New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 30 diamond drill holes that were completed as part
of a drill program designed to test the newly discovered Jackpot
Zone, an east-west striking, steeply dipping high-grade vein
located on the east side of the highly prospective Appleton Fault
Zone (“AFZ”), as well as from systematic grid drilling on the east
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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Figure 1: Photos of mineralization, Left:
at ~79m in NFGC-23-1505, Right: at ~29m in NFGC-23-1415 ^Note that
these photos are not intended to be representative of gold
mineralization in NFGC-23-1415 and NFGC-23-1505. (Photo: Business
Wire)
Jackpot Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-23-14151
28.00
32.70
4.70
10.98
Jackpot
Including
28.00
29.30
1.30
38.41
NFGC-23-14471
59.20
62.05
2.85
51.93
Jackpot
Including
59.20
61.10
1.90
77.82
NFGC-23-14581
75.00
77.75
2.75
13.83
Jackpot
Including
76.60
77.30
0.70
49.31
NFGC-23-14641
83.00
89.10
6.10
4.63
Jackpot
Including
83.35
83.95
0.60
38.87
NFGC-23-14882
108.20
117.65
9.45
3.01
Jackpot
Including
110.00
110.70
0.70
25.70
NFGC-23-15051
76.75
79.75
3.00
18.93
Jackpot
Including
78.90
79.75
0.85
61.78
NFGC-23-15741
30.50
33.00
2.50
31.50
Jackpot
Including
31.30
32.15
0.85
90.40
Table 1: Jackpot Drilling Highlights
Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 170% to 95%,
and 240% to 70% 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.
- Jackpot is a new high-grade gold discovery that was
announced on June 22, 2023, with the discovery interval of 95.7
g/t Au over 3.25m in NFGC-23-1292 intercepted at a vertical
depth of just 20m and situated 280m east of the AFZ. Immediate
follow-up drilling resulted in multiple encouraging near-surface
results including 119 g/t Au over 4.10m in NFGC-23-1425 and
147 g/t Au over 2.70m in NFGC-23-1423, both reported on
September 5, 2023.
- Today’s results expand Jackpot to cover a mineralized strike
length of 185m that extends to a depth of 205m. This mineralized
corridor occurs within the overall Jackpot Fault, which covers an
east-west strike of 345m.
- Within the Jackpot zone, there is a high-grade segment that is
now defined over 75m strike, with mineralization starting
at surface and extending down to a depth of 100m
vertical. High-grade results released today that are in this domain
include 51.9 g/t Au over 2.85m in NFGC-23-1447, 31.5 g/t
Au over 2.50m in NFGC-23-1574, 18.9 g/t Au over 3.00m in
NFGC-23-1505, 11.0 g/t Au over 4.70m in NFGC-23-1415,
13.8 g/t Au over 2.75m in NFGC-23-1458, and 4.63 g/t Au
over 6.10m in NFGC-23-1464 (Figures 1-4).
- Jackpot continues to demonstrate strong high-grade
continuity with characteristics similar to those observed in
the neighbouring Lotto Zone. Ongoing drilling is targeting
expansion of this east-west striking, steeply south-dipping
structure along strike and to depth which remains open in all
directions.
Melissa Render, VP of Exploration of New Found, stated: “Jackpot
is another high-grade, near-surface discovery to add to the growing
list of zones at Queensway. Our exploration team is doing a
fantastic job targeting and quickly expanding on multiple new
discoveries along the Appleton Fault corridor. Located 950m north
of Lotto and adjacent to K2, we are encouraged to see such
high-caliber results this far east of the AFZ and so far north of
Keats, which is located 2.7km to the south. Several assays are
pending from Jackpot and work continues to expand on this exciting
new discovery.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-939
No Significant Values
East Grid
NFGC-22-1051
No Significant Values
East Grid
NFGC-22-1060
No Significant Values
East Grid
NFGC-23-1409
No Significant Values
Jackpot
NFGC-23-14151
28.00
32.70
4.70
10.98
Jackpot
Including
28.00
29.30
1.30
38.41
NFGC-23-14401
56.50
58.60
2.10
1.10
Jackpot
NFGC-23-14471
59.20
62.05
2.85
51.93
Jackpot
Including
59.20
61.10
1.90
77.82
NFGC-23-14501
68.00
70.15
2.15
1.82
Jackpot
NFGC-23-14581
75.00
77.75
2.75
13.83
Jackpot
Including
76.60
77.30
0.70
49.31
NFGC-23-14641
83.00
89.10
6.10
4.63
Jackpot
Including
83.35
83.95
0.60
38.87
NFGC-23-14701
54.00
56.30
2.30
2.12
Jackpot
Including
54.70
55.05
0.35
11.40
NFGC-23-14882
108.20
117.65
9.45
3.01
Jackpot
Including
110.00
110.70
0.70
25.70
NFGC-23-1496
No Significant Values
Jackpot
NFGC-23-15051
76.75
79.75
3.00
18.93
Jackpot
Including
78.90
79.75
0.85
61.78
And4
101.45
104.00
2.55
1.66
NFGC-23-15092
54.40
56.45
2.05
2.08
East Grid
And1
65.45
68.00
2.55
2.35
NFGC-23-1511
No Significant Values
Jackpot
NFGC-23-15293
62.20
67.75
5.55
1.01
Jackpot
NFGC-23-15361
129.90
134.10
4.20
1.24
Jackpot
NFGC-23-15373
72.30
79.05
6.75
2.50
Everest
Including
78.75
79.05
0.30
36.10
And4
145.50
148.00
2.50
5.66
Including
147.40
148.00
0.60
21.10
NFGC-23-1542
No Significant Values
East Grid
NFGC-23-1545
No Significant Values
Jackpot
NFGC-23-1548
No Significant Values
East Grid
NFGC-23-1550
No Significant Values
Jackpot
NFGC-23-15641
21.80
24.15
2.35
5.59
Jackpot
Including
22.70
23.30
0.60
20.40
NFGC-23-1572
No Significant Values
Jackpot
NFGC-23-15741
30.50
33.00
2.50
31.50
Jackpot
Including
31.30
32.15
0.85
90.40
And1
42.10
46.00
3.90
1.93
NFGC-23-16802
215.70
221.00
5.30
1.20
Jackpot
NFGC-23-16861
118.35
121.15
2.80
4.15
Everest
Including
120.20
120.70
0.50
11.94
And3
160.85
162.95
2.10
2.55
Including
160.85
161.30
0.45
11.86
NFGC-23-1719
No Significant Values
East Grid
NFGC-23-1725
No Significant Values
East Grid
Table 2: Summary of composite results
reported in this press release for Jackpot
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-22-939
300
-45
374
659498
5430419
East Grid
NFGC-22-1051
300
-45
63
659386
5430074
East Grid
NFGC-22-1060
300
-45
326
659398
5430246
East Grid
NFGC-23-1409
264
-45.5
99
659422
5429885
Jackpot
NFGC-23-1415
293
-57.5
96
659422
5429885
Jackpot
NFGC-23-1440
300
-45
96
659395
5429841
Jackpot
NFGC-23-1447
340
-62
99
659393
5429840
Jackpot
NFGC-23-1450
345
-45
114
659413
5429830
Jackpot
NFGC-23-1458
6
-55
114
659414
5429830
Jackpot
NFGC-23-1464
325
-62
123
659412
5429830
Jackpot
NFGC-23-1470
10
-58
102
659427
5429856
Jackpot
NFGC-23-1488
14
-60
177
659394
5429803
Jackpot
NFGC-23-1496
345
-70
171
659395
5429802
Jackpot
NFGC-23-1505
355
-48
111
659372
5429801
Jackpot
NFGC-23-1509
288
-54
113
659178
5429566
East Grid
NFGC-23-1511
330
-50
114
659371
5429800
Jackpot
NFGC-23-1529
35
-68
135
659427
5429855
Jackpot
NFGC-23-1536
317
-45
162
659543
5429816
Jackpot
NFGC-23-1537
300
-45
248
659141
5429723
Everest
NFGC-23-1542
300
-45
131
659172
5429453
East Grid
NFGC-23-1545
310
-50
123
659547
5429865
Jackpot
NFGC-23-1548
300
-45
488
659262
5429459
East Grid
NFGC-23-1550
355
-45
102
659547
5429865
Jackpot
NFGC-23-1564
350
-45
54
659512
5429893
Jackpot
NFGC-23-1572
313
-52
75
659546
5429890
Jackpot
NFGC-23-1574
5
-45
60
659436
5429875
Jackpot
NFGC-23-1680
334
-72
240
659369
5429743
Jackpot
NFGC-23-1686
299
-45.5
248
659521
5430060
Everest
NFGC-23-1719
318
-45
155
659222
5429539
East Grid
NFGC-23-1725
299
-45
179
659219
5429484
East Grid
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 32,000m 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. MSA
is an ISO-17025 accredited laboratory for the photon assay
method.
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 18, 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/20231018154023/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer ckettell@newfoundgold.ca +1 (845) 535-1486
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