New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the initiation of surface trenching at the Iceberg Zone at its
Queensway Project (“Queensway”), located on the Trans-Canada
Highway 15km west of Gander, Newfoundland.
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the full release here:
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Figure 1. 3-D horizontal section (+/-
25m) with planned Iceberg trench outline on bedrock and previously
excavated Keats trench outline. (Graphic: Business Wire)
Highlights:
- The Iceberg surface trenching program will focus on excavating
between 1-12 meters of overburden that covers the projection of the
Iceberg Zone at the bedrock surface, exposing 220m of strike length
over a 105m wide area, which corresponds to a core segment of the
surface expression of the Iceberg Zone (Figure 1).
- Excavation of overburden covering the surface of the zone is
expected to allow for a detailed analysis of the geological and
structural models currently defined through drilling.
- Excavation work is underway and it is estimated that the trench
will take 8-10 weeks to complete, followed by a detailed geological
mapping program expected to be completed in Q4 2024.
- The Iceberg Zone starts approximately 4m below surface at
bedrock and when combined with the Iceberg East segment has been
drill defined over 680m of strike length and to a depth of 180m.
The shallow portion of Iceberg demonstrates robust grades over
significant thicknesses, a hallmark characteristic of the zone.
Previously released near surface highlight intervals from the area
to be trenched include:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
Date Released
NFGC-22-1084
7.70
18.45
10.75
15.42
Iceberg
03/01/2023
Including
12.40
13.25
0.85
128.29
Iceberg
03/01/2023
Including
14.90
16.75
1.85
19.12
Iceberg
03/01/2023
NFGC-23-1109
17.60
23.25
5.65
19.65
Iceberg
03/01/2023
Including
19.00
21.00
2.00
50.52
Iceberg
03/01/2023
NFGC-23-1264
20.00
26.70
6.70
33.28
Iceberg
06/15/2023
Including
20.00
21.90
1.90
85.35
Iceberg
06/15/2023
Including
22.65
23.30
0.65
80.80
Iceberg
06/15/2023
NFGC-23-1838
14.10
19.95
5.85
40.51
Iceberg
03/13/2024
Including
14.10
14.80
0.70
278.00
Iceberg
03/13/2024
Including
18.40
19.95
1.55
22.56
Iceberg
03/13/2024
Table 1: Iceberg Near Surface Drilling
Highlights
Note 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.
Keats Trench Update:
- In 2023, the Company completed (November 17, 2023) a surface
trench of the Keats Zone, exposing 200m of strike length over a
150m wide area.
- The Company is in the process of completing a high-density
surface channel sampling program at the Keats zone trench that
began in early May 2024 and is expected to be completed by mid-July
2024. This sampling program has been designed to systematically
test the exposed 200m strike length of the Keats Zone along 7.5m
spaced cut channel samples with approximately 1,650m of cut channel
samples.
Greg Matheson, Chief Operating Officer of New Found, stated:
“Trenching along a 200m strike length of the Keats Zone in late
2023 has yielded a great deal of geological information and
significantly strengthened confidence in our sub surface 3-D
models. Having the ability to observe large surface exposures of
mineralization provides added confidence beyond what can be
garnered from drilling alone, paving the way for more accurate
modelling. We want to de-risk Iceberg in the same way by exposing
the bedrock surface above the zone. Like Keats, Iceberg was blind,
it does not outcrop at surface but rather exists under a thin layer
of till cover.
“The ongoing systematic channel sampling program at Keats is
expected to provide significant insights into the grade
distribution across the vein network associated with the
Keats-Baseline Fault where the vein model is now very well
constrained as a result of having the trench exposure. The process
of mapping and systematic sampling across our key zones is an
important step and one easily accomplished at Queensway since many
of our mineralized zones extend to the bedrock surface with limited
cover. It is exciting to know we will have the first glimpse of
Iceberg in a few weeks’ time.”
At-The-Market Quarterly Update
The Company is pleased to provide a quarterly update with
respect to the Company’s at-the-market equity offering program (the
“ATM”) implemented on August 26, 2022, pursuant to an equity
distribution agreement (the “Equity Distribution Agreement”)
with BMO Nesbitt Burns Inc., Paradigm Capital Inc. (together, the
“Canadian Agents”) and BMO Capital Markets Corp. (the
“U.S. Agent” and, together with the Canadian Agents, the
“Agents”).
From the commencement of the ATM to June 30, 2024, the Company
issued an aggregate of 9,539,695 common shares in the capital of
the Company (the “ATM Shares”), through the facilities of
the TSX Venture Exchange and NYSE American, at an average price per
ATM Share of C$5.37. From March 31, 2024, to June 30, 2024, the
Company issued 2,925,552 ATM Shares, at an average price per ATM
Share of C$4.71, for aggregate gross proceeds of C$13,784,148.
Pursuant to the Equity Distribution Agreement, a cash commission of
C$323,927 was paid to the Agents in connection with the issuance of
the ATM Shares during the last fiscal quarter, resulting in
aggregate net proceeds of C$13,460,140.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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 July 3, 2024, 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 650,000m drill program at
Queensway and is well funded for this program with cash and
marketable securities of approximately $54 million as of July
2024.
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.
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
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; the Iceberg surface
trenching program and the expected timing and benefits of such
program; the detailed geological mapping program expected to follow
the Iceberg surface trenching program and the timing thereof; the
Keats high-density surface channel sampling program and the
expected timing and benefits of such program; assay results; the
interpretation of drilling and assay results, the results of
drilling programs, 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, drilling and assay results, 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/20240703671356/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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