Image: Visible gold from the drill hole NFGC-20-59 at Keats, courtesy New Found Gold Corp ©2021Shares of already-rising gold explorers New Found Gold Corp. (TSX-V: NFG) jumped $1.38 on Tuesday after the company reported the latest results from its ongoing 200,000-metre drill program at its flagship Queensway project in Newfoundland.
These last four holes targeted the Keats zone of the project, coming back with excellent intervals including 17.7 metres of 124.44 grams of gold per tonne (g/t Au) and 4.65 metres of 131.09 g/t Au, both from the same hole. These intercepts begin at a depth of just 27 metres, continuing down to 63 metres, which the company says confirms its theory of a "broad zone of near-surface, high-grade gold mineralization at the north end of Keats."
"The outstanding intervals of 131.1 g/t Au over 4.65m plus 124.4 g/t over 17.7m in Hole NFGC-20-59 yield the highest width x grade of any hole to date at Keats (cumulative +2800 m*g/t)," New Found CEO Greg Matheson said in the release. "We continue our infill and step-out drilling at Keats and look forward to reporting further results in the near future.”
New Found closed a $15 million flow-through financing in early April to finance continued exploration at Queensway. Soon after, the company reported a 7.2 metres of 261.3 g/t Au at Keats, sending shares up 88 cents in a single day. The stock continued to climb over the ensuing weeks, supported by further drill results from Keats, including 8.45 metres of 63.7 g/t Au and 2.5 of 16.9 g/t Au.
Shares of the company are now up 131% since the beginning of March, closing at $8.50 on Tuesday afternoon.
