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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
New Found Gold (TSXV: NFG) announced on Tuesday assay results from an additional seven holes drilled at the Keats zone, part of the company’s ongoing 200,000m diamond drill program at its Queensway project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.
Since starting the drill program in August 2020, the company has completed 160 diamond drill holes for a total of 35,756 metres.
The new assays were highlighted by an interval of 261.3 g/t Au over 7.2m in Hole NFGC-21-137, yielding a grade x width of 1,882 m*g/t Au, which is the highest result to date from the Keats drilling in terms of this metric, exceeding the 1,761 m*g/t Au from the 92.7 g/t Au over 19.0m intersected in NFGC-19-01 in 2019.
Two other holes — NFGC-21-137 and NFGC-20-57 — provided further confirmation of the vertical extent of high-grade mineralization at shallow depths above the interpreted south-plunging dilational zone.
Meanwhile, the remaining holes (NFGC-20-60, 103, 106, and 114) continued to define high-grade gold mineralization to depth within the host Keats baseline fault zone, the company said.
As a result, New Found Gold has increased the drill count at Queensway North from 8 to 10 drills. The 8th and 9th drills are on-site and scheduled to start by the end of April, and the 10th drill is anticipated to start by mid-May.
Shares of New Found Gold surged 12.5% to an all-time high of C$5.90 on Tuesday. The Newfoundland-focused miner has a market capitalization of C$871.3 million.
