#Canada #Vancouver #New Found Gold #Kingsway Project #Dropkick Zone

New Found Gold Corp. Updates High-Grade Discoveries

New Found Gold Corp. (TSXV: NFG, NYSE-A: NFGC) shared exciting results from its step-out drilling program in the Dropkick Zone, located within the company's Kingsway property. This recent drilling effort successfully highlighted high-grade gold intervals, significantly enhancing the exploration narrative at Kingsway.

The five diamond drill holes successfully intersected impressive gold concentrations, including notable findings of 89.5 grams per tonne (g/t) over 5.85 meters and 26.2 g/t over 16.15 meters in holes NFGC-24-2197 and NFGC-24-2193, respectively. The results have effectively expanded the Dropkick Zone by 75 meters towards the southwest, playing a crucial role in establishing this space as a high-grade mineralization hotspot.

Overview of the Dropkick Zone

The Dropkick Zone stands out as the most northern gold discovery along the Appleton Fault Zone (AFZ), strategically positioned northeast of significant zones such as Keats and Iceberg. The findings indicate that the gold mineralizing system has a substantial reach extending northward. The entire Kingsway project, which covers an impressive area of 1,756 km², lies conveniently 15 km west of Gander, Newfoundland and Labrador, with easy access via the Trans-Canada Highway.

The drop in elevation reveals that the gold mineralization initiates right from the surface and extends to depths of around 200 meters. Analysis shows that gold deposits typically manifest as free coarse gold, which is often contained within fault-fill quartz veins amid sequences of sandstones and siltstones, contributing to the complexity of the mineralization throughout the region.

Noteworthy Drill Results

Delving deeper into the details, the recent drill hole NFGC-24-2197 yielded the highest grade to date, with an extraordinary 1,128.0 g/t gold over a mere 0.35 meters. Meanwhile, hole NFGC-24-2193 recorded intervals demonstrating promising characteristics synonymous with various productive structures identified previously throughout the project, reinforcing the overall potential of the Kingsway area.

Future Exploration Plans

Forward-looking statements indicate that further drilling activities are slated to continue in the Dropkick Zone. New Found Gold plans to conduct follow-up expansion drilling to explore this newly discovered segment while pursuing previously unexplored areas along the AFZ corridor. The team expressed optimism regarding the substantial exploration potential that remains stretched across the region and is keen to capitalize on the promising results from current drilling efforts.

Estimating Resource Potential

In another significant development, New Found Gold has contracted SLR Consulting in November 2024 to conduct its maiden resource estimate (MRE) along with a preliminary economic assessment (PEA) of the project. The MRE is anticipated to provide the first reassessment of the mineral inventory and projected economics, including metrics like net present value (NPV), internal rate of return (IRR), and cash flow, which are vital for informed investment decisions moving forward.

Keith Boyle, the CEO of New Found Gold, voiced enthusiasm regarding the initial outcomes from the Dropkick area. He emphasized the importance of this milestone in showcasing the gold mineral system’s strength associated with the AFZ. Additionally, Boyle highlighted that the earlier high-grade intersections were solely found in prior discovery zones, marking the Dropkick Zone as a valuable addition to the project portfolio.

The company is poised for significant growth, with access to an additional 13 km of prospective strike along the AFZ, providing a host of compelling near-surface targets for exploration in 2025. This strategy aims to amplify New Found Gold's resource base continuously and capitalize on ongoing discoveries throughout the expansive project area.

Conclusion

As New Found Gold Corp. progresses with its drilling and evaluation endeavors at the Kingsway Project, the recent discoveries within the Dropkick Zone are set to bolster investor confidence and catalyze strategic advancements in the quest for gold in Newfoundland and Labrador. The combination of promising drill results and comprehensive future plans signals a noteworthy trajectory for New Found Gold in the ever-evolving mining sector.