New Found Gold (TSXV:NFG, NYSEA:NFGC) has provided an update on its deep drilling program at its 100% owned Queensway Project, located 15km west of Gander, Newfoundland. The company has engaged Devico Directional Drilling Services to enhance its ongoing exploration efforts.

The Queensway Project, which is intersected by the Trans-Canada Highway and has logging roads crosscutting the project area, benefits from high voltage electric power lines running through the project area and easy access to a highly skilled workforce. New Found Gold is currently undertaking a 650,000m drill program at Queensway and is well-funded for this initiative, with cash and marketable securities of approximately $56 million as of June 2024.

Melissa Render, VP of Exploration for New Found, commented in a press release: “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. Through 500,000+ meters of near-surface drilling, our team has developed a robust understanding of the controls on mineralization at Queensway and we are keen to apply that knowledge to this untested domain. In our search for staying at the forefront of exploration technology, we are proud to add directional drilling to our arsenal of tools. Devico is a renowned, industry-leader in directional drilling and the application of this technology should help us to lower cost, while increasing efficiency.”

Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the scientific and technical information disclosed in the press release. Mr. Matheson has consented to the publication of the press release dated June 11, 2024, and certifies that it fairly and accurately represents the scientific and technical information that forms the basis for the release.

New Found Gold Corp. holds a 100% interest in the Queensway Project, which is located just 18km from Gander International Airport. The company acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

Investors seeking to contact the company are encouraged to visit New Found Gold’s website, www.newfoundgold.ca, and submit their inquiries through the investor inquiry form. The company’s management has pledged to respond to all investor inquiries within 24 hours.​​​​​​​​​​​​​​​​

Highlights from the results are as follows:

• In early March, the Company announced commencement of its deep drilling program at Queensway to test targets derived from the initial 3-D seismic interpretation. To date, a total of 10,345m have been completed in 12 drill holes ranging in length from 550 to 1,230m. The program is ongoing and results are pending.
• Referring to Figure 1 below, initial targets selected include down-dip step-outs on some of the most significant mineralized zones and structures:
  • At Jackpot and Lotto, the Company has drilled three holes targeting the zones at depth in areas that coincide with apparent structural breaks and reflectors in the 3-D seismic data.
  • At K2, one hole was drilled to test the down-dip extension of the K2 structure while continuing on to test a prospective region where the Glenwood and the Appleton Fault zones converge and coincide with a reflective feature in the seismic data.
  • At Iceberg, two drill holes have been completed testing the Keats-Baseline-Fault Zone (“KBFZ”) in an area where the KBFZ appears to change direction based on the seismic interpretation. At the same time, the Company is extending several existing Iceberg holes towards the Appleton Fault Zone (“AFZ”) to target a previously untested and highly prospective ‘wedge’ between the KBFZ and the AFZ and below Keats West.
  • Two drill holes have been completed at the south extension of Keats, targeting the down plunge extension of the KBFZ.
• The Company has engaged Devico AS, a division of IMDEX, a leading supplier of directional drilling services, to apply its DeviDrill steerable core barrel technology at Queensway. Devico is in the process of deploying a team of technicians to the project site that will work closely with New Found and onsite drill contractors to apply this directional drilling technology that will enable branch holes. Branching involves single-hole re-entry and directional drilling techniques to branch off existing holes at depth and more quickly target and define areas of interest.

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.