New Found Gold, a Vancouver-based company listed on the TSX-V (NFG), has demonstrated significant progress in its Newfoundland project, particularly with the discovery of high-grade gold in its Iceberg deposit. The first diamond drill hole at Iceberg yielded impressive results, with an overall assay of 27.05m at 105 grams per tonne gold, including higher-grade intervals such as 1m at 756.96g/t and 7.3m at 234.69g/t.
The company is currently focused on targeting two fault zones at its Queensway North project, located 18km west of Gander International Airport. The recent high-grade discovery at Iceberg, located 300m from the Keats Main fault zone, underscores the project’s potential. Iceberg and Iceberg East are open in all directions and at depth, with ongoing assays pending.
Newfoundland has seen a resurgence in gold exploration, with over 100 identified gold zones on the island. The province has a history of gold prospecting dating back to the late 1800s, with renewed interest after the spike in gold prices in 1980. The Queensway North project enjoys strategic infrastructure advantages, being intersected by the Trans-Canada Highway and a high voltage power line, and in proximity to Gander airport.
New Found Gold is currently executing a 500,000m drilling program and holds approximately C$52 million in cash and marketable securities. The company’s focus on further exploration and development in Newfoundland positions it well for continued success in the region.
