07:16 AM EDT, 10/24/2024 (MT Newswires) -- New Found Gold ( NFGC ) reported Thursday results from six diamond drill holes at its Kingsway project adjoining the northern border of its Queensway project in Newfoundland and Labrador.

Results include 105 grams per tonne (g/t) gold over 2.10 meters and 10.4 g/t gold over 4.45 meters at Kingsway's Pistachio zone, as well as 36.7 g/t gold over 2 meters at the Jackpot zone.

"Today's results at Kingsway demonstrate the potential to delineate additional high-grade gold mineralization along this newly acquired segment of the [Appleton Fault Zone]," said Melissa Render, New Found's vice president of exploration.

"Acquiring the Kingsway project has more than doubled our prospective strike length along the AFZ, while ongoing deep drilling has shown gold mineralization to persist to depths more than double those previously recognized," Render added. "These advancements expand the footprint of the gold system and provide encouragement that the prospectivity of the AFZ continues well north through the Kingsway project."

New Found's share price fell 3.3% yesterday to $3.48 on the TSXV.