07:26 AM EST, 12/02/2024 (MT Newswires) -- New Found Gold ( NFGC ) on Monday said the results of the second phase of channel samples at a portion of the Queensway project in Gander, Newfoundland were promising.

Phase 2 samples from the Keats trench yielded 455 g/t gold over 4.1 metres, 148 g/t gold over 7 metres and 58.6 g/t gold over 11.6 metres.

According to the statement, the channel sampling results show good continuity of high-grade gold mineralization across 77m of strike on the East-West Vein and 60m of strike on the Keats Main Vein, which form principal components of the Keats zone.

The information gained from the Keats Trench will support the initial mineral resource estimate, scheduled for the second quarter of next year.

New Found will conduct systematic channel sampling of the Iceberg Trench at the Queensway Project in 2025.