New Found Gold Corp. (“New Found” or the
“Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce
the results from 23 diamond drill holes that were completed as part
of a targeted drill program exploring the highly prospective
segment of the Appleton Fault Zone (“AFZ”) proximal to the Knob
Zone. 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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230620189215/en/
Figure 1: Photos of mineralization: Left:
at ~ 25m from NFGC-22-950, Right: at ~ 193m from NFGC-22-906, ^Note
that these photos are not intended to be representative of gold
mineralization in NFGC-22-950 and NFGC-22-906. (Photo: Business
Wire)
Rocket and Quarry Highlights:
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-9062
192.95
196.30
3.35
20.15
Quarry
Including
192.95
193.25
0.30
215.00
NFGC-22-9501
23.50
25.80
2.30
49.45
Rocket
Including
24.90
25.40
0.50
227.00
Table 1: Rocket and Quarry Drilling
Highlights
1Note that the host structures are interpreted to be steeply
dipping and true widths are generally estimated to be 70% to 95% of
reported intervals. 2True 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. 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.
- Exploration drilling taking place 2km south of Keats in
the Knob prospect area on the east side of the AFZ has intersected
multiple domains of high-grade gold mineralization. Today’s
holes were positioned to target known veins in this region
including the recently discovered Rocket and Knob-Quarry Veins
(Figures 1-4).
- Drilling at Rocket, an approximately north-south
striking, steeply dipping vein immediately north of Knob and 200m
east of the AFZ, returned a highlight interval of 49.5 g/t Au
over 2.30m in NFGC-22-950. This interval is located 48m along
strike of previously released 12.6 g/t Au over 4.45m in NFGC-22-704
(January 18, 2023) and at a vertical depth of just 20m.
- Drilling at Knob-Quarry, targeting a series of approximately
east-west striking structures similar in orientation to the
Keats-Baseline Fault Zone (“KBFZ”), has identified significant
gold mineralization hosted in and around the greywacke, a
coarser-grained sedimentary rock that occurs at Queensway
interbedded with the shales and adjacent to the AFZ, with highlight
interval NFGC-22-906 returning 20.2 g/t Au over 3.35m. This
interval is located 150m from the surface and 250m east of the
AFZ.
Melissa Render, VP of Exploration of New Found, stated: “We are
pleased with the results from our targeted work conducted at Knob,
an area located roughly 2km south of Keats that has seen limited
drill testing to date. It is encouraging to find repeated east-west
trending structures similar in orientation to the KBFZ and hosting
high-grade gold this far south along the AFZ. Furthermore,
identifying high-grade gold mineralization at distances 200m+ from
the AFZ and hosted in the greywackes is a unique characteristic of
Knob that will assist us in targeting these domains in other areas.
Very limited work has been completed west of the AFZ adjacent to
Knob – an area where we plan to drill in the near future.”
Drillhole Details
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
NFGC-22-882
No Significant Values
Gander Outflow
NFGC-22-9063
73.65
75.90
2.25
1.00
Quarry
And3
192.95
196.30
3.35
20.15
Including
192.95
193.25
0.30
215.00
And3
227.15
229.25
2.10
2.79
NFGC-22-915
No Significant Values
Knob
NFGC-22-933
No Significant Values
Knob
NFGC-22-941
No Significant Values
Knob
NFGC-22-957
No Significant Values
Knob
NFGC-22-973
No Significant Values
Knob
NFGC-22-981
No Significant Values
Knob
NFGC-22-10263
34.10
37.60
3.50
1.56
Knob
And3
134.70
137.20
2.50
1.08
NFGC-22-1032
No Significant Values
Knob
NFGC-22-10353
56.70
62.00
5.30
1.52
Knob
NFGC-22-1061
No Significant Values
Knob
NFGC-22-709
No Significant Values
Rocket
NFGC-22-919
No Significant Values
Rocket
NFGC-22-9423
101.00
103.00
2.00
1.69
Rocket
NFGC-22-9501
23.50
25.80
2.30
49.45
Rocket
Including
24.90
25.40
0.50
227.00
NFGC-22-958
No Significant Values
Rocket
NFGC-22-9622
37.20
39.70
2.50
1.21
Rocket
NFGC-22-9681
No Significant Values
Rocket
NFGC-22-9791
67.45
69.70
2.25
1.12
Rocket
NFGC-22-9881
52.45
58.45
6.00
1.76
Rocket
And2
76.00
78.60
2.60
1.00
NFGC-22-10423
9.70
12.00
2.30
2.14
Rocket
NFGC-23-10923
5.00
7.65
2.65
1.10
Rocket
Table 2: Summary of composite results
reported in this press release for Rocket, Quarry and Knob
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. 3True widths are unknown
that 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. 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-22-709
100
-62
143
657191
5425868
Rocket
NFGC-22-882
300
-42
734
656638
5424486
Gander Outflow
NFGC-22-906
165
-45
335
657285
5425980
Knob
NFGC-22-915
300
-45
170
656957
5425765
Knob
NFGC-22-919
160
-45
356
657287
5426037
Knob
NFGC-22-933
120
-45
236
656911
5425735
Knob
NFGC-22-941
185
-45
371
656910
5425734
Knob
NFGC-22-942
120
-45
128
657268
5425819
Knob
NFGC-22-950
120
-45
185
657218
5425818
Knob
NFGC-22-957
120
-45
260
656844
5425716
Knob
NFGC-22-958
160
-65
68
657216
5425816
Rocket
NFGC-22-962
60
-70
68
657218
5425819
Knob
NFGC-22-968
135
-45
182
657193
5425868
Rocket
NFGC-22-973
200
-45
134
656844
5425714
Knob
NFGC-22-979
135
-60
209
657192
5425868
Knob
NFGC-22-981
120
-63
149
656912
5425737
Knob
NFGC-22-988
116
-45
146
657193
5425868
Knob
NFGC-22-1026
155
-45
155
656838
5425243
Grouse
NFGC-22-1032
141
-56
173
657285
5425981
Rocket
NFGC-22-1035
180
-45
188
656836
5425243
Grouse
NFGC-22-1042
172
-55
161
657284
5425981
Knob
NFGC-22-1061
140
-45
167
656868
5425252
Grouse
NFGC-23-1092
160
-42
308
657420
5425808
Golden Bullet
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 61,300m 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
meter 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, sealed and marked with the contents.
New Found submits 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 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 June 20, 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 $52 million as of June
2023.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
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.sedar.com 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/20230620189215/en/
New Found Gold Corp. Per: “Collin Kettell” Collin Kettell, Chief
Executive Officer Email: ckettell@newfoundgold.ca Phone: +1 (845)
535-1486
New Found Gold (AMEX:NFGC)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
New Found Gold (AMEX:NFGC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024