70% of reported intervals. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9241
77.70
83.05
5.35
3.65
K2
And1
102.35
110.35
8.00
2.08
And1
122.85
125.00
2.15
1.21
NFGC-22-9524
46.00
48.20
2.20
6.54
Everest
Including
46.00
46.55
0.55
26.11
And2
179.00
181.00
2.00
1.47
K2
And2
187.00
189.00
2.00
197.78
Including
188.20
188.60
0.40
988.70
NFGC-22-9722
5.30
7.55
2.25
7.08
K2
Including
6.20
7.20
1.00
14.84
And1
139.15
141.35
2.20
2.54
And2
237.80
239.85
2.05
2.82
NFGC-22-987
No Significant Values
K2
NFGC-22-10021
132.30
143.90
11.60
1.62
K2
NFGC-22-10134
53.00
55.35
2.35
4.46
K2
Including
54.50
55.35
0.85
10.35
And4
78.50
80.85
2.35
1.12
And4
158.00
160.00
2.00
4.15
And4
177.85
180.10
2.25
1.07
And1
202.95
209.00
6.05
6.47
Including
204.50
205.20
0.70
27.50
And1
217.05
219.35
2.30
4.21
Including
218.45
219.35
0.90
10.60
NFGC-22-10241
69.00
71.00
2.00
1.80
K2
And1
184.30
186.70
2.40
2.99
NFGC-23-12274
91.00
93.10
2.10
2.09
K2
NFGC-23-1256
No Significant Values
K2
NFGC-23-12581
321.00
323.00
2.00
1.17
K2
NFGC-23-1270
No Significant Values
K2
NFGC-23-1276
No Significant Values
K2
NFGC-23-12821
78.45
80.65
2.20
1.04
K2
NFGC-23-1296
No Significant Values
K2
NFGC-23-13031
22.35
35.30
12.95
4.50
K2
Including
23.20
24.35
1.15
21.12
Including
25.00
25.45
0.45
12.05
NFGC-23-1305
No Significant Values
K2
NFGC-23-13104
5.55
7.75
2.20
1.59
K2
And1
30.00
42.55
12.55
2.32
Including
40.85
41.60
0.75
10.10
NFGC-23-13131
23.90
28.20
4.30
1.53
K2
And1
31.80
34.05
2.25
1.56
NFGC-23-1314
No Significant Values
K2
NFGC-23-13151
22.00
35.00
13.00
2.38
K2
Including
34.30
35.00
0.70
10.75
NFGC-23-13191
37.55
46.60
9.05
1.29
K2
NFGC-23-13224
58.00
60.00
2.00
4.64
K2
NFGC-23-13291
195.40
197.40
2.00
1.39
K2
And1
221.85
228.60
6.75
2.32
NFGC-23-1338
No Significant Values
K2
NFGC-23-13441
5.00
8.70
3.70
1.67
K2
NFGC-23-13454
75.55
77.55
2.00
1.71
K2
NFGC-23-13511
5.00
8.70
3.70
1.03
K2
NFGC-23-13554
185.40
188.75
3.35
1.22
K2
And3
231.00
233.30
2.30
1.22
NFGC-23-13701
178.85
181.00
2.15
1.34
K2
And1
182.60
184.65
2.05
1.01
And1
185.60
188.45
2.85
1.02
NFGC-23-1377
No Significant Values
K2
NFGC-23-13871
19.90
24.95
5.05
6.51
K2
Including
22.85
23.55
0.70
27.70
NFGC-23-13911
6.00
9.90
3.90
13.72
K2
Including
7.50
8.00
0.50
20.60
Including
8.50
9.90
1.40
26.93
NFGC-23-13921
26.25
28.25
2.00
1.00
K2
And1
32.60
37.00
4.40
2.38
NFGC-23-13981
32.75
36.15
3.40
5.99
K2
Including
35.00
35.70
0.70
20.60
NFGC-23-1522
No Significant Values
K2 West
NFGC-23-1546
No Significant Values
K2 West
Table 2: Summary of composite results reported in this press release for K2.
Note that the host structures are interpreted to be steeply dipping and true widths are generally estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of reported intervals. 4True widths are unknown at this time. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2m with a maximum of 4m consecutive dilution when above 200m vertical depth and 2m consecutive dilution when below 200m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.
Source: New Found Gold
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-22-924
300
-45
227
659018
5429879
K2
NFGC-22-952
300
-45
360
659249
5429986
K2
NFGC-22-972
272
-52
308
658964
5429766
K2
NFGC-22-987
300
-45
339
659252
5430042
K2
NFGC-22-1002
320
-60
194
658974
5429719
K2
NFGC-22-1013
320
-60
317
659000
5429765
K2
NFGC-22-1024
330
-45
239
658738
5429664
K2
NFGC-23-1227
345
-60
260
659140
5430512
K2
NFGC-23-1256
345
-60
251
659157
5430388
K2
NFGC-23-1258
320
-45
456
658988
5429388
K2
NFGC-23-1270
345
-60
305
659171
5430264
K2
NFGC-23-1276
75
-45
302
659071
5430206
K2
NFGC-23-1282
75
-45
395
658940
5430164
K2
NFGC-23-1296
75
-45
263
658891
5430078
K2
NFGC-23-1303
345
-60
227
658956
5430041
K2
NFGC-23-1305
345
-59
290
658655
5429522
K2
NFGC-23-1310
25
-45
65
658957
5430041
K2
NFGC-23-1313
15
-78
80
658956
5430041
K2
NFGC-23-1314
75
-45
263
658658
5429521
K2
NFGC-23-1315
270
-60
53
658956
5430041
K2
NFGC-23-1319
75
-45
386
658957
5430041
K2
NFGC-23-1322
75
-45
251
658772
5429570
K2
NFGC-23-1329
345
-60
299
658771
5429570
K2
NFGC-23-1338
75
-45.5
257
658843
5429992
K2
NFGC-23-1344
345
-59
251
659084
5430081
K2
NFGC-23-1345
344
-59
260
658642
5429645
K2
NFGC-23-1351
75
-45
254
659086
5430081
K2
NFGC-23-1355
74
-45.5
317
658741
5429818
K2
NFGC-23-1370
75
-45
251
658626
5429769
K2
NFGC-23-1377
345
-60
257
658626
5429769
K2
NFGC-23-1387
345
-45
50
658939
5430042
K2
NFGC-23-1391
345
-45
53
658907
5430027
K2
NFGC-23-1392
345
-45
104
658980
5429955
K2
NFGC-23-1398
345
-45
113
659021
5429957
K2
NFGC-23-1522
20
-45
212
658014
5429658
K2 West
NFGC-23-1546
353
-45
215
658015
5429656
K2 West
Table 3: Details of drill holes reported in this press release
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
The post New Found Gold (TSXV:NFG) Reports Drill Results from K2 Zone, Part of Expansive Queensway Project in Newfoundland and Labrador appeared first on MiningFeeds.
