New Found Gold Corp. has recently provided an update on its industry-leading 3-D seismic survey at its Queensway Gold Project. The survey, covering 47 km2 along the Appleton and JBP Fault Zones, aims to explore deeper layers of the gold system and identify potential host structures for gold mineralization.
According to Greg Matheson, COO of New Found Gold, the 3-D seismic survey has the potential to change the game at Queensway. By examining deeper layers of the gold system and areas more distal from the Appleton Fault corridor, the survey aims to uncover new potential host structures for gold mineralization.
New Found Gold’s exploration team has gained a deep understanding of the mineralized system at Queensway through extensive exploration efforts and approximately 425,000m drilled to date. This includes the recognition of high-grade gold mineralization found further from the AFZ, such as recent discoveries at Jackpot and Iceberg East. The team will use the 16 near-surface zones as a training set to aid in identifying new potential host structures for gold mineralization.
The 3-D seismic survey represents a significant investment into the Queensway Gold Project and upholds the company’s long-term view of the project’s potential. By early October, the company plans to drill test targets highlighted by the survey, which is expected to provide valuable insights for both exploration and development efforts.
The planned survey covers 47 km2 and includes over 260 km of source lines, with source points spaced at 12.5m intervals and 23,463 geophone receiver stations. The survey will optimize resolution from 200-1000m in depth and provide good resolution down to 3000m. Additionally, a 2-D transect line extending 27km across the Davidsville sedimentary basin will provide resolution of the broader geological architecture of the thrust belt in central Newfoundland to depths of 8-9km.
New Found Gold Corp., with a 100% interest in the Queensway Project, is strategically located 15km west of Gander, Newfoundland and Labrador. The project has easy access via the Trans-Canada Highway, logging roads, and high voltage electric power lines. The company is currently undertaking a 500,000m drill program at Queensway, demonstrating its commitment to exploration and development in the region. With cash and marketable securities of approximately $52 million as of June 2023, the company is well-funded for its ongoing program.
In conclusion, New Found Gold Corp. is making significant progress with its industry-leading 3-D seismic survey at the Queensway Gold Project. The survey’s focus on exploring deeper layers of the gold system and identifying potential host structures for gold mineralization is expected to provide valuable insights for future exploration and development efforts. With its extensive drilling program and well-funded operations, New Found Gold Corp. is well-positioned to unlock the full potential of the Queensway Gold Project.
