07:45 AM EDT, 04/10/2024 (MT Newswires) -- New Found Gold ( NFGC ) on Wednesday posted drill results from 51 diamond drill holes that were completed as part of a drill program designed to expand and further define domains of high-grade gold mineralization at K2 Zone in the Queensway project in Newfoundland and Labrador.

Highlights of the results include 17.8 grams per tonne of gold over 13.5 meters, 27.7 g/t gold over 2.7 meters, 12.7 g/t gold over 4.6 meters and 1.23 g/t gold over 47.2 meters.

Exploration drilling has also led to the discovery of a panel of thick gold mineralization located near the surface with highlight intervals of 3.75 g/t gold over 14.6 meters, 2.87 g/t gold over 15.4 meters and 15.6 g/t gold over 3.1 meters.

"K2 is an expansive and complex structure with a sizeable associated damage zone," said Melissa Render, vice president of exploration at New Found Gold ( NFGC ). "Our growing understanding of this evolving zone has led to better targeting of high-grade domains and allowed us to expand on them and look for new areas that either were overstepped or found outside of the prior drill footprint.

"Recognizing the significance of the Glenwood Shear Zone has proven to be another important revelation, where K2 seems to have developed between it and the AFZ. This relationship is likely an important one to understand and opens the possibility that the Glenwood, like the AFZ is another conduit for channelling gold bearing fluids. Exploration will continue in the greater K2 area, both looking to extend K2 to depth, in addition to looking below it and adjacent to the Glenwood Shear Zone. Follow-up drilling is also planned on several interesting gold-bearing fault zones that were identified during our reconnaissance grid drilling program completed on the west side of the AFZ."