Drilling 100,000 Meters In Newfoundland
Anyone who follows the metals and mining markets and listens to various podcasts etc. has most likely heard of a program called Palisades Radio. They do interviews with CEO's of mining related companies and of course over the years they become quite well connected with people in the industry. That's not the only occupation they have though. The people who run Palisades Radio also are involved in some mining related ventures in various titles including a company called Palisadesgold Corp. This company is a merchant bank that does funding for mining companies but it also has few companies of it's own. One of those companies just got listed here this month and after doing a bit of research, this company warrants a second look.
The company is New Found Gold TSX-V:NFG and it's main focus is on the Queensway Project in the same area as thecentral Newfoundland gold belt. TheQueensway Project is 151,030 hectares and covers more than 105km NE to SW of strike on two primary fault zones.The project has 105km of untested strike length with multiple targets wherethefirst drill hole intersected 92.9 g/t Au over 19.0m including 285.2 g/t Au over 6.0m, starting 96.0m down hole.
The project is located along two faults. One is the Appleton Fault Zone where a historical resource of 77,943 oz Au @ 10.3 g/t was discovered by Noranda years ago. The second fault zone is JBP Fault Zone which has a sedimentary hosted quartz vein gold system identified over 3km strike and has had a total of 9,872m drilled in the past. However the Appleton zone shows the most potential for exploration as some additional historic drilling shows drill hole gold intercepts of 106.0 g/t Au over 2.3m - 12.33 g/t Au over 10.67m including 38.14 g/t Auover 2.14m and 102.20 g/t Au over 0.76m - 70.7g/t over 2.6m and there's more.
The company started private back in 2016 staking and buying properties along this gold belt. It also did till sampling and flew VTEM and EM surveys. Last year it drill around 2000 meters in at both the Appleton and JBP zone areas.
On August 12 the company issued a news release stating that A 100,000 meter drill program will be initiated shortly, backed by $72-million in working capital. The 100,000 meter drill program has started now and so investors whould be getting a steady stream of news.
New Found Gold has 148 million shares O/S and it's major share holders are Palisades Gold which holds 33%. Eric Sprott holds 18%, Rob McEwan hold 7% and Novo Resources holds 11%. After insiders and institutions hold about 20%.
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Added note: The author of this article holds postions in all the above at the time of this writing. The author may buy or sell any time going forward.