By this point, three core drills were now active on the Queensway project. The first drill was working at the Lotto Zone and the second and third rigs were turning at the Keats Zone.
Further progress at the Keats Zone was observed in late October when New Found Gold revealed the preliminary results from the first four 2020 drill holes (NFGC-20-18, 19, 21, and 23) as part of the company’s ongoing diamond drill program.
Intervals from those holes displaying significant quartz veining, sulfide mineralization, and visible gold were assayed on a rush basis. The initial step-out drilling at Keats demonstrated strong continuity of veining and high-grade gold mineralization.
Furthermore, the 10-meter step-out pattern around Hole NFGC-19-01 provided valuable information about the orientation of veining and grade distribution at the Keats Zone. As Mr. Matheson pointed out, historic work and more recent drilling at Keats demonstrated gold mineralization over at least 300 meters of strike, and the target remained open along strike and to depth.
More updates followed closely in November, with New Found Gold announcing the initial results from drill hole NFGC-20-26 at the Keats Zone. As it turned out, the high-grade interval in NFGC-20-26 displayed characteristics suggestive of an epizonal orogenic depositional environment.
An interval of drill core in hole NFGC-20-26 displaying abundant quartz veining, sulfides, and visible gold was assayed on a rush basis, returning significant mineralization: 44.5 grams per metric ton of gold over 6.85 meters within a longer interval of 11.8 grams per metric ton of gold over 29.15 meters, starting at 45 meters down-hole.
New Found Gold President Denis Laviolette further added, “The closer spaced drilling around NFGC-19-01 is yielding outstanding results and giving us valuable information about the spatial distribution and geometry of the high-grade gold mineralization.”
Heading into the end of the year, in December, New Found Gold provided a highly anticipated update regarding the Queensway project. In particular, the company revealed that it had completed approximately 11,900 meters of core drilling at Queensway North, including 36 holes at the Keats Zone target.
By that point in time, the company had moved into a new 7,000-square-foot core-logging facility that has the capacity for a significant expansion of the drill program should a decision be made to do so.
With that same press release, New Found Gold proudly announced that it had entered into a purchase and sale agreement with Exploits Discovery Corp. providing for the sale of a 100% interest in two mineral claims: Jonathan’s Pond and a 75-hectare claim on Glover Island, 210 kilometers to the west of the Queensway project.
In this value-added deal, New Found received 6,562,799 common shares in the capital of Exploits Discovery Corp. On top of that, New Found will also retain a 2% net smelter return royalty on production from the two aforementioned mineral claims.
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Mr. Kettell provided further details on the arrangement and New Found Gold’s considerable benefits: “In exchange for these claims, New Found is receiving share consideration of approximately $4.8 million (based on Exploit’s closing share price on December 10), and our resulting approximately 9.9% ownership of Exploits will provide exposure for New Found to the large land package that Exploits has acquired in Central Newfoundland.”
Talk about an action-packed year: before 2020 was over, New Found Gold released the partial results from six additional holes drilled at the Keats Zone. Again, significant mineralization, including gold, was observed at the site:
Mr. Matheson provided further details on the findings: “Veining observed in drill holes to date at Keats is characterized by quartz-sulfide mineralization displaying thicknesses typically in the 20m to 40m range with good continuity between holes. Intervals displaying visible gold have consistently been encountered within these broader vein intervals.”
As we’ve mentioned, New Found Gold’s drill program at Queensway consisted of an already expansive 100,000 meters. Even so, that figure was about to double – a terrific start to the new year and definitely a point of celebration for the company’s stakeholders.
In early January, New Found Gold disclosed that the company is expanding its Queensway drill program from 100,000 meters to 200,000 meters. Not only that, but the company is increasing the rig count from four to eight drills.
The decision to double the Queensway drill program 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 kilometers of strike of the Appleton Fault Zone and 3 kilometers of strike of the JBP Fault Zone.
Now, that’s what you call a miner in hyper-growth mode. With this expansion to a whopping 200,000 meters of drilling, the revised budget for the Queensway program was increased to approximately $35 million, which well-funded New Found Gold can easily manage since the company currently has around $67 million in working capital.
With a new year and new expansion come bigger and better exploration and development objectives. Among these are:
- Substantial follow-up drilling around prior high-grade intersections, some close-spaced to define high-grade epizonal gold mineralization
- Drill testing of traditionally generated and machine learning targets outside of known areas
- Continued development of the structural model
- Investigate structural relationships and mineralizing events across the Queensway North, surface, and drill core
- Conduct surface fieldwork at Queensway South, early-stage data collection, and advanced target testing
Referring to the Appleton Fault Zone and the JBP Fault Zone, Mr. Roberts explained that “Both zones are highly prospective for gold with multiple showings that require systematic drilling. With our new 7,000 ft2 core process facility in place our operational team is ready to ramp up and aggressively explore Queensway.”
With the doubling of the drill count, New Found Gold can now accelerate its grid drilling program along 5 kilometers of strike on the Appleton Fault Zone while also concurrently commencing testing targets along 3 kilometers of strike on the parallel JBP Fault Zone.
Only a matter of days after that huge announcement, New Found Gold released a fresh update on the results from four diamond drill holes completed at the Keats Zone and six initial holes drilled at the Little-Powerline Zone, drilled as part of the company’s now 200,000-meter diamond drill program.
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The Company’s publications often pertain to gold and mining stocks, which discuss a direct relationship between the price of gold or silver and the stock price of a gold or silver mining stock. We discuss with respect to various issuers that there is a relationship between the price of gold or silver to the stock price of a gold or silver mining stock, i.e. that the higher the price of gold or silver, the higher the price of the stock. You should use extreme caution in adopting any such conclusions, because such statements do not account for any of the following factors:
- The stage of mining that the public company is engaged in, i.e. whether they are simply an exploration company and have not entered actual mining operations.
- Whether the current financial condition of the mining company permits such company to have the necessary capital to conduct exploration and/or mining activities.
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- Status of the worldwide economy
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Whether the public company is a development stage company
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Readers should view statements that state that stock prices will be track gold or silver prices with extreme caution and do their research into the Issuer’s or operator’s financial performance, estimated exploration, extraction and production costs, financial condition, stage of exploration and mining, whether its operations are contingent upon financing. Mining operations are subject to innumerable risks and high rates of failure and create a direct relationship between the price of gold or silver and a gold or silver public company in the absence of other factors is misleading, i.e. stage of exploration or mining, financial condition, all operations contingent on financing, high rate of failure of mining operations.
Accordingly, do not rely upon any claimed relationship between the price of gold and silver and the stock price of a gold and/or silver company, and conduct your own research using reliable sources.
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Many of the securities we profile are considered penny stocks. Penny stocks inherently involve high risk and price volatility. You may lose your entire investment in any penny stock that you invest in. 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accordingly, you should proceed with such investigation to determine, among other things, information pertaining to the issuer’s financial condition, operations, business model, and risks involved in the issuer’s business; (i) the issuers we profile may have negative signs on the otcmarkets.com website (i.e. Stop Sign, No Information, Limited Information, Caveat Emptor), which you should determine from entering the symbol of the stock profiled into the otcmarkets.com website; (j) you should determine whether the issuer we profile or provide information about is a development stage company, which is subject to the risks of a development stage company in a similar such business, including difficulties in obtaining financing for operations and future growth; (k) because we only present positive information regarding an issuer, ; you should conduct an in-depth investigation of any possible negative factors regarding such issuer; (l) our information is “as is” and you your use of the information is at your own risk and such information may change at any time and it is not based upon any verification or due diligence of the statements made; (m) we state that profiled stocks are consistent with future economic trends; however, future economic trends or analysis has its own limitations, including: (i) due to the complexity of economic analysis as well as the individual financial and operational characteristics of an individual issuer, such economic trends or predictions may amount to nothing more than speculation; (ii) consumers, producers, investors, borrowers, lenders and government may react in unforeseen ways and be affected by behavioral biases; (iii) human and social factors may outweigh future economic trends and predictions that we state may or will occur; (iv) clear cut economic predictions have their limitations in that they do not account for the fundamental uncertainty in economic life, as well as ordinary life; (v) economic trends may be disrupted by sudden jumps, disruptions or other factors that are not accounted for in such economic trends analysis; in other words, past or present data predicting future economic trends may become irrelevant in light of fully new circumstances and situations in which uncertainty becomes reality rather than of predictive economic quality; (vi) if the trends involves a single result, it ignores all other scenarios that may be crucial to make a decision in the event of various contingencies; (n) the information we disseminate about issuers contain forward looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, projections as indicated by such words as “expects”, “will”, “anticipates”, “estimates; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation into any such forward looking statements; (o) forward looking statements are limited to the time period in which they are made and we do not undertake to update forward looking statements that may change at any time; and (p) we make statements in our profiles that an issuer’s stock price has increased over a certain period of time; however, these statements only reflects an arbitrary period of time, and is of little or no predictive or analytical quality.
On July 22nd, 2020, in connection with our agreement with New Found Gold Corp, we received $235,467USD to Gold Standard Media LLC. On April 24th, 2020, in connection with our agreement with New Found Gold Corp, we received $133,342.USD to Gold Standard Media LLC. We contracted with New Found Gold Corp to provide advertising services for a period of 24 months.