New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 43 diamond drill holes that were completed as part
of a drill program designed to expand on the recently discovered K2
Zone (May 10, 2023) located 725m north of Lotto and 2.2km north of
Keats West on the west side of the highly prospective Appleton
Fault Zone (“AFZ”). New Found’s district-scale 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 from:
Left: NFGC-23-1868 at ~17.3m, Right: NFGC-23-1552 at ~227.6m, ^Note
that these photos are not intended to be representative of gold
mineralization in NFGC-23-1552, and NFGC-23-1868. (Photo: Business
Wire)
K2 Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9282
16.40
38.35
21.95
2.22
K2
Including
27.50
28.50
1.00
19.71
And1
46.45
58.00
11.55
1.92
NFGC-23-14261
29.05
51.00
21.95
1.77
K2
NFGC-23-15522
222.20
239.85
17.65
3.23
K2
Including
227.55
228.30
0.75
25.20
And2
246.10
256.55
10.45
1.60
And3
266.05
283.30
17.25
1.45
And3
288.15
295.60
7.45
1.55
NFGC-23-16261
28.30
39.05
10.75
5.28
K2
Including
37.65
39.05
1.40
30.88
NFGC-23-16282
190.55
200.75
10.20
1.86
K2
NFGC-23-16351
46.50
49.35
2.85
28.99
K2
Including
47.85
48.40
0.55
138.68
NFGC-23-16361
264.60
281.00
16.40
2.79
K2
Including
265.25
266.00
0.75
10.28
Including
270.70
271.50
0.80
10.18
NFGC-23-16631
53.50
63.65
10.15
1.77
K2
And1
98.60
101.00
2.40
22.24
Including
99.35
100.00
0.65
81.88
NFGC-23-17151
107.85
119.60
11.75
3.08
Including
111.70
112.45
0.75
19.76
NFGC-23-17331
35.30
47.65
12.35
5.58
K2
Including
35.30
36.20
0.90
19.95
Including
40.70
41.45
0.75
13.86
Including
46.75
47.65
0.90
29.47
NFGC-23-17441
30.30
50.10
19.80
1.41
NFGC-23-18683
16.35
18.80
2.45
40.02
K2
Including
17.00
17.75
0.75
127.83
Table 1: K2 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. 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.
K2 Highlights:
- K2 is a gold mineralized system made up of multiple structures
and crosscutting vein orientations that now spans a mineralized
footprint of 490m long x 395m wide, representing an increase of 80m
in a down-dip direction. The gold mineralization begins at surface
and has been drill-defined down to a maximum depth of 250m.
- Much of the gold at K2 is found in the “K2 Main” structure
(shown in red in Figure 3), a low-angle gold-bearing fault zone
starting at surface that dips 40° to the south and shares a similar
orientation to Keats West. K2 Main is made up of a complex network
of associated structures forming a mineralized damage zone that
averages 65m in thickness.
- The mineralization style at K2 consists of a series of
stockwork and fault-fill style quartz veins with orientations that
parallel K2 Main and crosscut it forming a broad domain of gold
mineralized brittle faults, (shown in orange and purple in Figure
3). Many of these veins start at surface and additional drilling is
required to fully define this network.
- This network of cross-cutting veins form thick domains of gold
mineralization, which is well demonstrated by several of the
highlight intervals reported today including 5.58 g/t Au over
12.35m in NFGC-23-1733 located just 29m from surface adjacent to
the AFZ, 3.23 g/t Au over 17.65m, 1.45 g/t Au over 17.25m and 1.60
g/t Au over 10.45m in NFGC-23-1552 located a further 220m down-dip
and 5.28 g/t Au over 10.75m in NFGC-23-1626 situated 230m along
strike, all hosted by the K2 Main structure.
- Several of the cross-cutting structures are high-grade in
nature, examples of this are the highlight intervals of 40.0 g/t Au
over 2.45m in NFGC-23-1868 and 29.0 g/t Au over 2.85m in
NFGC-23-1635. These cross-cutting high-grade gold-bearing
structures are important for concentrating gold mineralization
where they interact with the main K2 Main structure, a relationship
the Company is actively testing.
- The K2 structure remains open down dip with limited drilling
testing these internal domains of high-grade gold mineralization.
Exploration continues to expand on this important new
discovery.
Melissa Render, VP of Exploration of New Found, stated: “Today’s
results from K2 are very encouraging and we are now getting a
better handle on the complexity of this new discovery and the key
relationships between the various structural constituents that are
important for concentrating gold mineralization. We have increased
confidence in our geological model from the drilling we have
completed to date, and we are well positioned to target with this
knowledge in hand to better expand on the multitude of thick
gold-bearing zones hosted by the K2 Main structure. This new
discovery is expanding rapidly, and we are quite excited by how
well the model is holding up and the continued success we are
having at K2.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-8743
39.00
41.10
2.10
1.47
Everest
And4
109.00
111.40
2.40
1.51
And3
253.70
256.00
2.30
1.76
K2
And2
270.50
272.55
2.05
1.07
And4
303.55
307.25
3.70
1.61
NFGC-22-8844
264.45
266.55
2.10
1.11
K2
And2
308.90
311.00
2.10
1.39
And2
323.35
325.55
2.20
1.41
And2
337.75
340.00
2.25
2.19
NFGC-22-9101
43.00
48.55
5.55
2.44
K2
NFGC-22-9282
16.40
38.35
21.95
2.22
K2
Including
27.50
28.50
1.00
19.71
And1
46.45
58.00
11.55
1.92
And1
63.60
67.40
3.80
1.52
And1
71.85
80.75
8.90
1.94
NFGC-22-10391
166.45
168.65
2.20
1.07
K2
And1
171.95
174.50
2.55
2.40
And4
236.00
240.00
4.00
1.18
NFGC-22-1057
No Significant Values
K2
NFGC-22-10811
75.00
77.15
2.15
1.97
K2
And1
181.80
187.25
5.45
1.14
NFGC-23-1250
No Significant Values
K2
NFGC-23-1332
No Significant Values
K2
NFGC-23-13362
269.40
277.05
7.65
2.96
K2
Including
269.40
269.80
0.40
34.80
And2
286.10
288.90
2.80
1.05
NFGC-23-13644
219.00
221.60
2.60
6.74
K2
Including
219.00
219.75
0.75
23.00
NFGC-23-13851
16.20
20.25
4.05
4.16
K2
Including
18.40
19.35
0.95
11.25
NFGC-23-14011
164.40
171.20
6.80
1.87
K2
NFGC-23-14061
26.00
28.00
2.00
8.93
K2
Including
26.45
26.85
0.40
29.90
And1
43.15
45.80
2.65
4.55
NFGC-23-14111
61.80
64.80
3.00
2.84
K2
NFGC-23-14141
11.95
20.00
8.05
2.12
K2
NFGC-23-14212
23.70
30.25
6.55
3.12
K2
NFGC-23-14261
29.05
51.00
21.95
1.77
K2
NFGC-23-1438
No Significant Values
K2
NFGC-23-1452
No Significant Values
K2
NFGC-23-1507
No Significant Values
K2 West
NFGC-23-1530
No Significant Values
K2 West
NFGC-23-1539
No Significant Values
K2 West
NFGC-23-15522
222.20
239.85
17.65
3.23
K2
Including
227.55
228.30
0.75
25.20
And2
246.10
256.55
10.45
1.60
And3
266.05
283.30
17.25
1.45
And3
288.15
295.60
7.45
1.55
NFGC-23-1584
No Significant Values
K2
NFGC-23-1620
No Significant Values
K2
NFGC-23-16261
28.30
39.05
10.75
5.28
K2
Including
37.65
39.05
1.40
30.88
NFGC-23-16282
190.55
200.75
10.20
1.86
K2
And4
210.05
212.40
2.35
1.45
And1
226.60
234.00
7.40
1.64
And1
241.45
248.20
6.75
1.25
NFGC-23-16351
46.50
49.35
2.85
28.99
K2
Including
47.85
48.40
0.55
138.68
And1
62.90
65.10
2.20
4.06
And1
98.00
100.00
2.00
1.99
And3
127.55
129.85
2.30
7.19
Including
128.80
129.10
0.30
54.58
NFGC-23-16361
264.60
281.00
16.40
2.79
K2
Including
265.25
266.00
0.75
10.28
Including
270.70
271.50
0.80
10.18
NFGC-23-1637
No Significant Values
K2
NFGC-23-16531
44.60
46.65
2.05
1.12
K2
NFGC-23-16544
90.35
93.05
2.70
1.62
K2
Including
91.50
91.85
0.35
11.57
NFGC-23-16631
53.50
63.65
10.15
1.77
K2
And1
75.00
77.15
2.15
1.27
And1
89.35
94.40
5.05
2.79
Including
89.35
90.30
0.95
11.70
And1
98.60
101.00
2.40
22.24
Including
99.35
100.00
0.65
81.88
And4
118.35
121.90
3.55
1.47
NFGC-23-16824
28.35
31.00
2.65
1.66
K2
And1
72.35
75.00
2.65
2.09
And1
94.50
96.50
2.00
4.06
NFGC-23-17151
38.50
41.30
2.80
1.33
K2
And1
107.85
119.60
11.75
3.08
Including
111.70
112.45
0.75
19.76
NFGC-23-17331
35.30
47.65
12.35
5.58
K2
Including
35.30
36.20
0.90
19.95
Including
40.70
41.45
0.75
13.86
Including
46.75
47.65
0.90
29.47
And1
51.70
54.40
2.70
2.20
NFGC-23-17441
21.95
24.10
2.15
1.12
K2
And1
30.30
50.10
19.80
1.41
NFGC-23-17501
22.20
27.10
4.90
3.99
K2
Including
22.20
23.20
1.00
11.09
NFGC-23-17541
15.25
18.35
3.10
9.28
K2
Including
15.25
16.00
0.75
18.54
Including
17.00
17.65
0.65
10.38
NFGC-23-17631
112.00
114.00
2.00
1.02
K2
And1
167.00
172.15
5.15
1.73
And4
194.00
196.40
2.40
1.47
And4
202.70
205.00
2.30
1.97
NFGC-23-17711
11.00
18.15
7.15
3.64
K2
And1
28.75
34.55
5.80
1.88
And4
41.00
45.15
4.15
3.80
NFGC-23-18683
16.35
18.80
2.45
40.02
K2
Including
17.00
17.75
0.75
127.83
And3
45.10
47.35
2.25
1.56
Table 2: Summary of composite results
reported in this press release for K2.
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-22-874
300
-45
345
659192
5429788
K2
NFGC-22-884
300
-45
349
659239
5429818
K2
NFGC-22-910
300
-45
368
658938
5429868
K2
NFGC-22-928
300
-45
206
659051
5429922
K2
NFGC-22-1039
15
-45
326
658739
5429664
K2
NFGC-22-1057
329
-64
254
658738
5429663
K2
NFGC-22-1081
355
-53
248
658738
5429665
K2
NFGC-23-1250
75
-45
293
659156
5430387
K2
NFGC-23-1332
344
-59
248
658841
5429992
K2
NFGC-23-1336
75
-45
311
658641
5429645
K2
NFGC-23-1364
345
-60
254
658741
5429820
K2
NFGC-23-1385
345
-45
50
658957
5430057
K2
NFGC-23-1401
80
-45
206
658910
5429971
K2
NFGC-23-1406
345
-45
77
658909
5429973
K2
NFGC-23-1411
27
-45
95
658910
5429973
K2
NFGC-23-1414
345
-45
128
659033
5430049
K2
NFGC-23-1421
345
-46
80
658998
5429987
K2
NFGC-23-1426
345
-45
98
659082
5430012
K2
NFGC-23-1438
330
-45
251
658438
5429734
K2
NFGC-23-1452
35
-45
194
658440
5429735
K2
NFGC-23-1507
20
-45.5
251
657935
5429657
K2 West
NFGC-23-1530
20
-45
152
657947
5429718
K2 West
NFGC-23-1539
345
-45
200
657896
5429653
K2 West
NFGC-23-1552
300
-45
338
659160
5429773
K2
NFGC-23-1584
355
-45
95
658793
5429894
K2
NFGC-23-1620
345
-45
99
658872
5429980
K2
NFGC-23-1626
345
-45
130
658893
5429932
K2
NFGC-23-1628
300
-45
257
659139
5429668
K2
NFGC-23-1635
40
-45
221
659019
5429882
K2
NFGC-23-1636
300
-47
296
659139
5429668
K2
NFGC-23-1637
345
-45
159
658929
5429898
K2
NFGC-23-1653
345
-45
132
658785
5429838
K2
NFGC-23-1654
70
-45
104
659081
5429967
K2
NFGC-23-1663
2
-45
150
659018
5429882
K2
NFGC-23-1682
35
-45
152
659029
5429848
K2
NFGC-23-1715
0
-45
143
659042
5429945
K2
NFGC-23-1733
0
-45
110
659104
5429987
K2
NFGC-23-1744
0
-45
99
659091
5430009
K2
NFGC-23-1750
345
-45
71
659018
5430020
K2
NFGC-23-1754
345
-45
71
659039
5430023
K2
NFGC-23-1763
21
-67
206
658993
5429824
K2
NFGC-23-1771
345
-45
50
659051
5430044
K2
NFGC-23-1868
116
-66
110
658975
5429718
K2
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 25,000m of core is currently pending
assay results.
Sampling, Sub-sampling, and Laboratory
Assays are uncut, and composite intervals are calculated using a
minimum weighted average of 1 g/t Au diluted over a minimum core
length of 2m with a maximum of 4m consecutive dilution. Included
high-grade intercepts are reported as any consecutive interval with
grades greater than 10 g/t Au.
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. Samples that reached the upper limit of antimony for
this method were analyzed using atomic absorption spectrometry (ALS
method code Sb-AA08).
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 5% 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 November 29, 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 $71.4 million as of November
6, 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 through the Canadian
Securities Administrators’ System for Electronic Document Analysis
and Retrieval (SEDAR+) at www.sedarplus.ca 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/20231129497428/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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