New Found Gold (TSXV: NGF; NYSEA: NFGC) is hunting for the potential at depth of its Queensway gold project 15 km west of Gander, Nfld. To secure a successful outcome, the company has awarded a deep drilling contract to Devico AS, a subsidiary of IMDEX.
Devico is a leading supplier of directional drilling services. It applies its DeviDrill steerable core barrel technology to crease branch holes. Branching involves single hole re-entry and directional drilling to create branches off existing holes at depth and quickly target and define areas of interest.
“Our quest to unlock the deep potential of Queensway is off to a good start. With 12 holes completed, we are rapidly advancing our understanding of the geological environment and acquiring data that will help us to refine our interpretation of the 3-D seismic survey,” said Melissa Render, VP exploration for New Found. “We are proud to add directional drilling to our arsenal of tools. … this technology should help us to lower cost, while increasing efficiency.”
New Found has already completed over 500,000 metres of drilling at its 100%-owned Queensway gold property. The goal is to complete 650,000 metres, and the company has cash and marketable securities of $56 million to do so.
More details are posted on www.NewFoundGold.ca.
