New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to provide
an update on surface trenching at the Keats Zone at its Queensway
Project. 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: Keats Trench plan view map -
excavation progress as of September 28, 2023 (Photo: Business
Wire)
Trench Highlights:
- Excavation of the Keats trench began in mid-August and is
currently 85% through with an expected completion date in
early November. As shown in Figure 1 below, the trench exposes a
200m long by 70m wide area, roughly corresponding to the known
surface expression of the high-grade segment of Keats Main.
- A detailed mapping program is now underway that will provide
critical geological information used to validate the current
geological model. Accompanying detailed sampling will provide the
information necessary for understanding the controls on
mineralization at Keats, as well as lend clues to how the Keats
Zone formed which will aid in future targeting.
- Prior to the Keats trench, the Keats Zone had only ever been
observed in drill core and modelled in 3D, forming the basis of the
Company’s geological model. As expected, the trench has revealed an
extensive network of veins as well as the related Keats-Baseline
Fault Zone and initial observations closely mirror our working
model, but with added detail, including the presence of visible
gold in areas where it was not previously identified by nearby
drilling (see Figure 2).
- Keats Main starts 3m below surface at bedrock and has been
drill-defined over 1.1km of strike and to a depth of 400m. The
shallow portion of Keats demonstrates robust grades over
significant thicknesses, a hallmark characteristic of the
zone.
Greg Matheson, COO of New Found, stated: “It’s hard to describe
what it’s like to finally get to see the Keats Zone exposed after
all these years. As an exploration geologist having worked on this
project since its discovery, this is an incredible moment to
witness, and it has not disappointed. Our team of geologists is
taking great enjoyment in scouring the trench, crawling over veins,
searching for visible gold, and finding some excellent specimens,
even in places where we did not expect them. Our senior geologist,
John Fingas, has been hard at work mapping and comparing
observations with our 3D model. It is a rewarding process and I am
pleased to report that the 3D model is holding up well. While this
work is still in its early days, detailed mapping is going to
provide a plethora of information about how the Keats Zone formed
and a full picture of the extent, orientations, and characteristics
of the high-grade gold-bearing veins that, until now, could only be
studied to a limited extent through the lens of a 6.4cm wide core
sample.”
- Previously released near-surface highlight intervals from this
area are mapped in Figure 1 above and include:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-20-372
9.00
19.30
10.30
25.00
Keats Main
NFGC-20-412
11.70
22.10
10.40
22.50
Keats Main
Including
13.00
16.70
3.70
58.90
NFGC-20-561
25.60
57.90
32.30
6.18
Keats Main
Including
25.60
31.00
5.40
15.70
NFGC-21-1201
9.65
21.70
12.05
12.65
Keats Main
Including
9.65
13.25
3.60
35.76
NFGC-22-5931
8.80
17.00
8.20
9.12
Keats Main
And1
20.50
32.25
11.75
42.59
Table 1: Keats Near Surface 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. 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. Full details of drill holes
previously released: NFGC-20-41 (see press release January 11,
2021); NFGC-20-37,56 (see press release February 11, 2021);
NFGC-21-120 (see press release July 6, 2021); NFGC-22-593 (see
press release June 6, 2022).
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 24, 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.
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
surface trenching at the Keats Zone, excavation of the Keats
trench, the detailed mapping and sampling program, and the timing
and benefits of same; exploration, drilling and mineralization on
the Company’s Queensway gold project in Newfoundland and Labrador;
the interpretation of drilling and exploration 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
exploration and drilling programs, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231024175489/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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