11:39 AM EDT, 03/13/2024 (MT Newswires) -- New Found Gold Corp. ( NFGC ) reported Wednesday the results from 61 diamond drill holes on the Iceberg and Iceberg East zones within the Queensway project in Newfoundland and Labrador.

Highlights include 36 g/t gold over 16.7 meters, 34 g/t gold over 14.7 meters, 43 g/t gold over 7.35 meters and 41 g/t gold over 5.85 meters.

"Infill and definition drilling at Iceberg and Iceberg East have provided us with a comprehensive picture of the near-surface expression of this portion of the [Keats-Baseline Fault Zone], including the geometries of the veins at play and the controls on high-grade gold mineralization," said Melissa Render, New Found's vice president of exploration.

The company said it has expanded the program at Iceberg and Iceberg east, utilizing the seismic data to assist in targeting additional domains of gold mineralization within the Keats-Baseline zone.

New Found is currently undertaking a 650,000-meter drill program at Queensway, with assays pending for about 4,500 meters of core.

New Found at last look rose 6.7% on the TSXV and gained 5.6% on the NYSE American in early Wednesday trading.

Price: 5.11, Change: +0.32, Percent Change: +6.68