New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 15 diamond drill holes that were completed as part
of a follow-up drill program at the new Iceberg discovery, a
high-grade zone located 300m northeast of Keats Main along the
highly prospective Appleton Fault Zone (“AFZ”). New Found’s
100%-owned Queensway project comprises a 1,662 km2 area, accessible
via the Trans-Canada Highway, 15km west of Gander, Newfoundland and
Labrador.
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Figure 1: Photos of mineralization from
Top Left: at ~95.5m in NFGC-23-1395, Top Right: at ~95.9m in
NFGC-23-1395, Bottom Left: at ~47.5m in NFGC-23-1380, Bottom Right:
at ~95.2m in NFGC-23-1395. ^Note that these photos are not intended
to be representative of gold mineralization in NFGC-23-1380 and
NFGC-23-1395. (Photo: Business Wire)
Iceberg Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-1380
45.80
53.55
7.75
29.36
Iceberg
Including
47.00
48.65
1.65
111.48
Including
49.30
50.35
1.05
23.97
NFGC-23-1395
95.00
100.30
5.30
86.86
Iceberg
Including
95.00
96.00
1.00
456.00
Table 1: Iceberg Drilling Highlights
1Note that the host structures are
interpreted to be steeply dipping and true widths are generally
estimated to be 70% to 95% of reported intervals. Infill veining in
secondary structures with multiple orientations crosscutting the
primary host structures are commonly observed in drill core which
could result in additional uncertainty in true width. Composite
intervals reported carry a minimum weighted average of 1 g/t Au
diluted over a minimum core length of 2m with a maximum of 4m
consecutive dilution when above 200m vertical depth and 2m
consecutive dilution when below 200m vertical depth. Included
high-grade intercepts are reported as any consecutive interval with
grades greater than 10 g/t Au. Grades have not been capped in the
averaging and intervals are reported as drill thickness.
- 86.9 g/t Au over 5.30m in NFGC-23-1395 and 29.4 g/t
Au over 7.75m in NFGC-23-1380 were designed to infill a 100m
gap located between Iceberg and Iceberg East, successfully linking
the two zones together, which is drill-defined over a strike length
of 665m. This segment of Iceberg is particularly enriched in
high-grade gold mineralization spanning at least 310m in strike
and considerable widths (Figures 1-4).
- NFGC-23-1380 occurs at a vertical depth of only 30m and
is located 35m above previously reported 12.5 g/t Au over 10.45m in
NFGC-23-1402 (August 15, 2023). NFGC-23-1395 is located a further
30m to the southwest of NFGC-21-1402 and NFGC-23-1380, occurring at
a vertical depth of 65m.
- Iceberg and Iceberg East remain open in all directions
and drilling is ongoing to expand along strike and to depth
including infilling a near-surface gap in Iceberg East that occurs
adjacent to today’s highlight holes (Figure 3). Several intervals
are currently pending assay results from both Iceberg and Iceberg
East.
Melissa Render, VP of Exploration of New Found, stated: “A
steady return of encouraging results continue to flow in and we are
very pleased with the ongoing success at Iceberg. From its
discovery in January of this year to now, a period of only seven
months, Iceberg has expanded from a single drill hole to become one
of our most significant zones, spanning 665m of strike with
high-grade gold starting at surface and extending to depths of
170m. Given that our exploration focus has been shallow,
exploration at Iceberg provides a great example of our ability to
efficiently identify, interpret and grow new discoveries.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-1239
No Significant Values
Iceberg
NFGC-23-13023
126.50
136.00
9.50
1.09
Iceberg
And4
252.80
258.20
5.40
1.45
Including
257.80
258.20
0.40
10.75
NFGC-23-13201
123.85
133.20
9.35
1.21
Iceberg East
And2
199.30
201.60
2.30
1.03
NFGC-23-13251
196.15
198.15
2.00
1.18
Iceberg
NFGC-23-1327
No Significant Values
Iceberg East
NFGC-23-13574
149.70
152.00
2.30
1.16
Iceberg
And1
163.15
166.25
3.10
1.03
And1
170.00
176.25
6.25
1.14
And3
209.25
211.70
2.45
1.13
NFGC-23-1365A
No Significant Values
Iceberg East
NFGC-23-13661
23.00
25.00
2.00
1.27
Iceberg
NFGC-23-1368
No Significant Values
Iceberg East
NFGC-23-13722
57.75
59.75
2.00
1.14
Iceberg East
NFGC-23-13751
57.95
60.35
2.40
1.23
Iceberg
NFGC-23-13801
45.80
53.55
7.75
29.36
Iceberg
Including
47.00
48.65
1.65
111.48
Including
49.30
50.35
1.05
23.97
And1
62.50
65.20
2.70
3.06
Including
64.70
65.20
0.50
10.95
NFGC-23-1382
No Significant Values
Iceberg East
NFGC-23-1384
No Significant Values
Iceberg
NFGC-23-13951
62.60
65.00
2.40
1.50
Iceberg
And1
84.90
86.95
2.05
1.84
And1
95.00
100.30
5.30
86.86
Including
95.00
96.00
1.00
456.00
Table 2: Summary of composite results
reported in this press release for Iceberg and Iceberg East
1Note that the host structures are
interpreted to be steeply dipping and true widths are generally
estimated to be 170% to 95%, 240% to 70%, and 310% to 40% of
reported intervals. 4True widths are unknown at this time. Infill
veining in secondary structures with multiple orientations
crosscutting the primary host structures are commonly observed in
drill core which could result in additional uncertainty in true
width. Composite intervals reported carry a minimum weighted
average of 1 g/t Au diluted over a minimum core length of 2m with a
maximum of 4m consecutive dilution when above 200m vertical depth
and 2m consecutive dilution when below 200m vertical depth.
Included high-grade intercepts are reported as any consecutive
interval with grades greater than 10 g/t Au. Grades have not been
capped in the averaging and intervals are reported as drill
thickness.
Hole No.
Azimuth (°)
Dip (°)
Length (m)
UTM E
UTM N
Prospect
NFGC-23-1239
300
-45
341
658402
5427589
Iceberg
NFGC-23-1302
299
-45.5
332
658573
5427806
Iceberg
NFGC-23-1320
300
-45
260
658887
5428058
Iceberg East
NFGC-23-1325
300
-45
398
658553
5427731
Iceberg
NFGC-23-1327
300
-45
374
658987
5428232
Iceberg East
NFGC-23-1357
300
-46
299
658559
5427758
Iceberg
NFGC-23-1365A
300
-45
42
658895
5428170
Iceberg East
NFGC-23-1366
300
-45
248
658526
5427891
Iceberg
NFGC-23-1368
300
-45
320
659031
5428207
Iceberg East
NFGC-23-1372
300
-45
305
659025
5428384
Iceberg East
NFGC-23-1375
300
-45
164
658548
5427879
Iceberg
NFGC-23-1380
335
-45
167
658548
5427879
Iceberg
NFGC-23-1382
299
-45.5
314
658951
5428427
Iceberg East
NFGC-23-1384
5
-45.5
116
658548
5427879
Iceberg
NFGC-23-1395
323
-45.5
188
658555
5427846
Iceberg
Table 3: Details of drill holes reported in
this press release
Queensway 500,000m Drill Program Update
The Company is currently undertaking a 500,000m drill program at
Queensway and approximately 41,500m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
All drilling recovers HQ core. Drill core is split in half using
a diamond saw or a hydraulic splitter for rare intersections with
incompetent core.
A geologist examines the drill core and marks out the intervals
to be sampled and the cutting line. Sample lengths are mostly 1.0
metre and adjusted to respect lithological and/or mineralogical
contacts and isolate narrow (<1.0m) veins or other structures
that may yield higher grades.
Technicians saw the core along the defined cutting line.
One-half of the core is kept as a witness sample and the other half
is submitted for analysis. Individual sample bags are sealed and
placed into totes, sealed and marked with the contents.
New Found has submitted samples for gold determination by fire
assay to ALS Canada Ltd. (“ALS”) and by photon assay to MSALABS
(“MSA”) since June 2022. ALS and MSA operate under a commercial
contract with New Found.
Drill core samples are shipped to ALS for sample preparation in
Sudbury, Ontario, Thunder Bay, Ontario, or Moncton, New Brunswick.
ALS is an ISO-17025 accredited laboratory for the fire assay
method.
Drill core samples are also submitted to MSA in Val-d’Or,
Quebec. MSA operates numerous laboratories worldwide and maintains
ISO-17025 accreditation for many metal determination methods.
Accreditation of the photon assay method at the MSA Val D’Or
laboratory is in progress.
At ALS, the entire sample is crushed to approximately 70%
passing 2mm. A 3,000-g split is pulverized. “Routine” samples do
not have visible gold (VG) identified and are not within a
mineralized zone. Routine samples are assayed for gold by 30-g fire
assay with an inductively-couple plasma spectrometry (ICP) finish.
If the initial 30-g fire assay gold result is over 1 g/t, the
remainder of the 3,000-g split is screened at 106 microns for
screened metallics assay. For the screened metallics assay, the
entire coarse fraction (sized greater than 106 microns) is fire
assayed and two splits of the fine fraction (sized less than 106
microns) are fire assayed. The three assays are combined on a
weight-averaged basis. Samples that have VG identified or fall
within a mineralized interval are automatically submitted for
screened metallic assay for gold.
At MSA, the entire sample is crushed to approximately 70%
passing 2mm. For “routine” samples that do not have VG identified
and are not within a mineralized zone, the samples are riffle split
to fill two 450g jars for photon assay. The assays reported from
both jars are combined on a weight-averaged basis. If one of the
jars assays greater than 1 g/t, the remaining crushed material is
weighed into multiple jars and are submitted for photon assay.
For samples that have VG identified or are within a mineralized
zone, the entire crushed sample is weighed into multiple jars and
are submitted for photon assay. The assays from all jars are
combined on a weight-averaged basis.
All samples prepared at ALS or MSA are also analyzed for a
multi-element ICP package (ALS method code ME-ICP61) at ALS
Vancouver.
Drill program design, Quality Assurance/Quality Control and
interpretation of results are performed by qualified persons
employing a rigorous Quality Assurance/Quality Control program
consistent with industry best practices. Standards and blanks
account for a minimum of 10% of the samples in addition to the
laboratory’s internal quality assurance programs.
Quality Control data are evaluated on receipt from the
laboratories for failures. Appropriate action is taken if assay
results for standards and blanks fall outside allowed tolerances.
All results stated have passed New Found’s quality control
protocols.
New Found’s quality control program also includes submission of
the second half of the core for approximately 2% of the drilled
intervals. In addition, approximately 1% of sample pulps for
mineralized samples are submitted for re-analysis to a second
ISO-accredited laboratory for check assays.
The Company does not recognize any factors of drilling, sampling
or recovery that could materially affect the accuracy or
reliability of the assay data disclosed.
The assay data disclosed in this news release have been verified
by the Company’s Qualified Person against the original assay
certificates.
The Company notes that it has not completed any economic
evaluations of its Queensway Project and that the Queensway Project
does not have any resources or reserves.
Qualified Person
The scientific and technical information disclosed in this press
release was reviewed and approved by Greg Matheson, P. Geo., Chief
Operating Officer, and a Qualified Person as defined under National
Instrument 43-101. Mr. Matheson consents to the publication of this
press release dated August 22, 2023, by New Found. Mr. Matheson
certifies that this press release fairly and accurately represents
the scientific and technical information that forms the basis for
this press release.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander, Newfoundland and Labrador, and just
18km from Gander International Airport. The project is intersected
by the Trans-Canada Highway and has logging roads crosscutting the
project, high voltage electric power lines running through the
project area, and easy access to a highly skilled workforce. The
Company is currently undertaking a 500,000m drill program at
Queensway and is well funded for this program with cash and
marketable securities of approximately $47.5 million as of August
2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
Acknowledgements
New Found acknowledges the financial support of the Junior
Exploration Assistance Program, Department of Natural Resources,
Government of Newfoundland and Labrador.
Contact
To contact the Company, please visit the Company’s website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain “forward-looking statements”
within the meaning of Canadian securities legislation, relating to
exploration, drilling and mineralization on the Company’s Queensway
gold project in Newfoundland and Labrador; assay results; the
interpretation of drilling and assay results, the results of the
drilling program, mineralization and the discovery of zones of
high-grade gold mineralization; plans for future exploration and
drilling and the timing of same; the merits of the Queensway
project; future press releases by the Company; and funding of the
drilling program. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements
are statements that are not historical facts; they are generally,
but not always, identified by the words “expects”, “plans”,
“anticipates”, “believes”, “interpreted”, “intends”, “estimates”,
“projects”, “aims”, “suggests”, “indicate”, “often”, “target”,
“future”, “likely”, “pending”, “potential”, “goal”, “objective”,
“prospective”, “possibly”, “preliminary”, and similar expressions,
or that events or conditions “will”, “would”, “may”, “can”, “could”
or “should” occur, or are those statements, which, by their nature,
refer to future events. The Company cautions that forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date the statements are made, and they
involve a number of risks and uncertainties. Consequently, there
can be no assurances that such statements will prove to be accurate
and actual results and future events could differ materially from
those anticipated in such statements. Except to the extent required
by applicable securities laws and the policies of the TSX Venture
Exchange, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks associated with possible
accidents and other risks associated with mineral exploration
operations, the risk that the Company will encounter unanticipated
geological factors, risks associated with the interpretation of
assay results and the drilling program, the possibility that the
Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's exploration plans,
the risk that the Company will not be able to raise sufficient
funds to carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects. The reader is urged to
refer to the Company's Annual Information Form and Management’s
discussion and Analysis, publicly available at SEDAR+
(www.sedarplus.ca), the Canadian Securities Administrators'
national system that all market participants use for filings and
disclosure, for a more complete discussion of such risk factors and
their potential effects.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230822873526/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
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