During 2022, New Found drilled 184,911 metres of core, equating to 3,555 metres of core production per week, while employing an average of 14 drill rigs. This expanded drill program is fully funded out of the company’s current cash and marketable securities balance of C$90 million.
According to the company, exploration drilling will include a hybrid of targeted drilling, aimed at expanding existing zones and identifying new zones in highly prospective areas, as well as grid drilling aimed at testing open swaths of prospective strike along main fault structures, with a strong emphasis on the west side of the Appleton fault zone (AFZ).
Drilling is also planned for the parallel JBP fault zone (JBP) at Queensway north, the newly optioned VOA ground to the north, and at Queensway South.
“Looking regionally, the Queensway project covers a multitude of known gold prospects, structures, and prospective geological environments. This…
