New Found Gold provides an update on its 3-D seismic survey that will cover 47 km2 along the Appleton and JBP Fault Zones at its Queensway Project. New Found’s 100%-owned Queensway Project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador. Highlights: The seismic program was announced on March 7, 2023, and is being conducted by HiSeis, an industry leader in hard rock seismic surveys. Preparation and line construction for the seismic program was completed on June 25, 2023. The Company is pleased to announce it has now entered the acquisition phase of the program. The acquisition phase utilizes over 20,000 energy source points generating 3-D seismic data across a 47km2 grid area and is expected to wrap up by early August. At such time, the program will enter its final phase: data compilation and interpretation. This final phase is targeted to be complete by late September with more detailed interpretation and analysis expected to continue. Greg Matheson, COO, stated: “3-D seismic could change the game at Queensway as we look to deeper layers of the gold system, as well as areas more distal from the Appleton Fault corridor. Our exploration team has gained a deep understanding of the mineralized system at Queensway through extensive exploration efforts and roughly 425,000m drilled to date. This includes recognition of high-grade gold mineralization found further from the AFZ, including recent discoveries at Jackpot and Iceberg East. We have an excellent training set of 16 near-surface zones that will aid in fingerprinting new potential host structures for gold mineralization. By early October, we will be in a position to drill test targets highlighted by the 3-D seismic. This program represents a significant investment into the project that upholds our long-term view of Queensway and it is our belief that it will provide benefits for both exploration and development for years to come. I would like to thank HiSeis and the many seismic contractors working on the ground who have carried out a very ambitious project with high regard for safety and efficiency.”
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