New Found Gold boosts Queensway budget to $35M, drilling to 200,000 metres
Drill core from New Found Gold s Queensway project in Newfoundland. Credit: New Found Gold.
Based on drill results to date at its Queensway gold project in Newfoundland, junior
New Found Gold (TSXV: NFG) has doubled the size of its drill program to 200,000 metres from 100,000 metres.
The expanded program, which will employ eight drill rigs – up from four currently – will also allow New Found to drill new targets defined along 5 km of strike of the Appleton Fault Zone and 3 km of strike of the JBP Fault Zone. The four new drill rigs are expected to be mobilized by February, after contracts are finalized.
Provided by PR Newswire
Jan 6, 2021 12:45 PM UTC
New Found Gold Doubles Drill Program to 200,000 Meters and Increases to 8 Drill Rigs at Queensway
New Found Gold Doubles Drill Program to 200,000 Meters and Increases to 8 Drill Rigs at Queensway
PR Newswire
VANCOUVER, BC, Jan. 6, 2021
VANCOUVER, BC, Jan. 6, 2021 /PRNewswire/ - New Found Gold Corp. ( New Found or the Company ) (TSXV: NFG) (OTC: NFGFF) is pleased to announce that the Company is expanding the current Queensway drill program from 100,000 meters to 200,000 meters and is increasing the rig count from four to eight drills.
Highlights
The decision to double the current drill program to 200,000 meters was made following an analysis of the multiple high-grade gold intercepts reported from drilling to date and further review of the multiple drill-ready targets defined along 5 km of strike of the Appleton Fault Zone and 3 km of strike of the JBP Fault Zone.
NV Gold Corporation: NV Gold Completes Drilling at the Slumber Gold Project and Commences Drilling at the Sandy Gold Project
NV Gold or the
Company ) is pleased to announce that the Phase 2 drill program is now complete at its 100% controlled Slumber Gold Project ( Slumber ) located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada, USA. The drill program was comprised of 9 reverse circulation ( RC ) drill holes, totalling 1,859 m (6,100 ft). Samples have been dispatched to the laboratory, and assays are pending. Based on extreme laboratory backlogs, results are not anticipated until at least late February.
The same drill rig has recently been mobilized and commenced drilling at the Company s 100% owned Sandy Gold Project ( Sandy ), located within the Walker Lane, Lyon County, Nevada, USA. NV Gold s first drill program at Sandy will encompass up to 1,500 m in up to 10 RC drill holes. For additional information on the Sandy Gold Project, please refer to NV
New Found Gold boosts Queensway budget to $35M, drilling to 200,000 metres January 6, 2021
Based on drill results to date at its Queensway gold project in Newfoundland, junior
New Found Gold has doubled the size of its drill program to 200,000 metres from 100,000 metres.
The expanded program, which will employ eight drill rigs – up from four currently – will also allow New Found to drill new targets defined along 5 km of strike of the Appleton Fault Zone and 3 km of strike of the JBP Fault Zone. The four new drill rigs are expected to be mobilized by February, after contracts are finalized.
With $67 million in working capital, the B.C.-based explorer is well equipped to handle the expanded program, which has a revised budget, as of Jan. 1, of $35 million.
New Found Gold boosts Queensway budget to C$35M, drilling to 200,000 metres
Newfoundland. Credit: Wikimedia Commons
Based on drill results to date at its Queensway gold project in Newfoundland, junior New Found Gold has doubled the size of its drill program to 200,000 metres from 100,000 metres.
The expanded program, which will employ eight drill rigs – up from four currently – will also allow New Found to drill new targets defined along 5 km of strike of the Appleton Fault Zone and 3 km of strike of the JBP Fault Zone. The four new drill rigs are expected to be mobilized by February, after contracts are finalized.