Newfoundland Goldbar cuts gold values at Glover Island

Newfoundland Goldbar Resources, a Newfoundland-based exploration company, has intersected encouraging gold mineralization at Varna Gold’s (ASE) Glover Island property in Western Newfoundland.

The main mineralized horizon, intersected at a depth of about 100 ft. in discovery hole KPS-2, returned a 57.8-ft. interval grading 0.15 oz. gold per ton. Within that interval, two separate zones returned 0.19 oz. over 13.4 ft. and 32.9 ft. respectively. A higher-grade section included 7.2 ft. grading 0.33 oz.

The mineralized horizon, which has been traced along a 5-mile strike length by previous prospecting and trenching, consists of pyrite-rich, highly silicified felsite sheets and quartz-albite veins. The property lies along the Baie Verte-Brompton fault zone, which is also associated with the Pine Cove, Stog’er Tight and Cape Ray deposits.

The true width of the new gold zone, which dips at an angle of 65-70, has yet to be determined. Assay results from three stepout holes will be released shortly.

Newfoundland Goldbar, which has acquired operator status and the right to earn a 50.1% interest in the property, has applied to trade on the Canadian Dealing Network (CDN).