New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 46 diamond drill holes that were completed as part
of a drill program designed to test the newly discovered Monte
Carlo Zone, an east-west striking, steeply dipping high-grade vein
located on the west side of the highly prospective Appleton Fault
Zone (“AFZ”), as well as from systematic grid drilling on the west
side of the AFZ. New Found’s 100%-owned Queensway project comprises
a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west
of Gander, Newfoundland and Labrador.
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the full release here:
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Figure 1: Photos of mineralization, Left:
at ~52m in NFGC-23-1683, Right: at ~167m in NFGC-23-1690 ^Note that
these photos are not intended to be representative of gold
mineralization in NFGC-23-1683 and NFGC-23-1690. (Photo: Business
Wire)
Monte Carlo Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-10252
10.95
21.05
10.10
2.67
Monte Carlo
And3
50.90
59.85
8.95
2.25
NFGC-22-10452
32.35
35.15
2.80
14.91
Monte Carlo
Including
32.35
34.30
1.95
19.13
NFGC-22-10703
13.00
28.25
15.25
1.66
Monte Carlo
NFGC-23-11351
49.30
55.55
6.25
7.49
Monte Carlo
Including
49.30
49.65
0.35
40.00
Including
54.30
55.05
0.75
33.00
NFGC-23-16831
36.20
38.25
2.05
23.52
Monte Carlo
Including
36.20
36.75
0.55
80.95
And1
51.55
54.25
2.70
18.85
Including
52.00
52.35
0.35
131.10
NFGC-23-16871
103.70
105.85
2.15
18.95
Monte Carlo
Including
104.90
105.40
0.50
77.73
NFGC-23-16902
166.75
168.75
2.00
91.86
Monte Carlo
Including
166.75
167.85
1.10
166.89
Table 1: Monte Carlo Drilling
Highlights
Note 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.
- Targeted drilling at the Monte Carlo discovery, initially
announced on May 10, 2023, has intersected multiple high-grade gold
intervals including 91.9 g/t Au over 2.00m in NFGC-23-1690,
23.5 g/t Au over 2.05m and 18.9 g/t Au over 2.70m in
NFGC-23-1683, and 14.9 g/t Au over 2.80m in NFGC-22-1045
(Figures 1-4).
- Monte Carlo is a high-grade gold zone located adjacent to Lotto
on the west side of the AFZ and is hosted in an east-west striking
steeply dipping fault zone that has been intercepted over a strike
length of 520m and down to a vertical depth of 160m.
Today’s drilling has expanded upon a high-grade segment of Monte
Carlo that starts at surface and has a strike length that now spans
135m.
- Exploration continues at Monte Carlo with a focus on expanding
the highest-grade segment of the fault down dip, which currently
remains open.
Melissa Render, VP of Exploration of New Found, stated: “We are
pleased with today’s results from Monte Carlo highlighting a
high-grade gold domain within the host structure. This high-grade
domain shares several characteristics with Lotto and Golden Joint
in terms of mineralization strength, as well as style and
continuity. With several assays pending, and an expansive strike
length that remains open to depth, exploration drilling will
continue with the aim of developing this zone down-dip. Meanwhile,
targeted and grid drilling continues on the west side of the AFZ –
drilling that has led to multiple discoveries including Keats West,
K2, and Monte Carlo. This western corridor has proven to be equally
as prospective as the east side, which is home to the Keats, Keats
North, Iceberg, Iceberg East, Golden Joint, Lotto, Jackpot, and
Everest discoveries.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9971
6.75
12.20
5.45
2.19
Monte Carlo
NFGC-22-1008
No Significant Values
Monte Carlo
NFGC-22-1021
No Significant Values
Monte Carlo
NFGC-22-10252
10.95
21.05
10.10
2.67
Monte Carlo
And3
50.90
59.85
8.95
2.25
NFGC-22-10452
32.35
35.15
2.80
14.91
Monte Carlo
Including
32.35
34.30
1.95
19.13
NFGC-22-10703
13.00
28.25
15.25
1.66
Monte Carlo
And4
45.80
51.90
6.10
2.36
And2
166.80
169.00
2.20
2.46
NFGC-22-10771
18.20
20.45
2.25
2.59
Monte Carlo
NFGC-23-10904
11.65
13.90
2.25
1.06
Monte Carlo
And1
39.25
41.45
2.20
1.19
And1
55.95
58.15
2.20
1.16
NFGC-23-10941
30.25
33.85
3.60
1.33
Monte Carlo
NFGC-23-10962
40.00
43.10
3.10
1.46
Monte Carlo
And1
95.45
97.70
2.25
1.45
NFGC-23-11013
79.00
85.15
6.15
1.29
Monte Carlo
And3
92.00
94.75
2.75
1.10
And2
132.95
141.35
8.40
2.99
Including
134.35
134.80
0.45
12.11
NFGC-23-1113A1
90.00
92.90
2.90
1.11
Monte Carlo
And4
200.00
203.15
3.15
1.87
NFGC-23-1122
No Significant Values
Monte Carlo
NFGC-23-11351
49.30
55.55
6.25
7.49
Monte Carlo
Including
49.30
49.65
0.35
40.00
Including
54.30
55.05
0.75
33.00
And1
67.10
69.10
2.00
7.80
Including
68.45
69.10
0.65
22.30
NFGC-23-11791
138.00
145.15
7.15
3.12
Monte Carlo
Including
144.00
144.40
0.40
12.39
And1
163.80
166.00
2.20
1.56
NFGC-23-11871
160.15
162.15
2.00
1.16
Monte Carlo
NFGC-23-11961
95.80
102.35
6.55
1.29
Monte Carlo
And1
232.65
235.25
2.60
8.13
Including
232.65
232.95
0.30
65.00
NFGC-23-1205
No Significant Values
Monte Carlo
NFGC-23-12164
150.00
152.65
2.65
1.70
Monte Carlo
And1
167.00
171.00
4.00
2.72
NFGC-23-1221
No Significant Values
Monte Carlo
NFGC-23-12281
188.00
190.20
2.20
1.06
Monte Carlo
NFGC-23-12371
141.20
143.50
2.30
1.90
Monte Carlo
NFGC-23-12714
29.00
31.10
2.10
3.15
Monte Carlo
NFGC-23-12804
111.15
113.25
2.10
1.08
Monte Carlo
And4
163.25
165.80
2.55
1.05
And4
167.00
169.00
2.00
1.02
And2
183.70
187.75
4.05
1.70
And4
296.00
298.45
2.45
1.67
NFGC-23-12903
143.90
152.25
8.35
1.59
Monte Carlo
And4
188.75
190.85
2.10
1.59
NFGC-23-12984
26.70
30.40
3.70
1.08
Monte Carlo
And2
106.40
109.15
2.75
1.18
And2
116.90
119.15
2.25
2.63
And3
177.10
181.50
4.40
3.77
Including
179.15
179.65
0.50
12.65
NFGC-23-13534
79.50
82.40
2.90
1.01
Monte Carlo
And2
109.75
114.00
4.25
1.53
NFGC-23-13624
173.70
176.25
2.55
1.12
Monte Carlo
NFGC-23-13694
90.35
93.00
2.65
1.47
Monte Carlo
And4
106.00
108.00
2.00
1.90
And4
127.00
131.55
4.55
1.66
And4
160.00
162.00
2.00
1.23
NFGC-23-1381
No Significant Values
Monte Carlo
NFGC-23-13901
54.00
56.45
2.45
1.51
Monte Carlo
And4
236.00
238.00
2.00
4.26
NFGC-23-13994
199.50
201.65
2.15
2.50
Monte Carlo
NFGC-23-14104
21.30
24.20
2.90
1.66
Monte Carlo
NFGC-23-14204
8.55
12.15
3.60
1.29
Monte Carlo
And4
78.65
83.20
4.55
1.13
NFGC-23-1431
No Significant Values
Monte Carlo
NFGC-23-14414
263.15
265.35
2.20
1.27
Monte Carlo
NFGC-23-14421
54.40
56.90
2.50
3.91
Monte Carlo
And1
75.65
77.95
2.30
1.38
NFGC-23-14554
54.20
57.00
2.80
1.36
Monte Carlo
NFGC-23-1481
No Significant Values
Monte Carlo
NFGC-23-1503
No Significant Values
Monte Carlo
NFGC-23-1518
No Significant Values
Monte Carlo
NFGC-23-1531
No Significant Values
Monte Carlo
NFGC-23-1569
No Significant Values
Monte Carlo
NFGC-23-16831
36.20
38.25
2.05
23.52
Monte Carlo
Including
36.20
36.75
0.55
80.95
And1
51.55
54.25
2.70
18.85
Including
52.00
52.35
0.35
131.10
NFGC-23-16872
54.40
59.00
4.60
3.21
Monte Carlo
And1
103.70
105.85
2.15
18.95
Including
104.90
105.40
0.50
77.73
NFGC-23-16902
156.05
160.70
4.65
1.01
Monte Carlo
And2
166.75
168.75
2.00
91.86
Including
166.75
167.85
1.10
166.89
Table 2: Summary of composite results
reported in this press release for Monte Carlo
Note 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-22-997
265
-45
128
658333
5429276
Monte Carlo
NFGC-22-1008
300
-45
245
658363
5429428
Monte Carlo
NFGC-22-1021
120
-45
101
658359
5429317
Monte Carlo
NFGC-22-1025
315
-45
182
658278
5429116
Monte Carlo
NFGC-22-1045
120
-45
242
658658
5429190
Monte Carlo
NFGC-22-1070
280
-45
230
658588
5429172
Monte Carlo
NFGC-22-1077
330
-45
140
658613
5429217
Monte Carlo
NFGC-23-1090
30
-45
107
658547
5429198
Monte Carlo
NFGC-23-1094
305
-45
80
658546
5429198
Monte Carlo
NFGC-23-1096
355
-45.5
149
658543
5429155
Monte Carlo
NFGC-23-1101
68
-45
158
658543
5429155
Monte Carlo
NFGC-23-1113A
0
-48
218
658553
5429122
Monte Carlo
NFGC-23-1122
120
-45
269
658552
5429120
Monte Carlo
NFGC-23-1135
332
-45
185
658657
5429192
Monte Carlo
NFGC-23-1179
325
-45
198
658765
5429131
Monte Carlo
NFGC-23-1187
358
-57
204
658766
5429124
Monte Carlo
NFGC-23-1196
325
-45
267
658790
5429180
Monte Carlo
NFGC-23-1205
330
-45
294
658830
5429181
Monte Carlo
NFGC-23-1216
330
-45
228
658811
5429244
Monte Carlo
NFGC-23-1221
311
-45
234
658811
5429243
Monte Carlo
NFGC-23-1228
347
-60
252
658812
5429243
Monte Carlo
NFGC-23-1237
345
-47
297
658765
5429124
Monte Carlo
NFGC-23-1271
345
-61
263
658670
5429397
West Grid
NFGC-23-1280
75
-45
371
658671
5429397
West Grid
NFGC-23-1290
75
-45
248
658541
5429472
West Grid
NFGC-23-1298
345
-59
289
658541
5429472
West Grid
NFGC-23-1353
75
-45
254
658557
5429348
West Grid
NFGC-23-1362
345
-60
266
658556
5429348
West Grid
NFGC-23-1369
75
-45
254
658441
5429298
West Grid
NFGC-23-1381
345
-60
254
658441
5429298
West Grid
NFGC-23-1390
345
-59.5
266
658455
5429176
West Grid
NFGC-23-1399
75
-45
254
658343
5429031
West Grid
NFGC-23-1410
75
-45
240
658227
5428948
West Grid
NFGC-23-1420
345
-60
257
658225
5428950
West Grid
NFGC-23-1431
345
-60
263
658370
5428878
West Grid
NFGC-23-1441
78
-45
269
658371
5428876
West Grid
NFGC-23-1442
10
-47
101
658692
5429201
West Grid
NFGC-23-1455
345
-60
254
658252
5428830
West Grid
NFGC-23-1481
345
-60
263
658231
5428725
West Grid
NFGC-23-1503
345
-60
251
658386
5428753
West Grid
NFGC-23-1518
75
-45
260
658388
5428753
West Grid
NFGC-23-1531
345
-60
263
658363
5428651
West Grid
NFGC-23-1569
345
-60
290
658497
5428802
Monte Carlo
NFGC-23-1683
0
-45
80
658625
5429206
Monte Carlo
NFGC-23-1687
325
-42
146
658632
5429149
Monte Carlo
NFGC-23-1690
25
-45
219
658618
5429078
Monte Carlo
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 33,000m 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, which are then 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 press 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 October 11, 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 $29.5 million as of October
2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR+ profile at www.sedarplus.ca.
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/20231011001207/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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